Your Happy Retirement Is Probably About $250,000 Short
NEW YORK (TheStreet) -- Do you have a good grip on your retirement?
Be honest -- a really good grip?
Ameriprise Financial (AMP) , the Minneapolis-based financial services giant, doesn't think so. In fact, Ameriprise says there may be a significant "emotional disconnect" between your retirement goals and retirement reality.
The firm based its analysis on its Retirement Check-In Survey of 1,000 U.S. employees ages 50-70.
At first blush, Ameriprise says America has a good, healthy, positive mindset toward retirement. The firm says 78% of Americans expect to be "extremely happy." Ameriprise's data cite the belief among workers that they can look forward to ample free time with loved ones, the ability to travel the globe or spend quality time with favorite hobbies.
This is where that "disconnect" enters the picture. Ameriprise says that, on average, most Americans have a gap of $250,000 before they can retire in the relatively cushy lifestyle described above. Furthermore, 68% of U.S. workers say they plan on working in retirement.
"There seems to be a significant disconnect between the expectations that Americans have for their lifestyle in retirement and the financial steps they're taking -- or not taking -- to make those expectations a reality," says Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial. "The good news is there are several things that most people are doing right, and there are steps that everyone can take to help build their financial readiness for retirement."