Saving is tough these days, what with seemingly everyone determined to squeeze the last dollar they can get out of you. Apparently., however, you still need to save A LOT.
According to a USA Today article (see here), $750,000 in savings is "not going to be nearly enough to retire on."
The article didn't say if that's per person, family, household, or what. It also didn't say how many people are actually saving that much.
Do any of you anticipate having that much saved when you retire? Do you know the statistics of how much people actually do save? Somehow I just can't imagine that three quarter of a million stashed away warrants a "not nearly enough to retire on."
Of course, if you do the math and assume you're going to make it for another 20 years after you retire, $750k would amount to just $37.5k a year, assuming no return on investment, which is unlikely. But there'll be social security income and for the lucky (increasingly) few, pensions.
So what's the real picture? Do most people have much more money saved than one would assume? Or are the USA Today financial folks really only addressing a very few?
According to a USA Today article (see here), $750,000 in savings is "not going to be nearly enough to retire on."
The article didn't say if that's per person, family, household, or what. It also didn't say how many people are actually saving that much.
Do any of you anticipate having that much saved when you retire? Do you know the statistics of how much people actually do save? Somehow I just can't imagine that three quarter of a million stashed away warrants a "not nearly enough to retire on."
Of course, if you do the math and assume you're going to make it for another 20 years after you retire, $750k would amount to just $37.5k a year, assuming no return on investment, which is unlikely. But there'll be social security income and for the lucky (increasingly) few, pensions.
So what's the real picture? Do most people have much more money saved than one would assume? Or are the USA Today financial folks really only addressing a very few?
