How much money Americans are saving for retirement—and how much you need if you want to retire by 65 via CNBCMakeIt
If you're hoping to retire by 60, like most young people are, or even a little later in your mid-60s, you might need to up your savings.
If you wait until 35 to start, you have to save 15 to 20 percent of your income to retire by 65. Keep in mind that this amount does not include your short-term savings, so it would be on top of any money you're putting in an emergency fund, for example. Only 18 percent of families age 25-34 use a IRA/Keogh and just 36 percent of families age 55-64 use one, the Center finds, meaning"the shortfalls in employer-sponsored plans won't likely be made up by contributions to IRAs or Keogh accounts.
Currently, you can start receiving retirement benefits at age 62, and the full benefit age is 66 years and two months for people born in 1955. It will rise to age 67 for those born in 1960 or later.
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