And some of the best — and most controversial — answers to it
In honor of April, which is financial literacy month, Google unveiled the 10 questions that Americans ask most about retirement.
But as I recently reported for MarketWatch, most people won’t be able to retire the way they want with just $1 million: “With people living longer with the advances of medical care and the higher costs of living, a million dollars just doesn’t go as far as it used to,” Mitchell C. Hockenbury, a certified financial planner at 1440 Financial Partners, told MarketWatch.
Of course, how much you will need to retire depends on a number of things — some of which you can control and some of which you can’t. These include asset allocation and location, saving and spending, market returns, longevity and more — all of which this chart from J.P. Morgan very clearly lays out.
The FIRE movement movement, in which people reach financial independence and leave the workforce much earlier than traditional retirement age, has gained traction in the past few years.
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