Retirement income needed?

Question

Why do "they" say you need so much money to retire on? I have seen figures so high. In reality, I raised 5 kids on a whole lot less per year (at times $16,000 or so) so why would I as a single retired person need so much more? Maybe those estimates are for the wealthy?

Answer 1

I'm pretty sure a lot of that is geared toward the "upper middle class" people ... I have no idea how I would be able to "save" what they supposedly do, while still trying to live life right now ...

... I guess it's the difference between living meagerly and living extravagantly ... I wouldn't mind ending up somewhere in the middle.

Answer 2

No they are just statistics. Real life work out your own retirement plan of needs.