Are you setting aside enough for retirement? Probably not.
A little more than half of households are at risk of being unable to maintain their pre-retirement lifestyle in retirement, according to reports from the Center for Retirement Research at Boston College. A big part of the problem: lackluster savings rates.
The Vanguard Group estimated that the median retirement-plan contribution rate was 6 percent in 2014, while the Transamerica Center for Retirement Studies put it at 8 percent this year. Workers in plans with auto enrollment may save even less, with some sticking to the default contribution rates of 3 percent or less.
That's shy of the often-bandied rule of thumb to set aside at least 10 to 15 percent of your annual income, with those savings including your contributions as well as any employer match to a retirement plan. Worse, it may be far short of your ideal rate based on your age, expected retirement horizon and past savings patterns.
"Everybody has different needs and different goals," said Carolyn McClanahan, a certified financial planner in Jacksonville, Florida. (Check your progress against peers and age-based benchmarks here).