The mythical $1 million figure has long been seen by Americans as the gold standard when it comes to retirement savings. For most Americans, that lofty seven-digit number has been seen as a guarantee of financial security, allowing all but the most extravagant retirees the ability to comfortably enjoy their golden years. But with costs rocketing higher coming out of the pandemic — and continuing to rise today — that $1 million just won’t cut it in an American culture characterized by consumer spending and higher-quality lifestyles.
Learn More: This ‘Boring’ Investment Could Be the Secret To Never Running Out of Retirement Income
