People have different concepts of how much money they may need in retirement. Northwestern Mutual surveyed 2,740 people in their 50s and 60s in February and March to see what they thought. The results are surprising. On average, Americans think they’ll need $1.27 million to fund their golden years.
The survey found the biggest worry for respondents is how they will deal with declining health issues. As a result, more people are anticipating having to work longer before they fully retire. Baby Boomers expect to work until 71 with younger respondents still having dreams of retiring in their early 60s.
Northwestern Mutual financial analysts advise setting a goal for saving more as you work and trimming back on your discretionary spending. To get a handle on what you may need, try to estimate an annual budget for necessary spending and discretionary funds. Multiply that by 25 to see if the goal is realistic.
You Deserve More Benefits
Unexpected costs are bound to pop up in retirement. That’s why Council of Seniors strongly believes Congress must pass The SAVE Benefits Act. Because the annual Social Security cost-of-living adjustment (COLA) has short-changed seniors over a series of years, we’re working hard to get it passed. If we succeed, seniors will be reimbursed the $581 that’s missing from their benefit.
Sign our petition right away to show Washington politicians how many Americans support this bill.
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