How much will you need to retire? Surprisingly, most of us have a precise dollar figure in mind.
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However, that doesn't mean we are on track to reach our goals.
Recently, Transamerica released its 23rd annual retirement survey. As part of the research, Transamerica asked more than 10,000 respondents to name the amount of money they will need to retire. These shares of respondents gave the following replies:
That means than 43% of workers believe they can retire with less than $500,000 in savings. Such a number is far below what most experts recommend, but it doesn't mean those workers are necessarily wrong.
After all, as we reported in "8 Tips to Retire Comfortably on Social Security Alone," it is possible - although not easy - to retire on nothing more than income from the nation's main retirement program.
Still, your retirement is likely to be far brighter if you save more cash. Unfortunately, many of us are doing a poor job of saving for our golden years.
Related: 12 Products That Can Save Money for as Long as You Own Them
Here is how much survey respondents say they actually have saved for retirement:
In total, nearly half of respondents - 47% - have less than $100,000 saved for retirement. So, it's clear that Americans have some work to do if they plan to retire comfortably.
If you have fallen behind savings goals, know that it is never too late to make a fresh start. To begin your journey, check out:
A recent Vanguard study revealed a self-managed $500,000 investment grows into an average $1.7 million in 25 years. But under the care of a pro, the average is $3.4 million. That's an extra $1.7 million!
Maybe that's why the wealthy use investment pros and why you should too. How? With SmartAsset's free financial adviser matching tool. In five minutes you'll have up to three qualified local pros, each legally required to act in your best interests. Most offer free first consultations. What have you got to lose? Click here to check it out right now.