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How Long Will $1M Last in Retirement?
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IN THE PRESS:
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.
That’s why it could be a good idea to speak with a financial advisor. A fiduciary financial advisor can assess your retirement plan and help you evaluate your investments, optimize a tax strategy to help lower your liability, and identify other ways to help you achieve your retirement goals.
Consulting a fiduciary financial advisor can be a great first step to helping make sure you’re on track to meet your financial goals. That's why we created a free tool to help match you with vetted financial advisors.
Click here to take our free quiz and get matched with vetted advisors in just a few minutes, each obligated to work in your best interest.
Research suggests people who work with a financial advisor could end up with about 15% more money to spend in retirement.1
A 2022 Northwestern Mutual study found that 62% of U.S. adults admit their financial planning needs improvement. However, only 35% of Americans work with a financial advisor.2
Can You Retire With $1 Million Dollars?
While it’s certainly possible for someone to retire with $1 million, some factors could make that more difficult. Here are just a few of the numerous potential roadblocks that could make retiring on $1 million challenging.
- Inflation: If inflation remains above the 2% benchmark the Federal Reserve aims for, $1 million may not last as long as you’d planned.
- Healthcare costs: While Medicare can help reduce the financial burden, it doesn’t pay for everything. Expensive co-pays, prescription drugs, and long-term care could potentially drain your retirement nest egg.
- Social Security: The program’s cost of living increase doesn’t always keep pace with the inflation rate.
How Long Will $1 Million Last in Retirement?
Everyone’s situation is different, and several important factors could determine whether $1 million is enough to save for retirement.
- Your retirement lifestyle
- Your retirement age and life expectancy
- Your health
- You risk tolerance and risk capacity
- Your cost of living
- Your Social Security timing
3 Hypothetical Examples of $1 Million in Retirement
Running some different hypothetical scenarios through a retirement calculator can help you estimate how long your money should last.
- 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.
7 Tips to Help Save $1 Million (or more) for Retirement
Regardless of how much you have saved, these tips could potentially help you get closer to the $1 million mark, or maybe more.
- If you have a 401(k), contribute enough to get the full employer match (if offered).
- Consider increasing your contribution rate annually.
- Consider opening a Roth IRA to make tax-free withdrawals in retirement while potentially avoiding required minimum distributions.
- Consider investing in a taxable account, keeping your risk tolerance and risk capacity in mind.
- Review retirement and investment accounts annually to assess fees and potentially lower them.
- Consider tax-advantaged investments such as municipal bonds, which are exempt from federal taxes.
- Consider investments less susceptible to inflation, such as real estate or Treasury Inflation-Protected Securities (TIPS).
How to Know If You’re on Track to Save $1 Million for Retirement
Regardless of how much you have saved for retirement, it’s important to ensure you’re on track to reach your financial goals. With so many factors affecting what you’ll need and how long it will last, it could be a good idea to speak with an expert.
That’s where a financial advisor can be invaluable.
But how do you find a vetted fiduciary financial advisor, obligated to work in your best interest?
This is the biggest hurdle for many. With thousands of daily Google searches for "Fiduciary financial advisors near me," "best fiduciary financial advisor," and "financial investment advisors near me," the hunt for a vetted fiduciary advisor can feel like a wild goose chase.
But it doesn't have to be. And thankfully, it really isn't.
Our free matching quiz links Americans with vetted fiduciary financial advisors who serve their area so they can evaluate and choose the one who fits their needs.
SmartAsset has matched thousands of people with financial advisors. Advisors are vetted through our proprietary due diligence process. We only match with fiduciaries, so all of your financial advisor matches are legally committed to acting in your best interest.
Our advisor matching service is at no cost to you and there is no obligation to work with any of your advisor matches. You're in control.
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