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The $1 million retirement myth
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The simplicity that makes the US$1 million goal appealing is also why it is no longer very useful.
PHOTO: LIANHE ZAOBAO
Charlie Wells
Ask Americans how much they need to retire, and one number jumps to mind: US$1 million (S$1.3 million).
Survey after survey underscores how deeply the figure has taken hold. Empower found Americans on average peg their target at US$1.1 million. Schroders lands at US$1.3 million, while Northwestern Mutual’s 2026 poll puts that number closer to US$1.5 million.
