How Much Do Americans Think They Need to Retire Comfortably?
How much money do you need to save for retirement? The average retirement account holds only $89,300, but most Americans believe they should have $1.27 million saved up by their 60s. This disparity can be attributed to many factors, including poor financial planning and unstable income, but there is also the reality of high inflation causing employees to want to save more, but not able to. However, researchers have suggested a calculation that should help you plan for a more realistic amount of retirement savings. To see the table with calculations, please refer to this resource: https://www.troweprice.com/personal-investing/resources/insights/youre-age-35-50-or-60-how-much-should-you-have-by-now.html. Ultimately, saving money for retirement comes down to proper financial planning, so if you would like to know more about having a plan for your future, please reach out to us at 832-295-3353. We are here to help you.