A new analysis from Aon Hewitt, the global talent, retirement, and health solutions business of Aon plc, reveals that most workers will likely be working longer to save enough to maintain their standard of living in retirement.
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Aon Hewitt’s analysis of 77 large U.S. employers, representing 2.1 million employees, projects the average worker will need to save 11 times their final pay at retirement (age 65) to keep their preretirement lifestyle. Exact income replacement depends on the unique situation of each worker including age, income, anticipated retirement age, and Social Security.
Aon Hewitt finds most workers are coming up short when it comes to preparing for retirement. Only one in five are on track to meet or exceed their needs in retirement at age 65. An additional 20% may be close to having reasonably adequate savings with some lifestyle adjustments