Retirement savings targets differ widely among experts, with Dave Ramsey suggesting $1 million and Suze Orman advising closer to $10 million. Each figure can be valid depending on individual retirement timelines and financial circumstances, such as withdrawal rates, income needs, investment types, risk tolerance, Social Security benefits, pensions, and more. For instance, someone with a pension and lower living costs may need less than Ramsey's figure, while individuals retiring early with high spending may require even more than Orman's advice, especially when considering inflation's impact.
Both experts may be right depending on your retirement timeline and spending needs.
The amount that each individual person must have invested is going to depend on many factors.
If you have money coming in from a pension plan and low spending needs, then you may not even need that full $1 million Ramsey said.
If you are decades away from retirement... then even Orman's $10 million may not cut it.
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