While $1 million was once the gold standard for retirement accounts, times have changed. A recent Northwestern Mutual survey found that Americans now believe they'll need a whopping $1.46 million to retire comfortably, the highest estimate ever reported. In 2023, Americans believed they needed to save $1.27 million to reach their retirement goals.

This new benchmark might seem overwhelming, especially if the million-dollar mark already felt like a stretch. But keep in mind that retirement is personal, and the exact amount of money you will need will depend on your unique circumstances and lifestyle choices.

So how do you know if you'll need to accumulate a million dollars or more to retire? Here are three questions to help you get closer to your magic number.

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Source Fool.com