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Bottom line. Ultimately, whether you can retire on less than $1 million will largely depend on your spending needs during retirement and your remaining life expectancy.
So, for instance, if you expect to spend $48,000 per year, multiply that by 25, and you have a savings goal of $1.2 million. 2. Calculate your outside income sources
Growing your portfolio to $1 million or more by retirement can be an excellent target to aim for. While there's no magic number that will guarantee you will have enough money to sustain the type ...
Whether $1 million suffices for retirement depends a lot on your other sources of income, too. Retirees have access to the steady payments of Social Security and may have a pension, ...
This means that if $1 million could theoretically be “the right number” for retirement in the average American state, you’d only need $850,000 in Mississippi but a whopping $1.84 million in ...
A recent survey from Northwestern Mutual found that the average American has $88,400 in retirement savings -- but Americans believe they will need about $1.46 million to have a comfortable retirement.
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