By Shawn Langlois
Have you and your 401(k) plan ridden this relentless bull market into glorious millionaire territory? If so, congratulations! Well done. Etc.
Now here’s the bad news:
‘The new rule of thumb is $3 million.’
That is financial planner Thomas Balcom explaining to Fortune why the long-held goal of a million bucks in retirement savings isn’t cutting it these days.
Another adviser in the story says that, in fact, $4 million to $5 million is the new goal for many. Considering only 3% of the U.S. population has a net worth of at least $1 million, according to the Spectrem Group, that is a real stretch for most.