I’ve often heard bandied around that you need a $1,000,000 in retirement, the truth is there is no magic number!
I believe this may have become the “norm” because it is an easy reference point. See example below.
As I say, there is no magic number, it’s what’s right for you. As we move towards retirement, typically we are net savers. Whereas, from retirement we are net spenders or consumers; as we’re no longer saving for retirement, we’re living off our savings.
If you want control of your money, talk to me, I can help you make a plan.