The overwhelming majority of People, 78 %, say they’re “extraordinarily” or “considerably” involved about not having sufficient cash for retirement, in response to Northwestern Mutual’s 2018 Planning & Progress Research. CNBC experiences:
A surprising 21 % of People don’t have anything in any respect saved for the longer term, and one other 10 % have lower than $5,000 tucked away, the examine finds.
Meaning a couple of third of People have only some thousand {dollars}, or much less, put away for his or her golden years.
After all, some individuals are extra ready: 1 / 4 report having $200,000 or extra stashed away, whereas 16 % have between $75,000 and $199,999. However total, Northwestern Mutual discovered that People with retirement financial savings have a mean of $84,821 saved, which is way from sufficient. Consultants sometimes advocate attempting to build up a minimum of $1 million.
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