Workers Think They Need $500,000 to Retire. Are They Right?
The scary thing about retirement is not knowing how much it will cost you. And while you can do your best to research senior living expenses, including healthcare, ultimately, there are multiple variables that will dictate what your specific financial needs will amount to.
Still, it helps to have a retirement savings target to work toward, and today's workers think $500,000 will cut it, according to a recent Transamerica survey. (To be clear, that's the median amount workers feel will be necessary in retirement; not every worker thinks that specific amount is needed.) But while some seniors may be able to get by with a nest egg worth $500,000 at the start of retirement, for others, half-a-million dollars will inevitably fall short.
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Source Fool.com
