Is $1 Million Enough in Retirement Savings?
If you read personal finance news regularly, you've seen some variation of this headline quite often. It's seemingly a smart question, and $1 million is a nice, round number that sounds like a lot of money.
The reality, however, is that this question is a bit like asking "Are 11 chicken nuggets enough for lunch?" The answer, of course, depends on all the variables. How many people are eating? What are the side dishes? How hungry is everyone?
Retirement isn't one size fits all. $1 million may be a comfortable retirement for some people and a major lifestyle downgrade for others. To figure out how much you need to have in retirement savings, you'll need to figure out how you intend to live.
Source Fool.com
