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MONEY TALK: Retirement calculators are a wake-up call for undersavers

MONEY TALK: Retirement calculators are a wake-up call for undersavers

Dear Liz: Are retirement calculators a hoax? It seems that the published estimates for the amount of savings required are insanely high.  If most U.S. citizens haven't saved much and have a decent standard of living in retirement, where is the misperception? Let's say an individual is resolved to choose hospice over intensive care -- so we can reduce healthcare from the equation -- and is no longer paying for a mortgage or college. How could someone really need to replace a high percentage of salary? Do we really need to save millions to retire?  Even if we just spend the principal in the calculated estimates, we are truly old before we run...

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