Americans Think It Will Take $1.9 Million to Retire. Are They Right?

Retirement can be a scary prospect. In exchange for the freedom of not having to report to an office every day, you're instead propelled into a situation where you're forced to live on a fixed income. That's why it pays to save as much for retirement as you possibly can. The stronger your nest egg, the greater your chances of managing to cover your expenses and live comfortably.

How much money should you aim to save? Well, it depends. Americans think they'll need $1.9 million in savings, on average, to enjoy retirement, according to a recent Charles Schwab study. But, in reality, you might manage to live on a lot less.

The amount of money you wind up needing during retirement will depend on a number of factors -- your health, your lifestyle, and your goals. As such, you don't necessarily need to push yourself to amass a $1.9 million nest egg if you're planning to live modestly.

Source Fool.com