I recently read an article on why Americans aren’t planning for retirement. It made the following points:
1. Americans are confused about how much income growth is needed to offset inflation
2. Most people don’t know how much income Social Security will provide
3. Retirement withdrawal rates are a mystery to many
The reality is that answers and guidance on these issues abounds. There are endless articles on the internet. YouTube has hundreds of videos on all these issues and more. Many are very good, some do it yourselfers not so much though. Of course, anyone can get a detailed or quick estimate of there Social Security benefit not to mention their annual statement.
Bottom line is a little effort can go a long way helping you plan.
In the near future 401k participants will receive annual statements illustrating the life income their 401k balance will generate.