Retirement Savings: How Much Is Enough?

The magic number is $1 million. That’s the amount a jeweler needs to have for a reasonable retirement, according to our informal survey of retailers throughout the United States. Most respondents say it’s an attainable goal, but for many, it’s going to be a long haul getting there. As of today, the median value of jewelers’ retirement accounts is only $300,000. The poll shows that jewelers’ financial goals for retirement, and the current standing of their rainy-day funds, vary widely. Some aren’t putting aside any savings, arguing they’ll never quit working, will finance their final years from the sale of the business, or will rely on Social Security. Others have stashed away anywhere from a few thousand to a half-million or more. About one in seven respondents already is a millionaire. The most modest goal is to go into retirement with a scant $40,000 on tap. But the

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