Younger Adults Foresee Needing More Retirement Savings

10.21.09 | FL News Team

Thinking about retirement? How much money will you need? According to a survey by the Northwestern Mutual Foundation's financial literacy website, younger people believe they'll need a lot more cash stashed away than older Americans. Approximately 85-percent of adults under the age of 30 don't think they'll be able to get by with less than one-million-dollars, and 45-percent anticipate needing at least two-million saved before they retire. Meanwhile, among adults 30 and older, 60-percent think they'll need one-million, and just 27-percent foresee needing at least two-million-dollars to bankroll their golden years.

 Women tend to think they can stretch a dollar farther than men. While 15-percent more women than men think they'll live to be at least 86, anticipated financial needs in retirement between the sexes are very similar. Among both women and men, 70-percent say they'll need at least one-million-dollars saved, while 30-percent believe they'll be OK with less than a million and 40-percent want to have at least two-million.