No matter what generation consumers fall into, they struggle to know how much they need to save for retirement, according to a LIMRA study released today at The Retirement Conference, being held in Arlington, VA.
Millennials are the most clueless demographic with only 30 percent of them knowing how much they should be saving. Boomers and Generation X aren’t much better with only 40 percent of folks having a clue about their savings needs.
“Not surprisingly, our study found that the majority of Americans — no matter their generation — are not confident that they will be able to achieve the retirement lifestyle they desire,” said Cecilia Shiner, associate research director, LIMRA Secure Retirement Institute. “If consumers aren’t confident that they are doing the basics correctly — like saving enough for retirement — it is unlikely that they will be confident of their retirement prospects.”