Taylor Tepper (Bankrate.com, Savings Problems)

00:06:14

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Stay on top of breaking financial news by becoming a member of the carries brigade blog on the financial exchange should dot com and sign up today. We're joined now by Taylor tapper from Bankrate dot com with they add new study that's come out about American's plans to retire and how much money did he did tell me playing how we plan on just never retiring Taylor thanks for coming on so to also be about the study. You want with a responds like in dies. The study says that six in ten Americans have no idea how much they'll need to save for retirement. What do what do we make in this study. Yet thanks pat me on dope like you beat them and Eric in that they don't need retirement. And that you know like that it I think and I think so. It means that a lot of people hard. Bickering there aren't need the government and the idea of what apple have to have. Same sort of and it living in retirement and they you know other working. And that means that their parents if not for retirement so it's just could not get not good news. Well so what about the idea of what about the minority that did think they knew how much need to retire though it were they saying that they would need in Carter retired on the road in terms of dollars and cents to say. Chaired an estimate was about the 8000 dollars is the median response among people who did have an idea. And that's probably less than on the need but at the same a lot more than what the average actually added that the order a medium. But yeah I think that people. Are part of an unreal unreal at least when it comes retirement. We found that about nineteen million Americans. They're paying to retire which means about. Eighteen I mean Merrick and they're going to be wrong. A lot of people think that is working working at the magic solution to having a retirement savings. But if you look at that dad back after it carried. It to another quarter about it XP or. So is that you're working your vote I'm Japanese demand money now seventies is very very small so. That's sort of magic bullet was in an effort. Yeah I mean it doesn't doesn't it look like it you guys also dove into his sort of the advice around retirement how many people there what percentage of people are actually. Asking for advice on how to retire and want to save and Saturn Saturn. Yet about. A quarter people documented financial buys their. Parent at family members friends. Another 10% in retirement calculator. At a bank. Though. Some people are currently the information they're going to all the disparate sources current management is very and using. I'm a lot of people aren't doing anything. So which is. Really yet but you know the back that. Without 41 K retirement it and it also. You know it it's not Arabic I think and I think that people need to let you know at an average specific number don't you my memory. One point four million dollars but you need to have a general and where you're going at a. Then rode so there is one piece of information here which was a little bit. Disappointing but at least seemed a little realistic especially this week when we got the the status retiree programs like social security and Medicare are likely running out of money even sooner than we had thought. Sounds like 61%. Of your respond be said that they're pretty much assuming that's our security is really going to be a part of their retirement plan. That could really really insisting because if you look at the data right now. And you wreck that the we found that the number sense that it Ecuador napping security. And that is probably not going through because you don't have a lot. You're gonna realize that rarity which let people do now at the current retirees and a thirty perhaps they are parent and a quarter require. Nine cent of their and the comfort a pretty good security's so important to so many people. And if you're not eating any bird now that security is going to be you know that one of the biggest threat to the income for you when you're. And report came out. Earlier this week is not surprising. That we elements for a long time. That they trust fund will run out by thirty or at which point benefit will be reduced by a quarter. And all the money going people to come from payrolls at that that our workers and so it'll buy entity edu legislative fixes the map is it difficult to figure out if you'd be political will do that. Rankings usually hugely popular rather raising taxes on not taxpayers are reducing some security benefits right. Exactly yet. Go I I would I would now like in the Arctic and when people are you know what we're gonna benefit that I think something's going to happen order. Benefit cut actually take place. But that political. The thing about that report that should be that the that the one positive thing that people who. Of this sort of dim view of what those security and give them if you would think that that would irk people save more for retirement. Increase the retirement savings that they've made the calculation. Almost got a series of layers of art is on the way it is state more in the Tibet different but it does not seem to be the case. There's this sort of collective shrug her ugly and you don't know what to do with that it into the department too big are a lot of people and and you know at this is going to be your life in the last they're like Heidi. Take the time and on it happening is that important thing favorite time is important to you as your mortgage is being act at that sort of imminent failure at. Senators are more Taylor tapper from Bankrate dot com of the recent study about and Americans and how much money they need to retire appreciate coming on Taylor. Further proof that we are we're at we're spending economy we're not a saving economy we've we've got a we've we've got spending problem.
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