If there were a magic number that guaranteed financial security in retirement, building a nest egg would perhaps be less stressful. But because each individual’s needs are unique, there’s no single guidance for retirement savings that could possibly apply to everyone. Your best bet is to think about what you want your retirement to look like, and then work with a financial adviser to meet your goals.
That said, Northwestern Mutual surveyed Americans across age groups last year to determine how much money they believed it would take to retire comfortably. And the magic number for a comfortable retirement was $1.26 million. That's a drop from $1.46 million the year before.
