What amount does old Doc White suggest you should aim to have in your retirement account at the time of retirement?

Old Doc White suggests that aiming for $3-5 million in your retirement account at the time of retirement is a prudent target for ensuring financial security in retirement. This amount is often based on the idea of maintaining a comfortable lifestyle without the risk of outliving one's savings.

The rationale behind this figure takes into account several factors, including average life expectancy, inflation, potential healthcare costs, and the desire for a certain level of lifestyle comfort. Having this amount allows retirees to draw down a sustainable income over time while also considering unexpected expenses.

Setting a target within the $3-5 million range helps individuals plan their savings strategy effectively, enabling them to make informed decisions about their investment allocations, savings contributions, and spending habits during their working years. This figure aims to strike a balance between being ambitious enough to foster adequate savings while remaining realistic for many individuals to strive towards during their careers.