How much savings is needed to secure a comfortable retirement?
In a recent survey from Ameriprise Financial Inc., working Americans between the ages of 50-70 with at least $100,000 in investible assets predicted that on average, they needed $980,000 to retire comfortably.
What does this ideal “retirement number” really mean? How significant is it?
What assumptions are clients making about the amount that they will need to meet expenses during retirement?
Financial advisors have the opportunity to discover the right answer.
One of the best assumptions we can make of future spending patterns is to look at how clients manage expenses during their pre-retirement years. An old saying that remains appropriate is, “the secret to living within your means after retirement is living within your means before retirement.”
Just a little over half (51%) of working Americans ages 50+ are confident they will have enough investable assets to retire. The other half are worried they will not have enough. This boomer generation, however, may have a less comfortable retirement than their parents!
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