US. Retirement In America Is Too Expensive, But It Doesn’t Have To Be
In a recent survey, Legg Mason found that a 32% of Americans are “very confident” that they will have enough money for a comfortable retirement. That same study finds that retirement confidence falls sharply as Americans approach retirement and really understand just how expensive it is to retire – that is, exactly how much money must be saved that will last through retirement. In contrast, just 17% of Baby Boomers who have retired or are approaching retirement are very confident they will have a comfortable retirement.
Looking at Millennials, 60% responded that they are “very confident” in their retirement prospects. This confidence is not consistent with the data that reveals a deeply troubling retirement outlook for this generation. Two-thirds of working Millennials have absolutely nothing saved for retirement. Zero. Nada. Nothing. Unfortunately, absent change, Millennials’ current optimism about retirement likely will plummet once they realize they are behind in savings and fully understand how expensive it is to retire.
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