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The 4% Myth: Where The Wisdom On Retirement Goes Wrong

Friday, July 8, 2011 - 10:15 AM
From Moneyland | TIME.com
If you’ve ever gone to a financial planner or used a standard retirement planning calculator, you were probably horrified to learn that you’d need to save a huge amount of money – perhaps as much as $2 million – to maintain your standard of living in retirement.

Well, you can start breathing a little easier. It’s not really true.

Of course it would be nice to have that $2 million. But the belief that anything less means failure causes many people to become discouraged and give up on retirement planning altogether. And let’s get real: Most people retire with less than $2 million – some with a lot less.

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