My last post said many millionaires don't think $1 million is enough for a comfortable retirement. But most employees think they will need to save far less. The Employee Benefit Research Institute asked 1,057 workers how much in savings they thought was needed for retirement. Their answers:
Amount of Savings Needed for Retirement
|Under $250,000||25 percent||22 percent||28 percent|
|$1 million-$1.49 million||9||11||7|
|$1.5 million or more||9||13||6|
|Don't know/Don't remember||12||6||18|
Source: Employee Benefit Research Institute and Mathew Greenwald & Associates, 2008
Interestingly, men were much more likely than women to say they needed $1 million or more to retire (24 percent versus 13 percent). And many more women admitted they didn't really know how much they need to save for retirement.