From the U.S. News & World Report website
In the past, saving $1 million for retirement was considered a benchmark to help you enter retirement comfortably. But times have changed, and that figure may no longer be accurate. “Boomers and the subsequent generations are dealing with a different puzzle than their parents,” says Steven Barrett, a financial consultant with Xceed Wealth Management Group in El Segundo, California. Many companies no longer offer a traditional pension plan to employees. Instead of relying on a pension, most people entering retirement will depend on what they have saved in a 401(k) plan and IRAs.
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