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Published: Sep 25, 2023 3 min read
Photo collage of a senior thinking about budgeting for his retirement
Money, Getty Images

When calculating how much money they’ll need to save for retirement, many people appear to be guessing.

A new report from data firm Escalent suggests the most common way folks set retirement savings goals is simply by doing the math “off the top of their head,” according to survey responses from about 4,000 savers participating in a retirement plan.

“Despite the industry’s efforts to date, participants aren’t able to grasp how much money is required to live comfortably in retirement until they get really close to making that important transition,” Sonia Davis, the lead author of the report, said in a news release.