RIAs recommend $2M-$3M in savings

By Gary Linnell

ProWEB Wire (Industry News)

An alarming 71 percent of registered investment advisors believe the average U.S. family could now require as much as $3 million for a comfortable retirement.

Although previous reports have indicated that $1 million was a favorable goal in terms of retirement savings, the 2009 Registered Investment Advisor Study indicates otherwise.

A survey of more than 200 RIAs finds that, in terms of Generation Y -- or those adults ages 18 to 26 -- 77 percent of RIAs recommend a goal of at least $2 million in savings, while more than 40 percent of advisors recommend more than $3 million.

Meanwhile, 46 percent of RIAs say that those aged 27 to 42 years, known as Generation X, should save between $2 million and $3 million; compared to 35 percent who felt boomers should have a goal of between $1.5 million and $2 million.