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How Much Should People Save?

Author

Listed:
  • Alicia H. Munnell
  • Anthony Webb
  • Wenliang Hou

Abstract

The brief’s key findings are: *The National Retirement Risk Index framework is used to address how much working-age households need to save for retirement. *A typical household should get a third of its retirement income from a savings plan, with the low income needing one quarter and the high income one half. *A typical household needs to save about 15 percent of earnings, with the low income requiring less and the high income more. *For those with a savings shortfall, the necessary savings hike is much more feasible for younger households than for older households. *Starting to save early and retiring late dramatically reduce a household’s required saving rate.

Suggested Citation

  • Alicia H. Munnell & Anthony Webb & Wenliang Hou, 2014. "How Much Should People Save?," Issues in Brief ib2014-11, Center for Retirement Research.
    • Handle: RePEc:crr:issbrf:ib2014-11
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    File URL: http://crr.bc.edu/briefs/medicaid-and-the-elderly/
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    Cited by:

    1. Gonzalo Angulo, José Antonio, 2014. "La reforma contable española de 2007: un balance," Revista de Contabilidad - Spanish Accounting Review, Elsevier, vol. 17(2), pages 183-200.
    2. Benjamin W. Veghte, 2015. "Social Inequality, Retirement Security, and the Future of Social Security," Poverty & Public Policy, John Wiley & Sons, vol. 7(2), pages 97-122, June.
    3. Durocher, Sylvain & Georgiou, Omiros, 2022. "Framing accounting for goodwill: Intractable controversies between users and standard setters," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 89(C).
    4. Ummul Ruthbah, 2022. "The retirement puzzle," Australian Journal of Management, Australian School of Business, vol. 47(2), pages 342-367, May.
    5. Jay L. Caulfield & Catharyn A. Baird & Felissa K. Lee, 2022. "The Ethicality of Point-of-Sale Marketing Campaigns: Normative Ethics Applied to Cause-Related Checkout Charities," Journal of Business Ethics, Springer, vol. 175(4), pages 799-814, February.
    6. Congressional Budget Office, 2017. "Measuring the Adequacy of Retirement Income: A Primer," Reports 53191, Congressional Budget Office.
    7. Wu, Cheng-Han, 2018. "Price competition and technology licensing in a dynamic duopoly," European Journal of Operational Research, Elsevier, vol. 267(2), pages 570-584.

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