Readers of this blog will surely not be satisfied with $1M at retirement. They’ll likely want to have 10 times that amount, maybe more. That may be a difficult number for most people to confront but then again, most people haven’t done the math to see how much they need. If you aren’t sure about how to calculate how much you need, leave a comment and we can go through the numbers together.
Don’t be fooled by the book that says $1M is enough, it isn’t by a long shot.

So What if $1 Million Isn’t What It Used to Be?

SOMEWHERE along the line, having $1 million — like the ability to diagram sentences, do math in your head, and the dollar itself — became devalued.

Today, when magazines routinely compile lists of the world’s billionaires, and trillion-dollar federal budgets are commonplace, a mere $1 million seems quaint. Still, it is a nice round number to aim for as you plan for retirement, and is the focus of two new books.

Indeed, writing that you need at least a seven-figure nest egg (more…)