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Survey: 8% never plan to retire and 61% ‘don’t know’ how much money they’ll need

While research has found that 21% of American adults have nothing saved for retirement, new findings show that the Golden Years aren’t in the cards for everyone, and many aren’t even sure how much they’ll need to get there.

A new survey from Bankrate showed that 61% of Americans “don’t know” how much money they’ll need for retirement, while 8% of Americans don’t plan to retire at all.

How much cash Americans think they’ll need for retirement

The research shows that a large majority people have no idea:

  • $250,000 or less: 8%
  • $250,000- $1 million: 15%
  • More than $1 million: 8%
  • “Don’t know:” 61%
  • “Never plan to retire:” 8%

Bankrate noted that because of rounding, the total isn’t 100%, and that “less than 1% refused to answer” the question.

How people learn about retirement

Almost half of the respondents seemingly get their retirement advice from unusual places:

  • “Personal financial adviser:” 26%
  • “Family member or friend:” 21%
  • “Online retirement calculator:” 11%
  • “Bank or financial institution:” 10%
  • “Expert commentary/article:” 8%
  • “Robo-adviser:” 1%
  • “None of these:” 46%

Bankrate noted that participants could choose multiple options, and that “2% refused to answer.”

Saving for retirement: The age breakdown

Baby Boomers and members of the Silent Generation think they’ll need the same amount of cash to retire. These are the median values they gave:

  • Millennials: $800,000
  • Generation X: $1 million
  • Baby Boomers: $500,000
  • Silent Generation: $500,000

How much people think Social Security will fund their retirement

Most Americans think Social Security will be a help to them:

  • “All of retirement:” 6%
  • “Most of it:” 11%
  • “About half:” 20%
  • “A little:” 46%
  • “None:” 15%

Wherever you stand on these data points, you’ll eventually have to decide whether or not you plan on retiring from the workforce and plan accordingly. Just don’t make that decision too late.

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