Retirement Savings: How Much Do You Really Need?
TL;DR
While the average American believes they will need $1.27 million to retire, high-net-worth individuals estimate they will need more than double that amount, with the average person in this pool estimating they will need $3 million. The disparity is due to differences in lifestyle expectations and legacy planning. However, the specific retirement savings goal varies for each person based on risks, lifestyle, and personal circumstances. Meeting with a financial professional is recommended to determine an individual's specific number. Achieving a $3 million nest egg is achievable with careful budgeting, intentional investing, debt elimination, and risk accommodation.
Topics:businesspersonal-finance#financial-goals#financial-planning#high-net-worth-individuals#personal-finance#retirement#savings
- Wealthy Americans Are Aiming for a $3 Million Nest Egg — Should That Be Your Goal, Too? Yahoo Finance
- Americans Think They'll Need $1.27 Million to Retire Comfortably -- and It's Easier to Get There Than You Think The Motley Fool
- Mainers are struggling to save for retirement. Here are 4 things you can do now. Bangor Daily News
- This is how much Americans think they need for a comfortable retirement Yahoo Finance
- 1 in 5 Boomers are Delaying Retirement Due to Concerns of Recession Kiplinger's Personal Finance
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