58% of Americans Might Be Making a Big Retirement Mistake

One of the most important steps of retirement planning is figuring out how much you need to save. That can be a challenging task, though, because everyone's needs will be different.

Rather than determining your unique retirement number, it's sometimes easier to simply throw a big figure out there and hope it will be enough. You may think that surely $500,000 or $1 million is enough to live on the rest your life, because it's just so much money. But that's not necessarily the case.

Approximately 58% of Americans say they think $1 million will be enough to last through retirement, a survey from TD Ameritrade found. Although it's a good thing workers are thinking big, the truth is, they may not be thinking big enough.

Continue reading

Source Fool.com