Millionaire retirees: Here’s what’s even better than saving $1 million

It’s all about your perspective, and the demands on that money. Someone expecting to retire early, live long and spend big — or even just do one of those three — may need more than $1 million, Keckler said. Health costs and expectations of leaving a financial legacy can also affect the magic number.

Someone who has gotten used to a frugal lifestyle, in contrast, may not need even that much.

“For some, $1 million is plenty, for others even half a million is plenty,” said Meehan.

With that in mind, it’s important to do a realistic assessment of your needs in retirement instead of settling on an arbitrary number, he said. Then take steps to bring your habits into line to grow and stretch savings.

“The options aren’t magical,” Meehan said. “Spend less, save more, work longer.”