Think a million dollars is enough to get you through retirement? Think again.
New research from Scottrade Advisor Services show most (71 percent) registered investment advisors put a much higher price tag on the cost of retirement–much higher than what most Americans perceive is going to be enough.
"While there are no definitive answers on how much money various generations will need to save for retirement, it is clear that the majority of RIAs feel the $1 million goal is not enough for most families," said Craig Hogan, Scottrade director of customer intelligence, customer relationship management and reporting, in a released statement. "According to the majority of RIAs, younger generations, especially, need to set their retirement goals higher than other generations and start saving as early as possible. This can be attributed to a variety of factors, including the uncertain future of Social Security."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
