‘The New Rule of Thumb is $3 Million’: Retirement Planners Have Some Sobering Advice About How Much You’ll Need to Save

The American College of Financial Services
January 26, 2020

When trying to save up for retirement, you or your clients probably have a goal in mind. But if you think you know what that saving target should be, you might need to think again.

Conventional wisdom holds that if a person saves up a million dollars, they’ll be sitting pretty for retirement. More recently, however, experts who have taken a look at the subject--including Wade Pfau, professor of retirement income and RICP® program director at The American College of Financial Services--now say savers could need as much as $3 million in the bank to comfortably meet their needs in retirement.

For more on Pfau’s thoughts on how to best save for and secure your retirement, check out this latest article in Fortune.

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