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The $1 Million Retirement Myth: Here’s What to Save Instead
People are often too rigid with their long-term savings benchmarks. Experts say it’s a costly mistake.
Illustration: Anna Haifisch
Ask Americans how much they need to retire and one number jumps to mind: $1 million.
Survey after survey underscores how deeply the figure has taken hold. Empower found Americans on average peg their target at $1.1 million. Schroders lands at $1.3 million, while Northwestern Mutual’s 2026 poll puts that number closer to $1.5 million.