As most advisors know, there is no magic number for how much a client should save for retirement. Some may believe a healthy start might be $1 million, $3 million or $10 million, but the “number” varies as much as each individual client. Several factors need to be considered, not the least including what they can save, and how that fits into their future needs.
We asked advisors through the Financial Planning Association and the XY Planning Network how they help clients determine their individual “retirement number,” along with how and when a client needs to adjust that number. Here’s what they said: