If you’ve ever felt discouraged about your retirement progress, this one’s for you.

Rethinking Retirement Savings Goals

We’ve all heard it before: “You need to save 10 times your salary by the time you retire.” Fidelity suggests hitting savings milestones like one times your salary by 30, three times by 40, and so on culminating in 10x by age 67.

But here’s the truth: only 9% of Americans actually reach that goal, according to a 2025 study by Northwestern Mutual. Why? Because the system is stacked against us rising costs, student debt, inconsistent income, and delayed saving habits all make it harder to hit that number.

Aaron emphasized that it’s time to stop chasing arbitrary savings targets and start planning based on your real-life expenses.

Build a Retirement Plan Around Your Lifestyle

Instead of focusing on income multipliers or that $1 million myth, Aaron encouraged viewers to ask a more important question: What will I actually spend in retirement?

If you’re a strong saver now putting away 20–25% of your income you may be in a better position than you think. Why? Because you’re used to living on less, which means you’ll likely need less in retirement too.

Track your spending, account for healthcare, hobbies, and travel, and build a savings plan that supports your retirement lifestyle not someone else’s spreadsheet.

Social Security: A Game-Changer for Retirement Income

One of the most overlooked elements in retirement planning? Guaranteed income. That includes Social Security, pensions, and annuities sources of income that don’t rely on the market.

Aaron ran the numbers. For someone who needs $60,000 a year in retirement and expects to receive $30,000 in Social Security, they’d only need to save about $930,000 to cover the rest. For someone needing $40,000 annually with the same Social Security benefit, the needed nest egg drops to just $430,000.

And for modest couples? Social Security could cover nearly all of their retirement spending no million-dollar portfolio required.

Boosting Retirement Readiness, One Step at a Time

If you’re behind on your savings goal, don’t panic adjust. Aaron suggested:

• Increasing your savings rate by just 1–2%
• Working part-time during retirement
• Delaying retirement by one or two years
• Downsizing or trimming unnecessary expenses

These small changes can make a big difference without requiring a complete overhaul of your lifestyle. It’s not about perfection it’s about progress.

Market Volatility Is Changing Retirement Expectations

With ongoing inflation and unpredictable markets, more Americans are scaling back their retirement goals. The average target savings amount fell from $1.46 million in 2024 to $1.26 million in 2025.

But that’s not necessarily bad news. More people are embracing phased retirement, working part-time, or offering consulting services. Others are relocating to lower-cost areas to stretch their dollars further and prioritize simplicity over extravagance.

Retire on Your Terms, Not Someone Else’s

Stop letting the million-dollar myth hold you hostage.

The real strategy is to understand the gap between what you’ll spend and what you’ll receive from guaranteed income. That’s what determines how much you actually need to save. And millions of Americans retire successfully without ever hitting that $1 million mark.

If you want a retirement plan that works, start with these three steps:

1. Track your current expenses
2. Calculate your expected income streams
3. Create a savings plan that fills the gap

Retirement isn’t about a magic number it’s about living the life you want, sustainably and confidently.

All writings are for educational and entertainment purposes only and does not provide investment or financial advice of any kind.

The post Forget the Million-Dollar Myth: A Realistic Approach to Retirement Planning appeared first on ROI TV.

The true median savings for people in their 60s using Empower is closer to $600,000. That’s a far cry from the Federal Reserve’s reported national median of just $150,000 for the same age group. The takeaway? Most Americans don’t have $1 million in savings—and that’s okay.

Can You Retire Comfortably with $600,000?

Let’s break it down. The average annual spending for retired households is around $58,000, with many comfortably living on $42,000–$50,000. If you’re using a 5% annual withdrawal strategy, $600,000 can provide $30,000 per year. Add in Social Security benefits—ranging from $1,200/month at age 62 to $2,200/month at 70—and you’ve got a potential annual income between $58,800 and $83,000 for a two-person household.

That’s enough for many people to live not just comfortably, but confidently.

What About Single Retirees?

A single person drawing Social Security at 62 with $600,000 saved might have $44,400 in yearly income. Delay until age 70, and that figure could jump to $57,000. True, living solo means no cost-sharing—but that income is still within reach of average retiree spending.

