Search
 

Workers unrealistic about retirement needs

One-third (33 percent) of respondents to a survey who havent retired believe they will need only 25 to 50 percent of pre-retirement income, and another third (33 percent) believe they will need 50 to 75 percent.

By Paula Aven Gladych | Updated on January 29, 2014

Americans will need 70 percent to 90 percent of their pre-retirement income to maintain their standard of living in retirement, yet one-third (33 percent) of respondents who haven’t retired believe they will need only 25 to 50 percent of pre-retirement income, and another third (33 percent) believe they will need 50 to 75 percent. Only one-fifth (21 percent) of those surveyed believe they will need more than 75 percent of pre-retirement income to live comfortably in retirement.

One in three Americans say that having guaranteed monthly income in retirement is their top priority,  but 72 percent aren’t sure if their retirement plan has a lifetime income option, according to a survey by TIAA-CREF.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 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.

Recommended Stories

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.