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Retirement "Magic Numbers" Make Little Sense
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In this episode, Tyler Emrick, CFA®, CFP®, explores why targeting a "magic number" of retirement savings falls well short of good retirement planning. Yet, why do people often focus on this? Is it because this survey data is regularly done and widely in the media – with the magic number now at a record high of $1.46 million – or something more?
Here’s some of what we discuss in this episode:
- The amount of money investors believe they need to retire has increased dramatically and is exceeding the current pace of inflation.
- What has been the driving force behind the increase?
- Why you should be careful when using a magic number.
- The financial items you should be focusing your attention on instead.
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