One survey says the number is not as big as you think
A recent study says there’s a magic number for people to be comfortable in retirement. We’ve all seen the commercials with our ‘number.’ According to a study done by Wells Fargo, the number might not be as high as you think.
“Eighty-eight percent of these respondents who saved more than 250 thousand dollars for retirement said they felt like they’d be able to have the retirement they want,” Wells Fargo’s Karen Wimbish told FOX Business.
Wimbish also said it wasn’t the rich and wealthy that were displaying the most confidence. Those displaying the most confidence are those with household incomes of 150 thousand dollars a year.
“Those are not what we consider wealthy earners and yet they’ve been able to achieve what we would consider affluent levels of savings,” Wimbish explained.
So what's going on here? Why are those people showing less retirement confidence than those making over 150 thousand dollars a year? KTRH Money Man Pat Shinn says it's all about the preparation.
“Seventy-one percent of those people had a plan. I think the main message from this is to have some sort of a plan,” Shinn said.
And what about the notion of a ‘magic number?’ Houston financial strategist Richard Rosso told KTRH that there really is no such thing.
“Everybody’s retirement planning is more personalized,” Rosso said.
Rosso says he knows people who have 300 thousand dollars put aside for retirement and are fine. He also knows clients with 12 million dollars put away that say they don’t have enough.