Recent estimates suggest that the traditional $1 million life savings target before retirement is just not enough. Financial planners suggest that we now need $2 million to have “financial security.” In Monday’s (April 28) USA Today a report on this led to the response of various people. A person who seemed to be in the know about these matters said, “A $1 million nest egg along with Social Security isn’t really that much. Some accident or calamity would have the potential to drain away a big chunk of your principal, after which you can be destitute.” If you think this is crazy talk you should read the mainstream financial columns and see the advice that major investors give on these matters.
Another respondent to this story wrote: “We all need to take a hard look and figure out how to put away more for retirement.” Still another, “I now put away the maximum amount in my 401(k) that my employer will match. I also ditched a $275-a-month whole life policy in favor of a different policy for $25