Saving for Retirement? Here's the Number You Should Be Aiming for, and How to Get Your Portfolio There.
When thinking about saving for retirement, you might assume that getting to $1 million is a solid goal to aim for. It's a nice round number, and it seems like a lot of money to have at your disposal. However, given the high rate of inflation in recent years, that may not be enough to ensure that you have a comfortable retirement.Below, I'll look at how much savings you might need to aim for in retirement and how to set up an investing plan to ensure that you can attain that goal.According to a recent study from GOBankingRates, $1.5 million may be an optimal amount to have in retirement. That, along with Social Security benefits, could be enough to last you more than 50 years in a low-cost state such as West Virginia. If you plan to live in Hawaii, however, that nest egg may be sufficient to fund just 17 years of living comfortably, given the state's high costs.Continue reading
When thinking about saving for retirement, you might assume that getting to $1 million is a solid goal to aim for. It's a nice round number, and it seems like a lot of money to have at your disposal. However, given the high rate of inflation in recent years, that may not be enough to ensure that you have a comfortable retirement.
Below, I'll look at how much savings you might need to aim for in retirement and how to set up an investing plan to ensure that you can attain that goal.
According to a recent study from GOBankingRates, $1.5 million may be an optimal amount to have in retirement. That, along with Social Security benefits, could be enough to last you more than 50 years in a low-cost state such as West Virginia. If you plan to live in Hawaii, however, that nest egg may be sufficient to fund just 17 years of living comfortably, given the state's high costs.
