Americans Think $1.26 Million Will Buy a Comfortable Retirement. Here's What That Could Buy You.
Saving for retirement is very different from saving for other goals, like a home or car. If you're looking to buy a house in a neighborhood where the average home price is $500,000, and you want to put down 20%, it means you need to save about $100,000 to meet that goal. If there's a car you wish to purchase outright to avoid a loan that costs $40,000, that's your savings target.
On the other hand, it can be very tricky to nail down a specific retirement savings number, especially when that milestone is decades away. That's because you don't know exactly when you're going to retire, where you'll live, and what you'll want to do with your time.
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Source Fool.com
