Here's How Much You Should Have Invested for Retirement at Age 60
How much savings do you need to fund a comfortable retirement? The number is obviously different for everyone since everyone's definition of "comfortable" is different. Northwestern Mutual's average investor-reported target of $1.46 million, however, seems like a reasonable estimate. That amount of money could produce on the order of $60,000 worth of annual dividend and interest income. Whatever Social Security benefits you end up getting should help close any gap. So, that'll work as a starting goal.
The problem? That's a large sum of money for the average investor to save up, especially in light of the sky-high cost of living these days. Indeed, it's such a daunting figure that some investors may be too discouraged to even bother trying.
That doesn't have to be you! The key is just breaking your savings and investing plan down into smaller, manageable pieces with milestone goals. You'll likely find a seven-figure stash isn't quite as far out of reach as you might think.
Source Fool.com
