RICHMOND, VA (WWBT/WXIX) - Retiring or traveling somewhere warm requires money, and most Americans have saved nowhere close to what they should.
A new Go Banking Rates report finds most Americans are hoping to save between $100,000 and $250,000 by the time they retire.
41% say they hope that savings will mean they’re able to buy a vacation home.
A third want their savings to allow them to spend time with loved ones and travel.
But that’s fuzzy math at best.
Nearly 60% of Americans have less than $1000 saved.
A report from the Stanford Center on Longevity finds nearly a third of Baby Boomers have zero retirement savings.
Among the Boomers who have saved, the median savings is $200,000. The median likely won’t be enough to allow for much traveling, or pay for a beach house.
So how do Boomers plan to retire?
According to another survey, about a quarter of them expect their kids to help. But those costs can be staggering.
According to a Fidelity report, an average retired couple who is age 65 this year will need about $280,000 to cover healthcare expenses in retirement.
A better plan is to start saving for retirement early in your career, ideally with your first job.
And if you are playing catch-up, getting good, professional guidance from a certified financial planner could help you reach your goals.
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