The overwhelming majority of Individuals, 78 %, say they’re “extraordinarily” or “considerably” involved about not having sufficient cash for retirement, based on Northwestern Mutual’s 2018 Planning & Progress Research. CNBC studies:

A surprising 21 % of Individuals don’t have anything in any respect saved for the longer term, and one other 10 % have lower than $5,000 tucked away, the examine finds.

Which means a few third of Individuals have only some thousand {dollars}, or much less, put away for his or her golden years.

After all, some persons are extra ready: 1 / 4 report having $200,000 or extra stashed away, whereas 16 % have between $75,000 and $199,999. However general, Northwestern Mutual discovered that Individuals with retirement financial savings have a mean of $84,821 saved, which is much from sufficient. Specialists usually suggest attempting to build up not less than $1 million.