One of the toughest things about saving for retirement is that it's hard to estimate how much money you'll actually need to cover your senior living costs in full. After all, there are so many factors that will go into that equation, including your retirement age, the state of your health, your desired lifestyle, and inflation, to name only some.

In fact, you'll often hear that it's wise to aim for $1 million in savings because that sum is more likely to be enough to cover your costs throughout your senior years. Or is it?

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Source Fool.com