It states
"One of the most challenging aspects of saving for retirement is not knowing how much money you'll need to pay the bills in the future. After all, without a crystal ball, it's impossible to predict how long you'll live and what your expenses will look like 10, 20, or 30 years down the line.
But while you can't get a precise handle on that figure, you can work off of the national average to establish a baseline savings target. And if you want to know what retirement costs the typical senior, the answer is $828,000."
Most here are okay probably. That is why they are here, to learn how to get there. But, we do get some who have not. The author says the typical senior's retirement cost is $828,000. I am now in my 20th retirement year. My wife and I have spent to date, not including Medicare premiums taken from our Social Security, but everything else, $1,145,511 or $572,755 per person. (Yes, I have kept those records thanks to Microsoft Money.) We were fortunate to have had a paid for home and lived in a low cost of living area, but we have been able to enjoy travel, lots of eating out, lots of theater and sports. Let's assume that we both live another 10 years (who knows maybe we will) and neglecting inflation that would be about $860,000 each so the author's amount is pretty close, but it would not have been in a high cost of living area."Imagine you're 37 years old with a $10,000 nest egg, and your goal is to retire by age 67. If you're currently setting aside $300 a month, in 30 years from now, you'll have roughly $416,000, assuming your investments generate an average annual 7% return during that period. Now that's hardly pocket change, but it's also only around half of the $828,000 the average retiree will end up needing.