One-third of Americans who are five years away from retirement haven’t even calculated how much income they will need in retirement, according to a new survey by Charles Schwab. Nearly half of those surveyed had no idea how to invest their money to maximize retirement income.

The survey of more than 1,000 Americans age 55 to 70 found that while the vast majority of pre-retirees expressed feelings of optimism about their retirement readiness, one-third (33 percent) said they had not yet determined what their essential living expenses in retirement would be and almost two-thirds (64 percent) said they have less than one year of cash savings at any one time for retirement living expenses.

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