Who Says I Can't Retire?

Not many people have $1 million or more saved for their retirement. If you are one of those falling short, take heart: There are some adjustments you can make to help make it work.

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The retirement industry has done a great job of selling the vision of what a financially successful retirement looks like and how much money you need to save to get there.

Fortunately, you did everything they recommended, right? You diligently contributed 10% to 15% of your pretax income every year to your company’s 401(k) plan and made smart investment decisions. As a result, you amassed that $1.5 million nest egg you’ll need, along with Social Security, to live in relative comfort for the next 30 years or so. Congratulations! You’re free to travel the world. Or buy that sailboat the financial services industry seems to think all retirees want to own.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Pam Krueger
Founder, Wealthramp

With more than 25 years in investor advocacy, Pam Krueger is the founder and CEO of Wealthramp, an SEC-registered adviser matching platform that connects consumers with rigorously vetted and qualified fee-only financial advisers. She is also the creator and co-host of the award-winning MoneyTrack investor-education TV series, seen nationally on PBS, and Friends Talk Money podcast.