Forget saving a million dollars for retirement. Here’s what you should do instead.

You will read a lot on the internet about ways to save $1 million for retirement. But have you ever wondered why $1 million seems to be such a popular savings goal?

My theory is that it’s not just a nice and clean number, it’s a really big one. So it’s easy to see why you might assume that if you can start retirement with a $1 million IRA balance or 401(k) plan, you’ll be all set.

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But while $1 million is certainly a respectable amount of retirement savings, it might be time to rethink that number. And, in fact, Americans are already doing this. Recent data from Northwestern Mutual found that workers of all generations believe it will take $1.46 million to retire safely.

But still, $1 million seems to be a popular number in itself. And it’s also one you don’t want to get too caught up in.

There might be a more appropriate number to work towards

I wouldn’t blame you at all for assuming you should save a million dollars for retirement. I write about retirement planning every day, and there was a time when I thought a million dollar nest egg would do me good too.

Lately, however, I’ve changed my tune and no longer believe that $1 million in retirement savings will be enough for me. However, this is a personal decision based on personal math. And it’s important to run your own numbers for retirement and arrive at a savings target that helps you meet your goals.

You may realize that if you retire with just $1 million, you can’t travel as much as you’d like. In that case, you might be chasing more — say, for $1.5 million.

On the other hand, your retirement plans may be simple. Maybe you want to live in your paid off house and spend time growing vegetables in your garden and doing fun projects around the house. Maybe you don’t like to travel and prefer to stay close to home.

In that case, a nest egg of $700,000 might be more than enough for you. And why should you stress about saving beyond that point if you don’t have to?

It’s a personal thing

There is no one-size-fits-all approach to retirement savings. We all earn different salaries, we all have different expenses, and we all have different goals. So why should we all push ourselves to save the same amount — whether it’s a million dollars or some other specific number that’s becoming popular?

If you have no idea how much retirement savings you should have, the best advice is to meet with a financial advisor who can ask the right questions and help you find a goal to work towards.

And don’t worry: this goal can change over time. But it’s good to have a starting point. Working with a professional can get you there.

And hey, you can decide that your personal starting point is, in fact, $1 million. But that should be based on the numbers you’ve run — not a number you keep seeing on the Internet.