Retirement Shouldn't Be Numbers Game

Over the years, much advice has drawn upon "magic numbers" touted as simple guidelines and goalposts for investors.

Those cookie-cutter bits of wisdom, however, hardly reflect the changing face of retirement, an evolution charged up by the millions of Baby Boomers who are just now reaching retirement age. Some may be downright dangerous to follow. Here are some common measures and how they stack up.

The Magic Number: 70%

The Magic Number: 4%

The Magic Number: 62

The Magic Number: 1 million

An Employee Benefit Research Institute study of self-directed retirement plans bears out the latter talking point. It found, for example, that those between the ages of 55 and 64 averaged only $69,127. We've seen other studies that move the mark even lower.