The idea of having a “magic number” for retirement savings — $1 million, $1.5 million or even $2 million — has been popularized by surveys and headlines.

Still, most Americans fear they’ll run out of money in retirement, according to the survey, which polled more than 4,600 people in January. Even with the magic number estimate dropping, folks ...

For the average American, that number has dropped. According to a Northern Mutual Survey, this “magic number” that will set you up for a comfortable retirement has dropped around $200,000.

Charles Schwab recently estimated the magic number at $1.8 million, based on a poll of retirement plan participants. A Schroders survey came in at $1.2 million.

The number dropped about $200,000 from a year ago, partly because of lower inflation, Northwestern Mutual says.

How much to save for retirement? Building a $1.26 million retirement fund is easier if you start young. Workers who begin to save at age 20 would need to sock away $330 per month to reach $1.26 ...

When thinking about saving for retirement, you might assume that getting to $1 million is a solid goal to aim for. It's a nice round number, and it seems like a lot of money to have at your disposal.