Many Americans feel demotivated by the $1.26 million figure identified in a recent study as necessary for a comfortable retirement. This perception leads some to abandon retirement saving altogether, as it seems unattainable. However, financial experts argue that retirement planning should be based on personal financial situations rather than a 'magic number'. Aim for a retirement portfolio that aligns with individual income needs and lifestyle desires, as varying amounts can still lead to satisfactory retirements for different people.
$1.26 million is a meaningless figure for retirement, as individual needs vary widely; both low and high amounts can lead to fulfilling retirements.
Aiming for a specific dollar amount can discourage saving; it's better to set personal goals based on one's financial situation rather than target figures from studies.
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