One Million Not Enough Anymore?

I just read an interesting article over at The Motley Fool. The premise is that $1,000,000 is enough for retirement if your are doing it today, but what will it bring 10, 20 30 years from now.

"But if your retirement remains several decades distant, you'll need to remember that inflation will eat away at your purchasing power. At 3% inflation each year, in 30 years that $40,000 you withdraw will buy as much as a mere $16,000 does now. Ouch.

So how much would you need to retire at age 65 with the equivalent of today's $1 million? Check out this handy chart:

Current Age	You'll Need This at Retirement
25	$3.26 million
30	$2.81 million
35	$2.43 million
40	$2.09 million
45	$1.81 million
50	$1.56 million
55	$1.34 million
60	$1.16 million"

According to this chart, we will need over $2 million saved up by the time we hit retirement. Currently we are on track to have $550,000 in retirement funds when we hit 50 years old, leaving us with 15 year to reach the the new goal. Yikes!