RIA Survey: $1 Million Not Nearly Enough for Retirement

While the average American family believes $1 million is the gold standard for retirement savings, a new survey by Scottrade Advisor Services finds that most independent advisors think this number is probably way off.

Seventy-one percent of RIAs said that the average family needs to save double or triple that amount, according to a survey by the St. Louis-based investment firm. The 2009 Registered Investment Advisor Study, which polled 226 registered investment advisors from Aug. 12 through Sept. 30, focused on the four main segments of the population: Generations Y and X, boomers and seniors.

The recommended investment goals for Generation Y (ages 18-26) are the greatest. More than three-quarters (77%) of advisors recommend a goal of at least $2 million, while more than 40% of RIAs say Generation Y should be aiming for more than $3 million in retirement funds. Generation X (ages 27-42) should save between $2 million and $3 million, according to 46% of RIAs surveyed...

Financial Planning: RIA Survey: $1 Million Not Nearly Enough for Retirement