Workers Think They'll Need $500,000 to Retire Comfortably. Are They Right?

If there were a universal savings figure that guaranteed financial security in retirement, building a nest egg would be a simpler thing to do. But there's no such magic formula, and the amount of money needed for a secure retirement can vary greatly from person to person.

Imagine your retirement goals include settling down in a small town, starting a home baking business, and spending time with your nearby grandchildren. Your retirement might cost a lot less than someone who plans to live in a major metro area, go to the theater every week, and travel internationally multiple times a year.

Still, it may help to get a sense of what today's workers think is a good retirement savings target to aim for. And Transamerica has an answer. In its 21st annual Retirement Survey of Workers, workers estimate they'll need a median savings balance of $500,000 in order to feel financially secure during retirement.

Source Fool.com