Ask American workers who participate in their employer's 401(k) retirement plan how much money they will need to save in order to retire comfortably, and they will tell you $1.9 million.
That's a lot of money, and even the more conventional estimate of at least $1 million is out of the ballpark for many people.
A recent study from GoBankingRates dialed the figure down to what it said is a more realistic picture of retirement finances by exploring how long $500,000 would last in every state across the country.
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Katie Rass
Katie Rass is executive managing editor of ThinkAdvisor, where she oversees copy editing and content strategy. She joined the site as managing editor in 2012 from Dow Jones Newswires, where she covered corporate earnings and other business news.
Earlier, Katie worked at The New York Times News Service, where her work on publications including The International Weekly and The Times Digest was seen by millions of readers around the world and on the International Space Station. She did a stint on the financial desk of The International Herald Tribune, now The International New York Times, in Paris, where she edited front-page news on the euro crisis.
Katie started her career at the Eau Claire Leader-Telegram as a reporter and editor while earning a bachelor's degree in journalism and Spanish at the University of Wisconsin-Eau Claire. She is an alumna of the Dow Jones News Fund editing internship program.
