Reported 5 months ago
A recent study by Northwestern Mutual reveals a shift in retirement savings goals among wealthy Americans, with those having over $1 million in investable assets aiming for $3.93 million rather than the traditional $1 million mark. This change is attributed to individuals desiring to maintain their lifestyle and leave substantial inheritances. Accumulating $4 million would allow for a safer withdrawal rate, providing an annual income between $120,000 and $160,000, surpassing the U.S. median household income. Starting early in saving and investing significantly reduces the annual investment needed, emphasizing the importance of early retirement planning. The decision on whether to aim for $4 million or a different amount depends on personal financial goals and lifestyle expectations, with consulting a financial advisor recommended for tailored retirement planning strategies.
Source: YAHOO