Speaking of becoming a millionaire (or not), the most recent issue of Money magazine had some interesting statistics on how much money people think they’d need to retire today.
Based on the results of a national poll:
- 10% of respondents said $250k-$500k
- 24% of respondents said $500k-$1M
- 35% of respondents said $1M-$2M
- 31% of respondent said over $2M
At the same time, they provided data showing that the median savings for households near retirement (ages 55-64) is just $120k, and that 42% of all workers just guess at how much they’ll need to retire vs. running the numbers.
Kind of scary when you think about it…
What about you? What’s your number? And what are you basing it on? Did you pick it out of thin air, or did you do the math?