Many people hope to retire with $1 million in savings, but how long will it really last?
The answer can depend on your retirement age, life expectancy and the kind of lifestyle you plan to live. For some people, $1 million may be more than enough for a comfortable retirement. For others, it might not be enough.
Here are 3 hypothetical examples of $1 million in retirement: - Example #1: You have $1 million in savings and earn a 6% annual return. Assuming you're in the 24% tax bracket and withdraw $5,000 per month, your savings should last just over 30 years.
- Example #2: Your $1 million in savings earns a 5% annual return. With the same tax bracket and monthly withdrawal amount, you'd run out of money in 26 years.
- Example #3: You earn a 7% annual return, but you're in the 32% tax bracket and withdraw $6,000 a month from your savings. At that pace, you'd have enough savings to last 23 years.
These examples are purely hypothetical and don't take inflation into account, annual increases in your withdrawal rate, or any changes to your federal tax bracket.
Consulting a financial advisor can be a great first step to helping make sure you're on track to meet your retirement goals. That's why we created a free tool to help match you with vetted financial advisors.
It's never too late to plan to work toward a comfortable retirement. Try SmartAsset's no cost tool to find vetted financial advisors serving your area, each legally bound to work in your best interest.
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