You don’t need $1.26 million to retire. That’s according to personal finance writer Emily Guy Birken, who wrote about a recent Northwestern Mutual study, which found that Americans think they need $1.26 million to retire comfortably. 

 

Is that figure too much? Too little? It depends. “For some people, $1.26 million is an astronomical sum,” writes Guy Birken. “For others, it will barely cover the first five years of retirement. And both groups of people can create a fulfilling retirement, even though their nest egg isn’t in the same zip code.”  

 

Read on to learn how to figure out a ballpark amount for retirement based on your personal financial situation—and how to think about retirement in this uncertain economic moment. —Julia Herbst