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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. Ummul Ruthbah, 2022. "The retirement puzzle," Australian Journal of Management, Australian School of Business, vol. 47(2), pages 342-367, May.
    3. 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.
    4. Durocher, Sylvain & Georgiou, Omiros, 2022. "Framing accounting for goodwill: Intractable controversies between users and standard setters," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 89(C).
    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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