MoneyRates' survey showed that 71% of respondents within 20 years of retirement didn’t set up a forecast to learn how long their retirement savings will last compared to their life expectancy. The results didn’t fare much better among respondents who had reached retirement age; 62% of that group didn’t know how long their savings should last.
In the group within 20 years of retirement age, 71% haven’t researched how much it costs to move into an assisted living facility. For those who had reached retirement age, 64% didn’t research the costs. As for the amount of money respondents expect to retire with, 53% of those within 20 years of retirement age say they anticipate they’ll have less than $100,000 in savings. The survey showed 46.8% of respondents age 65 and older said they have less than $100,000 in savings.
To help plan for retirement, MoneyRates encourages people to project how much they’ll need to maintain their lifestyle in retirement. The finance website recommends using a certified financial planner or using a retirement calculator to map it out.
Despite where you are now, however, AJC contributor Wes Moss, a chief investment Strategist at Capital Investment Advisors, says it’s never too late to save for retirement.
“I’ve seen plenty of folks throughout my career who postponed saving for retirement (for various reasons) until they were in their 40s, 50s and even 60s. They were able to catch up, and so can you,” he said in a September op-ed.