Do You Need $1 Million to Retire? 40% of Workers Who Have Run the Numbers Think So
If there were a magic number that guaranteed financial security in retirement, saving for that milestone would be a much less stressful endeavor. But without a crystal ball, there's really no way to know exactly what your senior years will look like from a financial perspective. Much of what you spend will depend on the evolving state of your health, the extent to which your home needs repairs, and other lifestyle choices that you may not be prepared to make in advance.
Still, it helps to have a ballpark estimate of what retirement will cost you so you can set your savings goals accordingly. A good 48% of workers have tried to calculate how much money they'll need to live comfortably in retirement, according to a recent survey from the Employee Benefit Research Institute, and among those who have run the numbers, 40% think they'll need $1 million or more to maintain a decent standard of living. Meanwhile, 16% think retirement will cost them $2 million or more.
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Source Fool.com
