Only Half of Savers Know How Much Money They Need for Retirement. Do You?
Retirement planning is tough for a lot of reasons, not least of which is that it's hard to predict how much money you're going to need decades into the future. Perhaps that's why the Transamerica Retirement Survey found that 47% of workers "guessed" about their retirement savings needs.
That's a tough place to be -- uncertainty is incredibly stressful (particularly uncertainty about a decision as big as retirement). Fortunately, with the tools available for savers today, you don't need to rely on guesswork. Here's one approach that can get you some concrete numbers to use for defining your savings goal.
Source: Fool.com
