It’s a question asked by people of all age groups and walks of life — how much money does it take to retire?

The answer goes back to the person asking it. In large part, it depends on your lifestyle, habits, and finances. Everyone’s ideal retirement savings number will be different. But what about on average?

This recent article from Yahoo calls into question the common number of $500,000. While some say you need more than this, others believe it’s actually possible to retire with less.

How to Retire Earlier with Less Money

For some people, building up a nest egg can be a challenge. But as we’ve discussed, you don’t necessarily need to save up a lot of money if you can balance your earnings and spending accordingly.

Combine this with strategies to increase your Social Security benefits, like signing our petition, and your dependence on savings goes down quite a bit.

By mixing in smart investments and taking advantage of compounding interest along with tax breaks, you could get far closer to this fabled $500,000 number than you realize. And if you’re not, it’s not a total loss. According to this article, some people don’t even have a tenth of this number, even just a decade from retirement.

Some people can live solely off their Social Security check. It all goes back to your lifestyle and financial habits. If you have side hustles or other retirement income sources, these can also chip in to put you where you need to be after the full-time workforce.

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