Conventional wisdom used to be that if you wanted to retire, you’d need to save up $1 MILLION. But with people living longer lives, out-of-control inflation, and the uncertain future of Social Security, that’s no longer the case.
–According to a recent survey, 71% of registered investment advisors don’t think $1 MILLION is enough for the average American family to retire on. The question then is: How much will you need?
–Well, for Baby Boomers . . . meaning people between the ages of 43 and 64 . . . 35% of investment advisors recommend saving between $2 MILLION and $3 MILLION.
–For Generation X . . . meaning people between the ages of 27 and 42 . . . nearly HALF of all advisors recommend saving at least $2 MILLION. And 22% recommend saving $3 MILLION.
–And for Generation Y . . . meaning people between the ages of 18 and 26 . . . 77% of advisors recommend saving at least $2 MILLION. And 40% recommend saving no less than $3 MILLION for retirement.
–In other words, unless you’re really rich, or you’re really good at saving, you’ll NEVER be able to retire.