Think Beyond Savings: Multiple Income Streams

Most retirees aren’t living on savings alone. In fact, 79% of retirees have other income streams. These can include:

• Pensions (56%)
• Dividends, interest, and rental income (42%)
• Wages or self-employment (32%)

A single retiree has $600,000 saved, receives an $800/month pension, and earns $1,000/month from part-time work. Their withdrawal rate is just over 1%—a number that’s well within sustainable bounds.

Retirement Is Personal, Not Perfect

There’s no one-size-fits-all number. Your retirement success hinges on your income sources, lifestyle, health, and spending habits. Aaron notes that while $1 million is a common benchmark, most retirees don’t hit that target—and still report high levels of happiness.

So, is retiring with $600,000 possible? Yes. Especially if you supplement your savings with other income, make smart withdrawals, and live within your means.

You don’t have to be a millionaire to enjoy a rich retirement.

All writings are for educational and entertainment purposes only and does not provide investment or financial advice of any kind.

The post Can You Retire Comfortably with $600,000? Here’s What the Numbers Say appeared first on ROI TV.

So how do you plan for a successful retirement without over- or under-shooting? Here’s a breakdown of how to find your number, manage the tradeoffs, and build a plan that lets you live comfortably—now and later.

1. Save Enough, But Not Too Much

The goal of saving for retirement is to ensure future security, but once you’ve reached a point of stability, saving more than you need can actually cost you valuable time and experiences.

Under-saving may lead to financial hardship in your 70s, 80s, or 90s. Over-saving may keep you working longer than necessary, with extra funds that don’t meaningfully improve your retirement lifestyle.

The sweet spot is somewhere in between—enough to fund the retirement you want, not so much that you delay living your life today.

2. Use This Simple Formula to Find Your Retirement Target

Let’s say you want to spend $6,000 a month in retirement and expect $2,000 per month from Social Security. That leaves a $4,000 monthly gap, or $48,000 annually, that needs to come from your savings.

Adjusting for 10 years of inflation (at 3%), that becomes about $64,500 per year.

Using the 4% withdrawal rule, you’d need a retirement portfolio of: $64,500 ÷ 0.04 = $1.612 million

That’s your target to generate sustainable income over a 30-year retirement.

3. Growth Assumptions and the Savings Gap

Now let’s say you already have $750,000 saved and you’re expecting a 6% annual growth rate. Over 10 years, your portfolio might grow to $1.3 million—a solid amount, but still $270,000 short of your goal.

Depending on your time frame and assumptions, this gap may be manageable. For example:

• Starting with $500,000? You might need to save $4,500/month.
• Starting with $1.2 million? You might not need to save anything more.

4. Don’t Forget Taxes

The type of accounts you withdraw from in retirement matters—a lot.

Let’s look at Tina, who needs $84,000/year after taxes. If her money is in a traditional IRA, she might need to withdraw $117,000/year to net that amount—thanks to income taxes.

That’s a 7.3% withdrawal rate, which would deplete her portfolio by age 82.

But if the funds were in a Roth IRA, those withdrawals would be tax-free. Tina’s portfolio could last until age 90, just by avoiding taxes. This is why tax efficiency is a critical part of retirement planning.

5. Plan for Uneven Spending in Retirement

Retirement isn’t a straight line. Most people spend more early on—traveling, renovating homes, or helping with grandchildren—then slow down later.

Tina, for instance, spends $10,000/month in her first five years of retirement, including $3,000 on travel. After that, her spending drops to $7,000/month. This change alone improves her financial outlook dramatically.

Being realistic about your spending phases can make your retirement plan more accurate and sustainable.

6. The Retirement Spending Smile

This concept, supported by retirement research, shows that retirees often decrease spending over time. Instead of increasing expenses with inflation every year, you might reduce spending naturally during the “slow-go” and “no-go” years.

Adjusting Tina’s spending growth from 3% to just 2% annually improved her success probability from 63% to 84%.

Lesson? You don’t always need to plan for increasing costs. Sometimes, less is more.

7. Life Expectancy Matters More Than You Think

Life expectancy assumptions dramatically affect how much you need to save.

If Tina plans for a 100-year life, her success rate drops. If she only expects to live to 80, her odds jump to 99%. That’s a wide range, and while no one can predict the future, it’s important to plan for longevity—especially with improved healthcare and longer average lifespans.

