The average American believes they'll need a hefty $1.3 million to retire, according to numbers from financial planning and insurance company Northwestern Mutual. And given today's typical household expenses and the expected rates of returns on appropriate retirement investments, this estimate isn't out of line.

The problem? That's a lot of money to amass -- especially if you're starting out with nothing. Indeed, it's so much money that some people might not even bother trying.

This a big mistake, of course. It's also a mistake that can easily be avoided.

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Source Fool.com