The Lowballed Retirement: Why Americans Underestimate What They Need

According to Craig Copeland of the Employee Benefit Research Institute, people assume they'll spend much less in retirement than when they were working; it often not the case. REUTERS/Clodagh Kilcoyne

NEW YORK—Time for a little thought experiment: Take a moment and think of the savings you will need in retirement.

Got it? Good. Now here is the hard truth: That number is likely low.