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
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
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 November 22, 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 November 22, 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: November 22, 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 November 22, 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/
