{"id":580055,"date":"2023-06-23T15:09:11","date_gmt":"2023-06-23T12:09:11","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/this-is-how-much-americans-think-they-need-for-a-comfortable-retirement-video\/"},"modified":"2023-06-23T15:09:11","modified_gmt":"2023-06-23T12:09:11","slug":"this-is-how-much-americans-think-they-need-for-a-comfortable-retirement-video","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/this-is-how-much-americans-think-they-need-for-a-comfortable-retirement-video\/","title":{"rendered":"#This is how much Americans think they need for a comfortable retirement [Video]"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6af4637b93690\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6af4637b93690\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/this-is-how-much-americans-think-they-need-for-a-comfortable-retirement-video\/#Expectations_vs_reality\" >Expectations vs. reality<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/this-is-how-much-americans-think-they-need-for-a-comfortable-retirement-video\/#%E2%80%98Number_one_concern\" >&#8216;Number one concern&#8217;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/this-is-how-much-americans-think-they-need-for-a-comfortable-retirement-video\/#%E2%80%98Spend_some_time_crunching_the_numbers\" >&#8216;Spend some time crunching the numbers&#8217;<\/a><\/li><\/ul><\/nav><\/div>\n<div>The gulf between what Americans estimate they\u2019ll need in retirement and how much they actually have saved is disturbingly wide \u2014 no matter how old or young they are, according to a new survey.<\/p>\n<p>On average, Americans expect they should save $1.27 million for a comfortable retirement, a new Northwestern Mutual <a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:1;pos:1\" href=\"https:\/\/news.northwesternmutual.com\/2023-06-22-Americans-Believe-They-Will-Need-1-27-Million-to-Retire-Comfortably,-According-to-Northwestern-Mutual-Planning-Progress-Study\" data-ylk=\"slk:study;cpos:1;pos:1;elm:context_link;itc:0\" class=\"link rapid-noclick-resp\">study<\/a> out this week found. The trouble is the average amount that US adults have saved for retirement is $89,300, or just 7% of that target amount, the report found.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:2;pos:1\" href=\"https:\/\/finance.yahoo.com\/personal-finance\/alternatives-to-savings-accounts-121228973.html\" data-ylk=\"slk:Top savings tools: 4 alternatives to savings accounts;cpos:2;pos:1;elm:context_link;itc:0;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link rapid-noclick-resp yahoo-link\"><em>Top savings tools: 4 alternatives to savings accounts<\/em><\/a><\/p>\n<p>The chasm between expectations and reality underscore how many Americans are woefully behind on their retirement savings, a fact that worries many of those surveyed.<\/p>\n<p>\u201cRetirement is top of mind for most Americans, more so than it&#8217;s ever been before, given what&#8217;s going on in the economy, the markets, and with inflation,\u201d Aditi Javeri Gokhale, chief strategy officer, head of institutional investments, and president of retail investments at Northwestern Mutual, told Yahoo Finance. \u201cThere&#8217;s a growing realization that \u2018I need more money for retirement, and I&#8217;m not able to retire at the time that I thought I was.\u2019\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Expectations_vs_reality\"><\/span><strong>Expectations vs. reality<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Those figures vary by age.<\/p>\n<p>Folks in their 50s spin the dial higher saying they expect they will need $1.56 million saved for retirement, while reporting $110,900 set aside right now. People in their 30s figure they\u2019ll need $1.4 million to get by, with $57,400 saved today, while those in their 40s are a notch lower at a goal of $1.28 million with $77,400 saved at the moment.<\/p>\n<p>The study of 2,740 US adults aged 18 or older was conducted online between February 13 and March 2, 2023.<\/p>\n<p>Many people say they\u2019re counting on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> Security to provide more than a quarter (28%) of their overall retirement income, the study found. That\u2019s more than personal savings (22%) and on par with their retirement savings (28%).<\/p>\n<p>Gen Z and millennials expect Social Security to make up 15% and 19% of their overall retirement income respectively, while boomers say it will account for 38% and Gen Xers estimate it will contribute 27% of their income.