1 in 5 Workers Gets This Key Retirement Question Wildly Wrong

If you're putting money away regularly for retirement and you have a specific savings goal in mind, you're doing better than a lot of other people. But there's no magic savings target that can guarantee a comfortable future. If you want the best chance of success, you also need to know how to spend your money wisely in retirement. And that's where a lot of people go wrong.

A retirement nest egg of $1 million might sound like a lot, but that money probably won't go as far as you'd hoped if your retirement lasts 30 years. Divided up, that leaves you with about $33,333 per year. Coupled with Social Security, it might be enough to cover your basic expenses, but you're not going to be living in the lap of luxury.

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Source Fool.com