More Than 6 in 10 Americans Don't Know How Much to Save for Retirement
More than six in ten Americans don’t know how much money they will need to save for retirement, finds a Bankrate.com study. The median amount among people who do have an estimate is $650,000.
As for a breakdown based on generations, Millennials are most likely to be unsure of how much money they should save up, with 69% reporting so when compared with 56% percent of GenXers, 58% of Baby Boomers and 59% of olders Americans, those 73 years of age and older.
The study shows Americans aren’t thinking about saving for retirement. Bankrate analysts advise you to put away at least 10 percent of your pay, including any employer contributions, into a retirement account.