A majority of baby boomers and Generation X workers and millennials do not know how much they need to save for retirement, according to a recent survey by the Limra Secure Retirement Institute.
Sixty percent of boomers (born between 1946 and 1964) and Gen Xers (born between the mid-1960s and mid-1980s) and 70% of millennials (born between the mid-1980s and mid-2000s) are in the dark about the amount of savings they will need, Limra says.
More than half of the boomers surveyed have less than $100,000 in retirement savings, and more than one-third have less than $25,000, the survey of 2,000 working Americans shows.
Many Pre-Retirees Don’t Know How Much Money They Need
June 1, 2015
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Planning is the key to know and assess how much you need for retirement. There's a lot of factors to consider in estimating how much you will need to save for your golden years. It includes what kind of lifestyle you want, activities you will do, daily expenditure and possible health care or long term care needs. Instead of being in the middle of uncertainty, ask someone who has experiences and is now living a successful retirement or a financial advisor. It is also imperative that you do your own research about how you can save for retirement and learn the options available to help you generate desired retirement income in the future. In addition, I strongly suggest to people to include an allotment or preparation for possible long term care. People should know that it is a very costly need that can use up all their life's hard earned savings. So to be smart and wise, include long term care in their plans, and ltcoptions.com/learn-the-basics happens to be the good place to start getting know more about it.