However, the amount you need to save depends on the age you plan to retire and what your expected lifestyle will be. Studies conducted by the U.S. Bureau of Labor Statistics estimate most people need 80 percent of their pre-retirement income to maintain their standard of living and their lifestyle when they are retired. If that is an unattainable level, retirees will need to scale back on their lifestyles, or continue working in some capacity. Common barriers to savings. There are several obstacles that often inhibit people from saving for the future.
Retirement is a long way away.
It's ironic that when saving money could benefit us the most, we're farthest away from retirement. Taking the realistic, long-term view that retirement will indeed arrive can spur savings activity. I'll probably inherit something from my parents. Seniors are living longer today than ever before. The inheritance you're counting on may instead go for their own expenses, including a stay in a nursing home.