The article discusses the importance of setting realistic retirement savings goals based on specific lifestyle needs instead of arbitrary figures like $1 million or more. It emphasizes that retirement goals should reflect personal circumstances and financial realities, rather than abstract numbers. By evaluating desired lifestyle, retirement age, and potential investment returns, individuals can establish more achievable savings targets. The piece highlights the case of a couple feeling stuck with their ambition for $20 million, urging readers to reassess their goals for greater satisfaction and realistic planning.
There's nothing wrong with setting a large savings goal for your retirement. But that number should be based on something concrete and realistic for your financial situation.
It's a shame for a couple with many millions of dollars to feel like they aren't progressing. So it may be time to rethink their goal.
First, think about what you want your senior years to look like and what that lifestyle will cost. Next, think about your preferred retirement age.
From there, work with a financial advisor to come up with a savings figure to target. Part of that equation should include estimated portfolio returns.
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