One in four American workers have less than $1,000 saved for retirement, according to the results of a recent survey featured on CNNMoney.com
The survey, conducted by the Employee Benefit Research Institute, found that half of respondents have less than $25,000 in savings.
If you’re wondering how far off this number is from what you’ll need in retirement, you’re not alone. According to the survey, 41 percent of workers don’t have a figure in mind when asked how much money they think they’ll need when they retire.
There are calculators that may help estimate how much you’ll need in retirement and, how much you’ll need to save to reach your goal. In addition to calculators referenced in the article, you can find various types of calculators
on the Equity Trust website.
Of survey respondents with less than $1,000 saved, most respondents indicated their employer did not offer a 401(k) or other plan. If you find yourself in this situation, or you just want to add another savings vehicle to your portfolio, learn more about a self-directed IRA and determine whether it might help you reach your goals. Schedule a free consultation with one of our Senior Account Executives.