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$1 Million Is Needed For Retirement, But Is It Feasible?

Many of us have heard that one million dollars is the magic benchmark for retirement savings. But according to a recent survey from Charles Schwab, many Americans believe that one million dollars in savings is inadequate.  Based on responses from 1,000 401k plan participants nationwide, Americans believe they will need $1.7 million to retire.  Many people will fail to achieve even the smaller $1 million in retirement savings threshold.  

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.