MarketWatch recently featured David A. Schneider, CFP®, of Schneider Wealth Strategies, in its article "$1 Million Saved for Retirement 'Ain't What It Used to Be' - American Workers Still Have a Long Way to Go." (MarketWatch) The article explains that while the number of 401(k) "millionaires" has reached a record high, even a $1 million retirement account may not deliver what it once did - due to longer retirements, healthcare inflation, housing costs and taxes.

Mr. Schneider warned:

"With higher costs for housing, healthcare, longer lifespans and our own increased spending, all that can shrink that million dollars."

He added: "Rules of thumb are just rules of thumb. There is no magic number. You need to do a precise plan and update that plan over time."

His commentary underscores the importance of personalized retirement planning - not simply pursuing arbitrary savings milestones. A realistic plan must reflect lifestyle goals, expected expenses, income sources and ongoing adjustments.

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