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%98Number_one_concern\"><\/span><strong>&#8216;Number one concern&#8217;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<figure class=\"caas-figure\">\n<div class=\"caas-figure-with-pb\" style=\"max-height: 826px\">\n<div>\n<div class=\"caas-img-container caas-img-loader\" style=\"padding-bottom:67%;\"><img decoding=\"async\" class=\"caas-img caas-lazy has-preview\" alt=\"FILE - Residents drive golf carts through the Lake Sumter Landing Market Square on Aug. 12, 2021, in The Villages, Fla. Sumter County, Florida, home of the booming retirement community, The Villages, had the highest median age at 68.5, while Utah County, home to Provo, Utah, had the lowest at 25.9. (AP Photo\/Phelan M. Ebenhack, File)\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/BTdJlipMaTuiKQM8_543gA--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04MjY-\/https:\/\/media.zenfs.com\/en\/aol_yahoo_finance_433\/1f8ccaa4050edcbb1b612df01b8e38e6\"><noscript><img decoding=\"async\" alt=\"FILE - Residents drive golf carts through the Lake Sumter Landing Market Square on Aug. 12, 2021, in The Villages, Fla. Sumter County, Florida, home of the booming retirement community, The Villages, had the highest median age at 68.5, while Utah County, home to Provo, Utah, had the lowest at 25.9. (AP Photo\/Phelan M. Ebenhack, File)\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/BTdJlipMaTuiKQM8_543gA--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyNDI7aD04MjY-\/https:\/\/media.zenfs.com\/en\/aol_yahoo_finance_433\/1f8ccaa4050edcbb1b612df01b8e38e6\" class=\"caas-img\"><\/noscript><\/div>\n<\/div>\n<\/div>\n<p><figcaption class=\"caption-collapse\">FILE &#8211; Residents drive golf carts through the Lake Sumter Landing Market Square on Aug. 12, 2021, in The Villages, Fla. (AP Photo\/Phelan M. Ebenhack, File)<\/figcaption><\/p>\n<\/figure>\n<p>Even so, nearly half of Americans (48%) estimate that they won\u2019t have enough money saved to retire comfortably when the time comes, according to the findings. And on average, Americans say there\u2019s a 45% chance that they will outlive their savings.<\/p>\n<p>\u201cMy clients are realizing that they need more savings than they originally thought,\u201d Misty Garza, a vice president and a financial advisor at Bogart Wealth, in McLean, Va., told Yahoo Finance.<\/p>\n<p>\u201cOutliving their savings is our clients\u2019 number one concern. No one retires and wants to go back to work later in life because they ran out of money, or can\u2019t make it on Social Security alone. Most of our clients are willing to work until they can achieve the retirement lifestyle they desire.\u201d<\/p>\n<p>Generation X is the most concerned with more than half (55%) saying they won\u2019t be financially ready to retire, compared to nearly half of millennials (46%) and boomers (48%), according to the report.<\/p>\n<p>About two-thirds of Generation Z (65%) \u2014 those workers aged 24 and younger \u2014 vow they\u2019ll be good to go when they\u2019re ready to step out of the workplace.<\/p>\n<p>That\u2019s some swagger. \u201cBut they have a long runway,\u201d Javeri Gokhale said. \u201cThey&#8217;ve just started to be in the workforce, and most of them have really not felt, to be honest, a true economic downturn.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%98Spend_some_time_crunching_the_numbers\"><\/span><strong>&#8216;Spend some time crunching the numbers&#8217;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A reaction to the realization that they\u2019re nowhere near their desired savings goals: Americans on average have pushed up their expected retirement age to 65 from 64 in 2022 and 62.6 in 2021, the study found.<\/p>\n<p>Boomers, however, aren\u2019t taking off quite so soon, and plan to retire at 71. Gen Z expects to retire more than a decade earlier at age 60. Millennials and Gen Xers anticipate working to age 63 and 65, respectively.<\/p>\n<p>\u201cWhile each person has their own definition of a magic age to retire, overall that number keeps getting pushed out by a couple of years,\u201d Javeri Gokhale said.<\/p>\n<p>Aside from delaying retirement, more than a quarter (28%) of Americans have increased savings to address their potential shortfall in retirement, while 22% put together a financial plan and 20% sought advice from a financial advisor.<\/p>\n<p>Still, a third of those surveyed by Northwestern Mutual haven\u2019t done anything at all.<\/p>\n<p>\u201cDetermining how much you need for retirement is important,\u201d Christine Benz, Morningstar\u2019s director of personal finance and retirement planning, <a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:3;pos:1\" href=\"https:\/\/finance.yahoo.com\/news\/workers-say-they-need-over-1m-to-retire--most-expect-to-miss-that-194606506.html\" data-ylk=\"slk:previously told;cpos:3;pos:1;elm:context_link;itc:0;outcm:mb_qualified_link;_E:mb_qualified_link;ct:story;\" class=\"link rapid-noclick-resp yahoo-link\">previously told<\/a> Yahoo Finance. \u201cSo, it pays to spend some time crunching the numbers on how much you\u2019ll actually need and how much you can reasonably spend each year in retirement.\u201d<\/p>\n<p>Benz suggests reaching out to an hourly, fee-only financial planner for help, or at least use a \u201cgood-quality retirement calculator or two.