A vast proportion of adults in the U.S. believe that they are on the right trail towards a long, content retirement. But do you think you are saving enough for the golden years? Probe on to see if you do!
Luckily, surveys made by the 20th annual Transamerica Retirement Survey of Workers, state that 60% of young adults in the States are piling up savings to last through their retreat. That is more than half of the population of young adults, and it certainly gives us the visual of a stable elderly generation in the future.
The median savings required for a quality den for elders born after the 2nd World War (also referred to as Baby Boomers) is a meager $144,000.
However, professional advocates state that at least $1 million is needed to lead a comfortable life in the later years!
The median savings that have been made by several sectors of the population are classified below.
- Baby boomers are said to have an average saving of $144,000
- The Generation X (successors of the Baby Boomers) are said to have an average of $64,000
- Millennials have a median savings of $23,000
- All workers of the general public have an estimate of $50,000
These figures are bothersome. Still, 70% of the working population are either content or “somewhat” satisfied with their savings. They even believe that they can lead a comfortable way of life when they retire. Good for them, but the Covid-19 Pandemic changed has changed the views on retirement entirely!
Stockpile Before You Withdraw!
Alexsander-777/Pixabay: Saving for the rainy days
Not saving up enough is a mistake on its own, and giving up the responsibility or being in denial of a certain threatening situation is even worse.Nothing hurts your ego more than you being stuck in a realm of denial. It’s never too late to restart and change the course of action while you still can!
If the figures seem to be defining who you are, try reading the article written by Money Talks News founder Stacy Johnson.
The self-reflecting questions are straightforward and open up a way for you to understand what you want in life. For example:
- How much money do I want, or rather, need?
- How, when, and where do I invest concerning my retirement?
- How does social security work?
- Paying the mortgage: Before or after retirement?
- Annuity—Should I get one?
Once you know all the answers to these questions, get serious!
Watchara Ritjan/Shutterstock: Your interest rates are also important
First off, consider your saving policies.Are you getting a good interest? If not, switch it up and have a savings account with a higher rate of interest. Some banks offer a higher interest rate than the national median. Isn’t that better for an easy retirement?
You can also join a professional retirement planning institute, and make the golden nest during your golden years a reality!