I’m thinking that $29,000 should last about six months. I don’t think even $300,000 goes that far with 0% interest.
I hope that junior has saved his pennies so he can bail out Mom and Dad.
NEW YORK — The average American has saved less than 7 percent of his desired retirement nest egg and will likely have to keep working in retirement to supplement his income.
Middle-class Americans think they need $300,000 to fund their retirement, but on average have only saved $20,000, according to a survey released on Wednesday by Wells Fargo & Co.
“Middle class” is defined as those aged 30 to 69 with $40,000 to $100,000 in household income or $25,000 to $100,000 in investable assets and those aged 25 to 29 with income or investable assets of $25,000 to $100,000….
…Even those fast approaching retirement age are not well-funded. Respondents aged 50 to 59 have saved an average of only $29,000 for retirement.
Consequently, more than a third of respondents believe they will have to work during retirement in order to afford the things they want or just to make ends meet.