{"id":9863,"date":"2023-08-01T08:13:31","date_gmt":"2023-08-01T12:13:31","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=9863"},"modified":"2023-08-01T08:13:31","modified_gmt":"2023-08-01T12:13:31","slug":"the-retirement-savings-guessing-game","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=9863","title":{"rendered":"The retirement savings guessing game"},"content":{"rendered":"
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For many folks, retirement has become a guessing game.<\/span><\/div>\n
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In fact, they have no idea how much they need to have saved for retirement, according to a\u00a0survey<\/a>\u00a0by the nonprofit Transamerica Center for Retirement Studies (TCRS<\/a>), in collaboration with the Transamerica Institute.<\/p>\n

Based on median numbers, workers surveyed estimate they will need $500,000 by the time they retire in order to feel financially secure. Estimated needs vary by generation with baby boomers estimating they will need $750,000, Generation X and millennials estimating $500,000, and Generation Z estimating $250,000. Approximately 1 in 5 workers across generations estimate they will need to save $2,000,000 or more including baby boomers (24%), Gen X (22%), millennials (21%), and Generation Z (17%).<\/p>\n

Read on Yahoo Finance<\/a><\/strong><\/p>\n

So how did they come up with those lofty figures?<\/p>\n

They apparently threw a dart. Among those providing an estimate, nearly half of workers said they guessed the amount they need to save for retirement.<\/p>\n

Said Catherine Collinson, CEO and president of Transamerica Institute and TCRS: \u201cThat\u2019s a big worry because retirement security is shaky enough for many workers and not taking it seriously will have repercussions.\u201d<\/p>\n

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The survey \u2014 which polled 5,725 workers at for-profit companies between Nov. 8 and Dec. 13, 2022 \u2014 found roughly 4 in 10 workers across generations, including Gen Z, millennials, Gen X, and baby boomers, guessed their needs, while approximately 1 in 5 workers used a retirement calculator or completed a worksheet and even fewer workers based their estimate on an amount given to them by a financial adviser.<\/span><\/div>\n<\/div>\n