What’s Your Magic Number for Retirement?

Note: This article is courtesy of Iris.xyz

By Allison Berger

A few years ago there was a popular commercial about retirement. The ad featured people walking around town with their “number” over their heads. The number reflected how much they needed to save in order to retire. The commercial was very compelling because it really made people think, “how much do I need to have in order to retire?” It also broke down the very complex process of retirement planning into just one number that was very easy to measure. We can all look at our account statements and quickly see the value and then easily benchmark it to our personal number.

This benchmarking is still very common and we’ll frequently hear clients cite a number they would like to achieve before they are ready to retire. What’s your magic number? $1 million, $2 million? “Maybe if I had a pension,” you might think.  After all, a million dollars is not as much money as it used to be.