56% of Americans don't know how much they need to retire—here's why that's a problem (via CNBCMakeIt)
More than half of American adults don't know how much money they'll need to retire, according to data fromThat's alarming.
You need to not only have a rule of thumb, but really think through what retirement looks like to you.Many Americans aren't taking these steps to plan ahead, and. A worrisome 22% have less than $5,000 in savings earmarked for retirement, Northwestern Mutual found. Another 5% have between $5,000 and $24,999 put away and only 16% have saved $200,000 or more.
If you're unsure how much you should be putting away for the future, Holbrook recommends sitting down with a trusted financial professional who can help create a personalized plan. "People absolutely should be taking steps," she says. "They need to meet with a financial advisor and discuss their options."
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