When considering retirement savings, personal circumstances heavily influence how much is enough; a $2 million nest egg may appear substantial, but future living costs could diminish its value.
The average American estimates needing $1.46 million to retire comfortably, but with rising living costs and inflation, even $2 million may not be sufficient as time goes on.
Historically, food prices in the U.S. have only decreased 10 times since 1968, highlighting that essential costs rarely go down, which impacts long-term retirement savings.
The choice of when to retire is subjective; while the average retirement age is 65, maximizing Social Security benefits may require strategic financial planning.
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