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Retirement Savings Needs? Guess! |
June 14, 2008--That’s what close to half of people do, according to a survey reported in today’s Wall Street Journal. Only one in five consults a financial advisor. Other survey results were equally dismal. What’s your answer?
Survey results that should make your blood run cold:
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The majority of people surveyed think a retirement fund of under $500,000 will be enough to live comfortably. Most will wind up wrong by a large margin and will have to change their lifestyles to match their financial resources.
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Two-thirds of people surveyed did not know at what age they wil become eligible for Medicare (65 years old).
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In spite of widespread predictions to the contrary, the median value of baby boomer inheritances to date is less than $50,000, and only 2% of boomers have received an inheritance greater than $100,000. If you’re counting on Mom and Dad, you’d better count again.
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