Although $1 million is the oft-cited amount needed to retire comfortably, data shows it might not be enough. According to a new report from personal finance site GOBankingRates, depending on where you live, retirees could blow through $1 million in as little as 12 years.
And GBR notes that since the average person retires at age 63 and has a life expectancy of about 85, "Americans should plan to spend 22 years in retirement."
How do you know how much money is enough to last through your golden years? The answer is highly personal and depends on your lifestyle and spending habits, but there are a few basic guidelines to follow if you want to retire comfortably.