8. Work Longer—or Adjust Spending

If Tina continues working until age 68 or 69 and continues saving, her chances of success rise significantly. But interestingly, adjusting her spending in the early years of retirement can offer a similar boost—without the extra years of work.

This is where a detailed, personalized retirement plan makes all the difference. The right choices—like reducing early travel or adjusting inflation assumptions—can help you retire sooner without giving up your lifestyle.

The Bottom Line

Retirement planning isn’t just about hitting a number. It’s about building a plan that supports both your future security and your present happiness.

Start with a realistic estimate of how much you’ll need. Factor in inflation, taxes, and life expectancy. And most importantly—design your retirement around your life, not just your finances.

A smart retirement plan allows you to enjoy your time, stay healthy, and leave worry behind—exactly what this next chapter of life should be about.

You should always consult a financial, tax, or legal professional familiar about your unique circumstances before making any financial decisions. This material is intended for educational purposes only. Nothing in this material constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns.

Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost.

The post How to Plan for Retirement Without Sacrificing the Life You Want Today appeared first on ROI TV.

As someone who lives and breathes personal finance, I think it’s time we take a deeper look at what’s driving this increase and how to make sense of it in your own retirement planning.

Retirement Savings Goals Are Rising Fast
The $1.46 million goal is a response to several trends: people are living longer, healthcare costs are rising, inflation has eaten into purchasing power, and a safe withdrawal rate today is more conservative than it was in the past. All of that makes it harder for retirees to stretch their money across a 20- to 30-year retirement.

What Should You Save Each Month?
Let’s break down what it takes to hit $1.46 million by age 65, depending on when you start and your annual rate of return:

• Start at age 20: $572/month at 6%, $315/month at 8%, $170/month at 10%
• Start at age 30: $1,100/month at 6%, $450/month at 10%
• Start at age 40: $2,200/month at 6%, $1,200/month at 10%
  Clearly, the earlier you start, the better. Compound interest does the heavy lifting when you give it time to work.

What the Market Tells Us
Historically, the S&P 500 has delivered a 10% annualized return, but actual returns vary by decade. If you started investing:

• In 1979, you’d need $195/month to hit $1.46 million—about $737/month today after adjusting for inflation.
• In 1989, it’d take $532/month, or about $1,500/month in today’s dollars.
• In 1999, it jumps to $1,257/month, or around $2,600/month today.
  Planning for the full range of outcomes is crucial because market returns aren’t guaranteed, especially over shorter time frames.

What Does Retirement Actually Cost?
The good news is that most people don’t spend $1.46 million in retirement. The median household spending for retirees is about $64,000 a year. If you had a $1.46 million portfolio and used a 4% withdrawal rate, you’d generate around $58,400 per year—just short of the median. That’s where Social Security fills the gap.

For a couple getting $3,000/month in Social Security, you only need to cover about $2,400/month with your own savings. That requires a portfolio of roughly $720,000—not $1.46 million.

When You Claim Social Security Matters
Let’s look at how the age you claim Social Security affects the savings you’ll need:

• Claim at 62: You’ll receive about $1,200/month per person. That leaves a $3,000/month gap, requiring a $900,000 portfolio.
• Claim at 70: Benefits increase to $2,000/month each, reducing the gap to $1,400/month. You’d only need $420,000 saved to bridge that gap.
  So yes, delaying Social Security can significantly reduce the savings burden.

How to Plan Realistically
The most important step? Start with your actual retirement expenses—not a random target from a national survey. Then build your plan around that number, factoring in Social Security and potential healthcare costs. Most retirees don’t have a million dollars saved and still manage to live comfortably. The key is to plan smart, save consistently, and adjust as needed.

Final Thoughts
Forget the hype. You don’t need a round number or a million-dollar portfolio to retire well. What you need is a plan that fits your life, your values, and your goals. Start early if you can. Be consistent. Use your resources wisely. And always remember—financial peace of mind is the real goal, not just the biggest number in your bank account.

Let me know what your retirement number is in the comments. I’d love to hear how you’re planning your future.

All writings are for educational and entertainment purposes only and does not provide investment or financial advice of any kind.

The post Is $1.46 Million Enough to Retire? What You Really Need Based on Your Age, Lifestyle, and Social Security appeared first on ROI TV.