You've been contributing to Social Security throughout your working life in order to have a consistent income when you retire, but you can't rely just on Social Security.
If you have $1 million in savings, you may not feel as compelled to pack up and downsize or relocate to a low-cost place.
Before you retire, you should develop a projected retirement budget to provide you a realistic sense of your spending.
Using the 4% rule, a retiree can withdraw 4% from their retirement savings each year without fear of running out of money during their retirement years.
Debt is something you don't want to bring with you into retirement, so research strategies to get it off your balance sheet before you retire.
When budgeting for retirement, you must consider how much money you will need to cover medical bills.
When you retire, you must surely limit your risk so that you can weather a volatile stock market.
Setting a clear target when saving for retirement can help make it more tangible, and $1 million is a good starting point.
You may not be able to retire with just $1 million, but it's a fantastic start toward your retirement goals.
Reaching that $1 million market could allow you to accomplish all of the things you've always wanted to do in retirement instead of just paying the bills.