(Mid-America Pension Rights Project): Retirement dreams: $3 million is the new $1 million — here’s how to get there

Via MarketWatch

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.

Read the full article.