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Americans think they need $1.9 million to retire. Here's how much you really need

How much money you need to save before you can retire
How much money you need to save before you can retire

The majority of Americans say they want to retire by age 67 at the latest.

Yet when it comes to planning for retirement, picking a specific age means you are focusing on the wrong number, according to financial expert and radio show host Chris Hogan

"Retirement is not an age. It is a financial number," Hogan said. 

Americans think they need $1.9 million to retire, according to a 2020 nationwide study by Charles Schwab

Retirement planning, however, is not a one-size-fits-all.

Hogan recommends that you start by determining exactly how much money you need per year to fund your dream retirement. Once you have that yearly total, work your way backwards to figure out what size nest egg you need. 

Check out this video to see case studies of how much money you should save and learn Hogan's process for setting realistic goals in retirement. 

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