Americans are underprepared for retirement, with the average account holding just $88,400 in savings.
Americans have lofty goals for their retirement, with the typical worker believing they need $1.46 million to retire comfortably — a jump of 53% from their savings target in 2020, according to a new survey from Northwestern Mutual.But most people are far from reaching that objective, with the study finding that the average amount held in a retirement account today is just $88,400. That means that the typical worker has a $1.
'There is no major calculation; it's a feeling,' Gokhale noted. 'Some of them probably have done some math, in terms of saving and in terms of average burn to operate , but it generally comes to feeling.'To be sure, retirement needs vary considerably, based on a person's standard of living while working, their local cost of living, taxes and other financial details. Using the rule of thumb to withdraw 4% of one's retirement savings annually, a nest egg of $1.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
San Antonio Jim's location at Broadway and Hildebrand closes after 53 yearsSan Antonio mainstay Jim's Restaurants has closed one of its north-of-downtown diners after 53 years in business. The restaurant at 4108 Broadway shut down quietly on March 5, according to a note posted on the property's front doors.
Read more »
Felony Assaults on Subway Jump 53 Percent in Gun-Controlled, Democrat-Run NYCSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Championship bound: St. Ignatius tops Delaware Hayes 54-53The St. Ignatius boy’s basketball team is headed to the Division 1 State Title game for the first time since 2001.
Read more »
JJ Quinerly scores 29 as West Virginia eliminates Princeton 63-53JJ Quinerly scored 29 points as West Virginia defeated Princeton 63-53 in a women’s NCAA tournament first-round game on Saturday.
Read more »
Texas school bus crash: 1 boy, 1 man killed in Bastrop County crash; 53 people evaluatedA boy and a man were killed after a major crash involving a Hays CISD school bus, a concrete truck and another vehicle in Bastrop County on Friday.
Read more »
Latin Remix of the Week: Shakira’s ‘Bzrp Music Sessions, Vol. 53Latin Remix of the Week: Shakira’s 'Bzrp Music Sessions, Vol. 53 - Tiësto Remix'
Read more »