4 Steps to Retiring a Millionaire
When you think of retiring with $1 million in savings, you may picture living a life of luxury. But although $1 million is a lot of money, you may need at least that much just to cover all your daily living expenses in retirement.
The average American is living longer than ever, with a third of today's 65-year-olds expected to live until at least age 90, according to the Social Security Administration. Say you retire at age 65 and live until age 90, and you're spending $45,000 per year in retirement. At that rate retirement will cost roughly $1.125 million -- and that's not even accounting for inflation.
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Source Fool.com
