How Long $1 Million in Savings Will Last in Every State
By Alexandria Bova
of GOBankingRates
|
Americans’ lack of savings has caused financial experts to paint a dismal picture when it comes to retirement. Analysts at Blacktower Financial Management Group calculated that you would need to save approximately $386,100 over your lifetime to retire at 67. That means the youngest millennials — who currently are 24 — already should have stashed away $8,775. And the oldest millennials, now 39, should have saved $140,400 for retirement by now. For those who haven’t aggressively put money away for the future, that number could be tough to swallow.
Pinpointing the exact amount that you need to save to retire comfortably is a difficult task — and reaching that goal is even harder. According to the 2019 Planning and Progress Study by Northwestern Mutual, more than 22% of Americans have less than $5,000 saved for retirement, and nearly 50% plan on working past retirement age. Every day, 10,000 baby boomers turn 65, and 17% of them have less than $5,000 in their retirement funds.