Younger Americans May Be Sorely Underestimating Their Retirement Savings Needs

It's not a secret that saving independently is an essential step toward attaining financial security during retirement. But new data reveals that the youngest generation of workers may be underestimating the amount of retirement savings they need.

In a recent BlackRock report, 36% of Gen Zers say they'd need a savings balance of under $250,000 for a comfortable retirement. By contrast, nearly 50% of baby boomers point to a $1 million to $3 million nest egg as the amount needed to maintain a comfortable standard of living once their careers wrap up.

If you're in the $250,000 or under camp, you may be setting yourself up for a world of financial stress in retirement. And the sooner you realize that, the sooner you can make adjustments to your financial plans.

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Source Fool.com