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Do you really need $2.5 million for a good retirement?
You can’t feel secure in retirement if you don’t have a good idea of how much money you’ll need. But if you believe a new Legg Mason survey, you may have to save far more than you think. Investors surveyed by the global investment management firm said they will require an average of $2.5 million in retirement to enjoy the quality of life they have today. That’s about $2.2 million more than the average balance of $385,000 those investors actually had in 401(k)s and similar retirement plans….Of course, most people won’t need to save $2.5 million to have a comfortable retirement. But figuring out how much you should squirrel away can be challenging….A financial plan will help you estimate how much you will need to save. “Without a plan, it’s like being in dense fog. Read More…
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