Americans Expect Their Retirement Savings To Last 22 Years

Core Insights - Most Americans plan to retire at age 64, expecting to spend about 22 years in retirement, raising concerns about the sustainability of their savings [1] Group 1: Retirement Planning Strategies - A significant portion of U.S. investors (64%) believe the first step to ensure retirement security is to save more and live frugally [3] - Saving more can involve increasing contributions to retirement plans and dedicating half of any salary increase to savings [4] - Living frugally may require individuals to practice their retirement lifestyle now by reducing discretionary spending [5] Group 2: Importance of Financial Planning - Having a long-term financial plan is crucial to avoid outliving savings, with emphasis on starting this planning early [6] - Investors can approach planning by either outlining savings steps to reach a target amount or determining needed savings and working backward [7]