$1,000,000 Question: How Much Do You Need for Retirement?

The good news is there are now more millionaires than ever. But when it comes to retirement, is a million dollars enough? "If they want to be financially independent, retire at 65 and be able to have an income of $40,000 a year in retirement for 30 years, then it's likely that they're going to need a million dollars to retire to generate that lifestyle," said Bruce Allen, an independent wealth advisor.