57% of Older Adults Are Making a Colossal Retirement Mistake

Retirement seems a lifetime away when you're young, but by the time you reach your mid-50s, it's no longer a distant speck on the horizon. This can be encouraging if you have a solid plan in place, but for many, it's concerning because they only have a decade or so left to get their affairs in order. It's a more common issue than you think.

A recent Alliance for Lifetime Income study revealed that 57% of Americans aged 55 to 74 haven't made any efforts to calculate their monthly expenditures in retirement, which is a key part in figuring out how much you need to save. This may be in part because many aren't sure how to estimate their retirement needs. Here's a brief guide to help you figure it out.

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Source Fool.com