1 Million ain't enough: We need to save more for retirement

The magic number of $1 million in savings by retirement used to be common knowledge.  However, the Street is reporting that we should be saving much, much more. 

The reasons are: longer life spans, threat of inflation, insolvency of Social Security.  The first reason is a good thing, the second and third reasons are problems with monetary and fiscal mismanagement (See http://bit.ly/9VhzgO). 
Generation Y (ages 18 to 26) needs to save at least $2 million, according to 77% of advisers. Forty percent put the figure at $3 million.

Nearly half of advisers (46%) said Generation X (ages 27 to 42) should at least double the $1 million goal. Twenty-two percent suggested more than $3 million.

For Boomers (ages 43 to 64), 35% recommended $2 million to $3 million. Thirty percent suggested $1.5 million to $2 million.

According to Scottrade's analysis, seniors are the only generation that may come close to needing only $1 million. Forty-four percent of advisers said $500,000 to $1.5 million is sufficient for average families in that age bracket.

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