It's hard to say with 100% certainty how much money someone will need for retirement, because different lifestyles will require different amounts. Regardless of how you plan to spend your retirement, I'm sure everyone can agree that it's much better to have too much money saved than not enough.

Strictly saving enough for retirement without investing is a tall ask for most people. Even if you could save $25,000 per year, it'd take you 40 years to get to $1 million if you just put the cash in a safe somewhere. Luckily, there's a phenomenon called compounding that can do a lot of the heavy lifting for you.

Image source: Getty Images

Continue reading

Source Fool.com