Is $1 Million Enough to Retire On?

The average American expects to need $1 million in retirement savings to feel financially secure,according to a 2015 survey by the Transamerica Center for Retirement Studies. But while $1 million can certainly go a long way in retirement, it's not necessarily enough for everyone.

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What will your retirement costs look like?

Because everybody's retirement needs and goals are different, there is no one-size-fits-all retirement savings formula. It's easy to point to $1 million as a figure that should be enough to sustain most Americans in theory, but in practice, that just doesn't work. There are numerous factors, from housing to healthcare to transportation, that dictate how much money an individual needs to spend right off the bat. There's also the concept of leisure in retirement -- an expense that needs to be factored in

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