More people are saving for retirement today and they’re starting to do so younger.
Still, they’re not putting nearly enough away, according to a new report from the Stanford Center on Longevity.
People should save between 10 percent and 17 percent of their income if they plan to retire at 65 (even if they start at 25), the researchers write.
Most people aren’t meeting that goal. Family members aged 25 to 64 are saving a median of only about 6 percent to 8 percent of their income.
“It’s not enough just to say, ‘Are people saving for retirement’” said Tamara Sims, a research scientist at Stanford. “When you break it down and look at what amount they’re contributing, it’s at least half of what they should be.”