Reevaluating Retirement Goals: Adjusting Expectations for Financial Security
Why $1 Million May Not Be Enough
I don't see $1 million buying me the retirement I want. The rising cost of living poses challenges in reaching financial goals. Many underestimate the funds needed for a comfortable retirement.
The Impact of $1 Million Savings
If you follow the 4% rule, $1 million generates $40,000 annually. In comparison, $1.46 million yields $58,400. Your ideal number depends on your income expectations and retirement aspirations.
Calculating Your Retirement Number
Decide on your desired annual income and multiply by 25. Consider the role of Social Security benefits. Saving beyond $1 million may be crucial for a fulfilling retirement.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.