1. 54% Don’t Know Their Retirement Needs
Ramsey explained that 54% of American workers didn’t even know their retirement savings needs. This makes planning how much to contribute regularly and tracking your progress very challenging.
Many factors play a role in your savings needs, including your retirement age, intended lifestyle, cost of living, inflation, income sources and healthcare costs. You can use an online calculator, such as this one from the AARP, or speak to a retirement advisor to find out.