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Do THIS One Thing and Retire a Millionaire! Experts Shocked (Hint: It’s NOT Saving $1.5 Million)


Americans think they need almost $1.5 million to retire. Experts say to focus on another number instead


Americans’ retirement savings goal has skyrocketed to a staggering $1.46 million, a significant increase since 2020.

While this number may seem daunting, experts stress that the focus should not be solely on this “magic number.”

Instead, they emphasize the importance of a high savings rate and appropriate asset allocation as crucial components of wealth building.

Fidelity Investments, the leading provider of 401(k) plans, encourages a personalized approach to retirement planning, recognizing that individual factors impact savings needs.

Fidelity provides a framework to assess retirement progress based on age, aiming for a gradual increase in savings, reaching ten times your salary by age 67.

Experts recommend an annual savings rate of 12-15% and an age-appropriate asset mix to optimize investment returns.

John Roland, a certified financial planner, underscores the power of mindful spending in building wealth.

Roland emphasizes that saving 15% of income with a modest 5% return is preferable to saving 1% with a higher 15% return.

Incremental increases in savings can have a substantial impact over time.

If a 15% savings rate seems unfeasible, experts suggest gradually increasing contributions by 1% annually.

In summary, while an ambitious retirement savings goal is important, experts prioritize a high savings rate and appropriate financial planning tailored to individual circumstances.

By focusing on these fundamental concepts, individuals can increase their financial well-being and secure their financial future.

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    “Americans have a new number in mind — $1.46 million — for how much they think they will need to live comfortably, according to new research from Northwestern Mutual.”

    “Fidelity provides a framework for evaluating your retirement savings progress based on your age.”


    “The number isn’t the emphasis,” said John Roland, a certified financial planner and private wealth advisor at Northwestern Mutual’s Beyond Financial Advisors.”

    “That retirement number is really just a starting point for a broader conversation on how to make clear, competent decisions in that phase of your financial life when you’re distributing money versus when you’re accumulating money,” he said.”

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