How much should people save?

Munnell, Alicia Haydock, Anthony Webb, and Wenliang Hou. “How much should people save?”. Issue in Brief 14-11, Chestnut Hill, Mass.: Center for Retirement Research at Boston College, July 2014. http://hdl.handle.net/2345/bc-ir:103765.
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Abstract

The brief's key findings are: (1) The National Retirement Risk Index framework is used to address how much working-age households need to save for retirement. (2) 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. (3) A typical household needs to save about 15 percent of earnings, with the low income requiring less and the high income more. (4) For those with a savings shortfall, the necessary savings hike is much more feasible for younger households than for older households. (5) Starting to save early and retiring late dramatically reduce a household's required saving rate.

Title
How much should people save?
Author
Munnell, Alicia Haydock
Webb, Anthony
Hou, Wenliang
School
Carroll School of Management
Discipline
Finance
Center
Center for Retirement Research
Genre
report
Date Issued
July 2014
Publisher
Center for Retirement Research at Boston College
Series Title
Issue in Brief
Series Number
14-11
Version Identification
Version of record.
Persistent Link
http://hdl.handle.net/2345/bc-ir:103765
Use Restrictions
These materials are made available for use in research, teaching and private study, pursuant to U.S. Copyright Law. The user must assume full responsibility for any use of the materials, including but not limited to, infringement of copyright and publication rights of reproduced materials. Any materials used for academic research or otherwise should be fully credited with the source. The publisher or original authors may retain copyright to the materials.
Subject
Financing retirement

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