Ask Americans how much they need to retire and one number jumps to mind: $1 million. The problem with that benchmark is that it oversimplifies retirement planning. Some people may need or want much more to enjoy their golden years. For others, the number feels so unattainable that it’s not even worth trying to reach.
Better rules of thumb exist that are still simple, usable and far more grounded in how people actually live and spend. They offer a clear way to build a retirement plan that lowers the odds of running out of money, whether or not you ever get anywhere near $1 million — or end up needing far more.
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