Here's How Much Money Americans Think They Need to Retire
If there were a single number that guaranteed financial security in retirement, we'd all know how much savings to aim for. But there are numerous factors that dictate how large a nest egg you'll need to live comfortably once you stop working -- things like the home you expect to reside in, the things you plan to do with your days, and the extent to which you expect health issues to eat up your financial resources.
Still, it helps to have a ballpark estimate on the savings front, and in this regard, Provision Living did some digging late last year and discovered that Americans, on average, think $610,000 is the magic number for a secure retirement. Given that the average U.S. salary in 2018 was $63,179, that may not be so far off. Seniors are often advised to leave the workforce with 10 times their ending salary banked, so for someone earning $63,179, that would mean entering retirement with $631,790 -- not a crazy jump from $610,000.
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Source Fool.com
