Making the most of your money: Are you saving enough for retirement?

Making the most of your money: Are you saving enough for retirement?
Will you have enough money saved to retire? (Source: WALB)

ALBANY, Ga. (WALB) - Not many of us want to work their entire lives. For most of us, retirement is the goal, and having some money put away for living expenses and to have a little fun is a necessity.

But when the time comes to stop punching a company clock, how many of us will actually be able to afford it?

A survey conducted by the Pi Digital group and Choice Mutual found that more than half of millennials don’t know how much they should be saving. And Gen X isn’t far behind them in their knowledge of retirement savings, according to Morgen Henderson of Pi Digital.

Could that mean their dreams of retiring are just that — dreams?

Choice Mutual, a final expense insurance agency, has done the research and crunched some numbers to help millennials, Gen X, and even baby boomers understand more about what retirement looks like for their generation.

Here are a few interesting points from the report:

  • Baby boomers have only saved $152,000 (median) for retirement— only enough to comfortably support them for 2-3 years. Half the people saved more than that, half saved less.
  • More than 50 percent of each generation expects to work at least part-time when they retire.
  • 84 percent of Gen Xers and 80 percent of millennials believe that Social Security benefits will not be there for them.

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