I need $1 million to retire.
You might not need 1 million dollars. But you probably need more than you think.
$1 million = $40,000 per year over 30 years of retirement*
Does an annual salary of $40,000 align with your retirement lifestyle goals?
$10 per meal x 3 meals per day x 30 years of retirement = $328,500
*A 4% withdrawal rate is assumed. If contributions were made pre-tax, this amount would be lower.