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How Much do You Need to Retire?
Many experts throw around arbitrary numbers when asked this question, most advising as much as $1 million in savings. The reality is that this number is not set in stone no matter how many times it gets repeated. The magic number is different for everyone. Not everybody lives the same life or in the same area or has the same problems. Your number may be higher or lower depending on all of these factors. One of the reasons $1 million is thrown around as an answer is because it is a good, safe catch all for many different lifestyles. For more information on this subject, visit this article by George Schneider with Seeking Alpha.
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