Anyone who imagines they can retire with $250K in the bank is delusional.
Its probably slightly better than that because you can draw down your principal if you assume a reasonable time horizon for living (let’s say 20 years max after you retire). But you also have to adjust for inflation.
So.....my estimate is that $1.5M is really the current minimum if you want to maintain a middle class lifestyle.
Easily it must be savings in excess of 1 million.
When I hear of people who have not begun to save, I am in amazed!