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A new survey byClarify Capitalfound that Americans believe they need to have $150,000 in savings to live comfortably.
It also takes into account the rising cost of living.
Additionally, $150,000 could represent a psychological milestone that represents financial success to many Americans, Baynes added.
Is $150K a Reasonable Target?
There may be some reasoning behind the $150,000 savings target, but how much do Americans actually need?
A lot depends on the individual.
In lower-cost areas, it may be enough to cover unexpected costs and provide a safety net.
However, in high-cost areas or for those with higher expenses, it may not provide long-term security.
In addition,family size and health demandsmight have a big impact on whether $150,000 is sufficient.
Instead of aiming for a popular savings goal, choose a target that actually works for you.
Savings goals should be tailored toindividual financial conditions not a one-size-fits-all approach, Baynes said.
To find out, its important to take a holistic view of your financial situation.
Using budgeting applications, financial counselors and retirement calculators may assist in constructing apersonalized savings plan.
Consider medical bills, childrens schooling fees and future lifestyle goals.
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