When you buy through links on our articles, Future and its syndication partners may earn a commission.
Some might think $4 million guarantees a life of luxury, but with market volatility and inflation, it makes sense to ask how far that money will actually go.
One of the trickiest elements of retirement planning is figuring out a savings target. It's virtually impossible to estimate what retirement will cost because there are too many unknowns, from inflation to longevity to healthcare costs.
When it comes to setting a savings target, the best thing many of us can do is estimate a number and run with it.
Some data shows how much money it might take to afford a comfortable retirement. Northwestern Mutual found that $1.46 million was the magic number. There's also guidance that you can adjust for your personal situation. Fidelity, for example, recommends having 10 times your ending salary saved by age 67.
#savings #many
Some might think $4 million guarantees a life of luxury, but with market volatility and inflation, it makes sense to ask how far that money will actually go.
One of the trickiest elements of retirement planning is figuring out a savings target. It's virtually impossible to estimate what retirement will cost because there are too many unknowns, from inflation to longevity to healthcare costs.
When it comes to setting a savings target, the best thing many of us can do is estimate a number and run with it.
Some data shows how much money it might take to afford a comfortable retirement. Northwestern Mutual found that $1.46 million was the magic number. There's also guidance that you can adjust for your personal situation. Fidelity, for example, recommends having 10 times your ending salary saved by age 67.
#savings #many
2 days ago
