Are Most Workers Underestimating the Amount They'll Need to Retire?
Figuring out how much you need to save for retirement is really complicated, which is why some people avoid doing it altogether. But even workers with a savings goal may be setting themselves up for disaster if their target isn't high enough. Sadly, recent research from The Transamerica Center for Retirement Studies reveals many are setting their sights too low.
According to Transamerica's 2020 retirement survey, the median amount workers estimate they'll need to have saved for retirement is $500,000. And while that may seem like a big number, it likely won't be enough for many people once you take into account a few key factors.
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Source Fool.com
