If you’re like a lot of people, you may have a goal of saving $1 million for retirement.
After all, that would make you a “millionaire” and should give you a comfortable retirement lifestyle, right?
Not so fast, according to a number of retirement planning experts cited in an article last month in Fortune magazine.
It’s time for a dose of reality, the experts say: You now need to save $3 million – or more – to enjoy a decent retirement lifestyle.
Here Are 3 Reasons Why $3 Million is the New $1 Million When it Comes to Saving for Retirement…
Reason #1: That $1 million number was never adjusted for inflation or corrected for today’s low-interest-rate environment.
[Read more…] “The New “Magic Retirement Savings Number”: $3 Million or More”