No. of Recommendations: 2
Merrill Lynch at Bank of America is saying a million dollars is about the minimum anyone needs.

Using the famous (and controversial) 4% burn rate figure that implies income of $40,000/yr.

If you own your home and are out of debt, many live comfortably with numbers in that range. But if you have a mortgage and lease two cars, i.e., live a $100K lifestyle, that will require quite a squeeze.

Take your choice. Learn to live on less or save more. The more you save, the less you need in retirement.

And then don't forget inflation. Who knows what the figure will be 30 yrs from now. But save now and work hard to keep up with inflation.
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