In 2020, the most common method used by employees in the United States to calculate their expected savings needs for retirement, was guessing. Around 43 percent of respondents guessed their estimated retirement savings needed, while 38 percent estimated based on current living expenses. An additional 17 percent of workers used a retirement calculator, while 15 percent used an amount given to them by a financial advisor.
Ways of calculating the amount of retirement savings needed in the United States in 2020
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Transamerica Center for Retirement Studies. (August 5, 2021). Ways of calculating the amount of retirement savings needed in the United States in 2020 [Graph]. In Statista. Retrieved April 18, 2024, from https://www.statista.com/statistics/941616/calculation-methods-retirement-savings-needed-usa/
Transamerica Center for Retirement Studies. "Ways of calculating the amount of retirement savings needed in the United States in 2020." Chart. August 5, 2021. Statista. Accessed April 18, 2024. https://www.statista.com/statistics/941616/calculation-methods-retirement-savings-needed-usa/
Transamerica Center for Retirement Studies. (2021). Ways of calculating the amount of retirement savings needed in the United States in 2020. Statista. Statista Inc.. Accessed: April 18, 2024. https://www.statista.com/statistics/941616/calculation-methods-retirement-savings-needed-usa/
Transamerica Center for Retirement Studies. "Ways of Calculating The Amount of Retirement Savings Needed in The United States in 2020." Statista, Statista Inc., 5 Aug 2021, https://www.statista.com/statistics/941616/calculation-methods-retirement-savings-needed-usa/
Transamerica Center for Retirement Studies, Ways of calculating the amount of retirement savings needed in the United States in 2020 Statista, https://www.statista.com/statistics/941616/calculation-methods-retirement-savings-needed-usa/ (last visited April 18, 2024)
Ways of calculating the amount of retirement savings needed in the United States in 2020 [Graph], Transamerica Center for Retirement Studies, August 5, 2021. [Online]. Available: https://www.statista.com/statistics/941616/calculation-methods-retirement-savings-needed-usa/