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The answer to this question varies depending on who you ask. There used to be a time when the thought of having a million dollars worth of assets brought images of lavish, luxury retirement. Not anymore. In most cases, it is not sufficient to sustain a luxury retirement lifestyle for 30 to 40 years of retirement.

Here is a recent U S News article that was published in Yahoo!Finance. This article outlines three different viewpoints, two on either extreme and one in the middle. Leaving the reader confused as the viewpoints are so different and opposite, one has to wonder what to believe.

It is true that there are many factors involved in arriving at the magic number that is enough for a decent retirement for someone. But many of these factors are dependent on individual situations and preferences. But one can outline the factors involved and the general thought process involved so the readers can try to figure out the answer on their own or at least know what to ask their advisors.

Here is an article from the Money Magazine that attempts to take a more thorough look into this question.

Following are just a few points to consider/ponder before you take any decision that will impact the rest of your life:

• With the current advances in medicine, someone retiring at 62 years of age is probably looking at another 30-40 years of their life in retirement
• At 3% inflation rate, the purchasing power of your savings would be cut in half in just a little over 20 years
• As one ages, their medical expenses can go through the roof and premiums cost more too
• When you retire, you will have a lot more free time that you want to spend in activites you enjoy doing. It could be as simple as gardening in your back yard or volunteering to traveling around the world and so on
• Know what you plan to do with your time in retirement and be aware of the cost involved with those activities. Including this cost in your calculations is crucial as with an additional 3-4 decades of living, one can not just sit idle. But have to engage themselves in some useful way

Pause for a moment and address these points in the earnest and you will know if your retirement plan is within your reach now or later. Then you can live comfortably with whatever decision you take. It might be worth the time and money to find a good Certified Financial Planner and have them help you with these questions.