How Much Should People Save?

Alicia Munnell, Anthony Webb () and Wenliang Hou

Issues in Brief from Center for Retirement Research

Abstract: The brief’s key findings are: *The National Retirement Risk Index framework is used to address how much working-age households need to save for retirement. *A typical household should get a third of its retirement income from a savings plan, with the low income needing one quarter and the high income one half. *A typical household needs to save about 15 percent of earnings, with the low income requiring less and the high income more. *For those with a savings shortfall, the necessary savings hike is much more feasible for younger households than for older households. *Starting to save early and retiring late dramatically reduce a household’s required saving rate.

Pages: 8 pages
Date: 2014-07
New Economics Papers: this item is included in nep-age
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Persistent link: https://EconPapers.repec.org/RePEc:crr:issbrf:ib2014-11

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