A majority of people know they need to save for retirement, a recent TIAA-CREF survey shows - but too few understand how to actually go about saving.
In a poll of 2,000 adults conducted earlier this month, 93 percent of respondents said they knew that socking away money for retirement was important. But nearly as many - 82 percent - admitted that they don't know how much they should be saving, and 55 percent of survey participants said they didn't know much about finance.
Americans' lack of retirement knowledge is reflected in savings data collected by the Employee Benefits Research Institute, a nonprofit research organization. The EBRI, in a report released this week, estimates that the nation's aggregate retirement savings shortfall is more than $4.5 trillion.
That's an average of $47,732 per person (among people aged 36 to 62).
When nursing-home and healthcare expenses are factored in, the shortfall grows even larger, the EBRI notes.
In the face of statistics like these, beginning to save more for retirement can seem daunting. But one of the best ways to see savings add up is to start small. To learn more about saving for retirement - and how making small changes can pay off - read up with Kiplinger's articles and resources.
TIAA-CREF's poll had a margin of error of 3 percent.
