What Is $1 Million Really Worth in Retirement? Look to your current lifestyle and location to find out.
By Phil Town
Opinions expressed by Entrepreneur contributors are their own.
In this video, Entrepreneur Network partnerPhil Town, breaks the true value of $1 million during your retirement. According to Town, the worth of $1 million in retirement can be based off two main factors:
- Where you are located
- The inflation rate
Depending on these factors, you may see yourself facing a relatively manageable or quite expensive future. Town goes on to break down some shocking news -- $1 million may not be enough for your retirement life.
Town recommends a few tips to determine how much money you may need according to your age and current lifestyle costs. The important step is you take the time to evaluate your own circumstances and look at what the true amount you will need for retirement, rather than becoming too enamored with a benchmark number.
To hear more from Town and saving for retirement, click the video.
Related: Here's How Warren Buffett and Other Top Investors Spend Their Days
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