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

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How much money you need to save before you can retire

The average American hopes to retire by age 62.

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," Hogan said. "It is a financial number."

Americans think they need $1.9 million to retire, according to a 2021 nationwide study by Charles Schwab

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Retirement planning, however, is not 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 backward 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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