According to an ING survey, Americans have questions about retirement savings:
- Two thirds (67%) say they think at least sometimes about how much they need to save and invest for retirement.
- 49% say calculating that number is not easy and they wouldn’t know where to start.
- More than half agree they’ve calculated the money needed for retirement, but more than a third (36%) say all they could do is guess.
- 42% say they do not like thinking about their retirement nest egg and nearly as many 39% say it’s boring.
When asked what they should consider to calculate the amount they’ll need for retirement, over a third (37%) mentioned living expenses, ING reported. However, no other factor was cited by more than 7% of participants including:
- Life expectancy (7%),
- Assets/owning one’s own home (6%),
- Health (5%),
- Health care costs (5%), and
- Age of retirement (5%).
Commissioned by ING and conducted by Ipsos in January 2008, the ING Retirement Number Study included a representative randomly selected sample of 1,008 adult Americans.
More information is available here.