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Many people hope to retire with $1 million in savings, but how long will it really last?

Sponsored Content Many people hope to retire with $1 million in savings, but how long will it really last? 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. Get your financial advisor matches today. Try SmartAsset's Financial Advisor Matching Tool   Hire a pro. Find and compare vetted financial advisors serving your area, each legally bound to work in your best interest. Get Started This is not an offer to buy or sell any security or interest. All investing involves risk, including loss of principal. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). Past performance is not a guarantee of future results. There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. SmartAsset.com is not intended to provide legal advice, tax advice, accounting advice or financial advice (Other than referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States). The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation.   SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. SmartAsset's services are limited to referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. SmartAsset receives compensation from Advisers for our services. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any user's account by an Adviser or provide advice regarding specific investments.   We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors.   Sources: 1. 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