The overwhelming majority of People, 78 %, say they’re “extraordinarily” or “considerably” involved about not having sufficient cash for retirement, in accordance with Northwestern Mutual’s 2018 Planning & Progress Examine. CNBC studies:

A stunning 21 % of People don’t have anything in any respect saved for the long run, and one other 10 % have lower than $5,000 tucked away, the examine finds.

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

In fact, 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 People with retirement financial savings have a mean of $84,821 saved, which is way from sufficient. Consultants sometimes suggest attempting to build up not less than $1 million.