Is $920,400 the Magic Retirement Savings Number?
For many years, $1 million was considered the gold standard for retirement savings, and for some, this hasn't changed much. A recent Schwab survey asked 2,000 adults age 55 to 75 how much they'd saved for retirement, and their average answer was $920,400. Most seemed pretty confident that would cover most or all of their expenses, but the math tells a different story.
The survey also asked participants how much they thought they'd need to spend annually in retirement to live their best life. The average answer was $135,100. Based on this figure, $920,400 wouldn't even last seven years.
Image source: Getty Images.
Source Fool.com
