Tag Archives: savings of Americans

Do You Need $1,000,000 to Retire?

The myth of needing $1,000,000 in retirement savings resides in the same camp as drinking 8 glasses of water a day–both numbers are widely assumed to be truisms although no one even knows where they originated. How much money one needs for an acceptable retirement is not a one-size-fits-all equation. The answer boils down to …

Throw Away the Retirement Calculator

Talk about having a bad day. I just plugged numbers I’ve compiled about the average income and savings of Americans nearing retirement into one of those online retirement calculators. It suggested, among other encouraging ideas, that I increase the rate of return on my investments to around 30% and delay retirement until I’m 108!! This …