The Growing Income Gap: 1 million dollars doesn't mean financial security anymore [View All]

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Conventional wisdom says you need to save $1 million for retirement.

That target may be easy to remember, but it falls short of the true cost of what's required for post-career comfort. Longer life spans, the threat of inflation and the uncertain future of Social Security benefits make this long-touted savings advice inadequate for most, advisers say.

Scottrade recently polled 226 registered investment advisers on the topic and found that 71% don't believe $1 million is enough for the average American family. Most said families need to save double, or more than triple, the amount.

"Younger generations, especially, need to set their retirement goals higher than other generations and start saving as early as possible," says Craig Hogan, Scottrade's director of customer-relationship management and reporting.

http://finance.yahoo.com/focus-retirement/article/109077/1-million-doesnt-cut-it-for-retirement?mod=fidelity-buildingwealth

Most of us, anywhere, won't see even close to 1 million dollars pass through our hands. And that doesn't even equate to financial security anymore.