True or false? $3 million is the new $1 million. When the oldest Millennials reach retirement age, $5 million will be the new $3 million.

In terms of buying power, it's obvious that $1 million would eventually not be enough for retirement. But for many years this convenient round number was etched into everybody's brain. But is it not reasonable to say that $1 million simply isn't the goal it used to be? I said this to a colleague the other day and he said I was crazy.