$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.