It used to be considered something of a tawdry question, although it could be flattering as well: "What's your number?" Nowadays, your inquisitor is probably asking about retirement--as in, how much you think you need to retire. And, as it often was before, it's the wrong question.

Is your number $5 million? $1 million? $50,000? No one seems to know how much they'll need, but whatever they think, they're probably not on track to save it. That confusion is unsurprising, because a number cannot reveal if you are on track for retirement.

Of course, it's better to have more money than less. But a "magic number" is meaningless. It is good to have financial goals, and to work toward them, but a wealth goal is counterproductive. The aim shouldn't be to attain a certain level of wealth by a specific date,........

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