Americans now believe they will need $1.46 million to live comfortably in retirement, a 53% increase from the previous year. However, experts emphasize that the focus should be on building a high savings rate rather than a specific number.
When it comes to retirement, Americans have a new number in mind — $1.46 million — for how much they think they will need to live comfortably, according to
I'm a certified financial planner and tax reporter at CNBC. How I tackle my own retirement tax planningNearly 1 in 5 eligible taxpayers don't claim this 'valuable credit,' IRS says "It really depends on your personal situation," Assaf said."We do think having a retirement plan helps with that, but it's got to be a personal retirement plan."Financial advisors agree that having a high savings rate, along with appropriate asset allocations, is one of the most significant components of building wealth. That's the number to focus on, they say.
"I would much rather have clients that save 15% of their income and get a 5% rate of return than save 1% of their income and get a 15% rate of return," Roland said.
Retirement Savings Americans Financial Planning Cost Of Living
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