did a survey of 401(k) participants to see what people think is that magic number with us now, abel nooneyschwab vice president and senior financial consultant. great to see you here today. >> thank you. >> $1.7 million is the average amount people think they will need for retirement. >> yes. >> how long do they think they will need that money to cover? >> most people, they plan to retire in their mid 60s and, you know, people are living a lot longer now days. so usually around 30 years. >> so $1.7 million over 30 years what is your typical response when people say, well, i'm covered because if you factor in my social security and what i have saved and what i have invested i will be good? >> we typically try to look at our -- what is your lifestyle going to look like, how much are you spending, what doo y you ha in terms of income. >> do most people assume they will spend less in their retirement than in working years? >> absolutely yes. most people look at -- i'm not going to have a mortgage when i retire, you know, i will be doing less traveling from, you know, home to work so i will hav