Top economist challenges the need for $1M retirement savings

Reported 6 months ago

A prominent economist challenges the common belief that retirees need $1 million in savings for a comfortable retirement, with data showing most retirees manage fine with $50,000 to $100,000 in savings. Andrew Biggs argues that the financial planning industry overstates retirement income needs, citing a federal survey where 85% of retirement-age Americans reported living comfortably with much less than $1 million. While the $1.46 million retirement target remains popular, actual survey responses and observations suggest that retirees require significantly less savings than widely promoted by financial advisors.

Source: YAHOO

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