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How Much Money Will You Need for Retirement? Most People Clueless

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Do you need help planning for retirement?

June 11, 2018

More than six in 10 Americans (61 percent) don't know how much money they'll need to save for retirement, according to a new survey from Bankrate.com.

Millennials are most likely to be clueless about this (69 percent), but most older Americans – even Baby Boomers (59 percent) – aren't much closer to calculating their retirement budgets.

That’s troubling, because the retirement planning needs to start when you’re young and continue until you actually take the plunge.

“The key to retirement savings is to actually save for retirement,” said Bankrate analyst Taylor Tepper in a statement. Put away at least 10 percent of your pay, including any employer contributions, into your retirement account and do it yesterday.”

Need some help? Online calculators and tools can help you estimate how much you're going to need. If you feel better dealing with a person, you could hire a fee-only certified financial planner to work with you.

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