\u201d Check out <a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:4;pos:1\" href=\"https:\/\/www.aarp.org\/work\/retirement-planning\/retirement_calculator.html\" data-ylk=\"slk:AARP;cpos:4;pos:1;elm:context_link;itc:0\" class=\"link rapid-noclick-resp\">AARP<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:5;pos:1\" href=\"https:\/\/www.bogleheads.org\/wiki\/Retirement_calculators_and_spending#Free_retirement_calculators\" data-ylk=\"slk:Bogleheads;cpos:5;pos:1;elm:context_link;itc:0\" class=\"link rapid-noclick-resp\">Bogleheads<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:6;pos:1\" href=\"https:\/\/digital.fidelity.com\/stgw\/digital\/planning\/retirement\/retirement-income-calculator\/\" data-ylk=\"slk:Fidelity;cpos:6;pos:1;elm:context_link;itc:0\" class=\"link rapid-noclick-resp\">Fidelity<\/a>, or <a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:7;pos:1\" href=\"https:\/\/retirementplans.vanguard.com\/VGApp\/pe\/pubeducation\/calculators\/RetirementNestEggCalc.jsf\" data-ylk=\"slk:Vanguard;cpos:7;pos:1;elm:context_link;itc:0\" class=\"link rapid-noclick-resp\">Vanguard<\/a> on that front to start.<\/p>\n<p>\u201cI would say there are four or five reasons why it&#8217;s a challenge for many people to work with a financial advisor,\u201d Javeri Gokhale said. \u201cFirst of all, they don&#8217;t know where to go to get one. And then when they do, there\u2019s an aspect of opening up about your finances and that brings a fear of judgment, and a lack of confidence. And there&#8217;s also a lack of education.\u201d<\/p>\n<p>Then too, talking about money is very difficult for most people, she added. \u201cThe chemistry has to work for you to lower your guard. Talking about money to an advisor who you don&#8217;t know at all is like going on a blind date.\u201d<\/p>\n<p><em>Kerry Hannon is a Senior Reporter and Columnist at Yahoo Finance. She is a workplace futurist, a career and retirement strategist and the author of 14 books, including &#8220;<\/em><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:8;pos:1\" href=\"https:\/\/kerryhannon.com\/?page_id=9253\" data-ylk='slk:In Control at 50+: How to Succeed in The New Work of Work\";cpos:8;pos:1;elm:context_link;itc:0' class=\"link rapid-noclick-resp\"><em>In Control at 50+: How to Succeed in The New Work of Work&#8221;<\/em><\/a><em> and &#8220;Never Too Old To Get Rich.&#8221; Follow her on Twitter <\/em><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:9;pos:1\" href=\"https:\/\/twitter.com\/KerryHannon\" data-ylk=\"slk:@kerryhannon;cpos:9;pos:1;elm:context_link;itc:0\" class=\"link rapid-noclick-resp\"><em>@kerryhannon<\/em><\/a><em>.<\/em><\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:10;pos:1\" href=\"https:\/\/finance.yahoo.com\/topic\/personal-finance\" data-ylk=\"slk:Click here for the latest personal finance news to help you with investing, paying off debt, buying a home, retirement, and more;cpos:10;pos:1;elm:context_link;itc:0\" class=\"link rapid-noclick-resp\"><strong>Click here for the latest personal finance news to help you with investing, paying off debt, buying a home, retirement, and more<\/strong><\/a><\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" data-i13n=\"cpos:11;pos:1\" href=\"https:\/\/finance.yahoo.com\/news\/\" data-ylk=\"slk:Read the latest financial and business news from Yahoo Finance;cpos:11;pos:1;elm:context_link;itc:0\" class=\"link rapid-noclick-resp\"><strong>Read the latest financial and business news from Yahoo Finance<\/strong><\/a><\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/www.aol.com\/finance\/much-americans-think-comfortable-retirement-120911298.html\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The gulf between what Americans estimate they\u2019ll need in retirement and how much they actually have saved is disturbingly wide \u2014 no matter how old or young they are, according to a new survey. On average, Americans expect they should save $1.27 million for a comfortable retirement, a new Northwestern Mutual study out this week&#8230;<\/p>\n","protected":false},"author":1,"featured_media":580056,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/asqs9uYSH7pAjGhOko6yJQ--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTEyMDA7aD03OTg-\/https:\/\/media.zenfs.com\/en\/aol_yahoo_finance_433\/1f8ccaa4050edcbb1b612df01b8e38e6","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-580055","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/580055","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=580055"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/580055\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/580056"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=580055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=580055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=580055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}