(STUDY FINDS) -- CHARLOTTE, N.C. — Planning for retirement can feel overwhelming, which is why many Americans tend to put off the task indefinitely. It may be easier to push retirement aside for now, but this strategy is almost assured to backfire once old age starts to set in. A recent survey asked 816 working Americans of various ages about their retirement goals, strategies, and mindsets, and some of the subsequent findings paint an unsettling image of many American’s financial futures.
The research, commissioned by MagnifyMoney, discovered that just over a quarter of surveyed Americans between the ages of 54-73 believe there is no amount of money that could sit in their savings account that would make them feel comfortable retiring. Many millennials (14.4%) and generation Z (15.2%) respondents shared the same sentiment.
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While those respondents clearly represent an extreme side of the saving for retirement spectrum, many other respondents, particularly millennials, seem to be greatly underestimating just how much they’ll have to save to retire at a reasonable age.