Can You Retire On A Million Dollars
Olivia Luz
Until the early 2000s there used to be a consensus amongst the financial planners that one million dollars were sufficient to have a very comfortable retirement.
By anyone s standards 1 million is a lot of money. It is possible to retire with 1 million or more even as an average earner. The theory behind that goes something like this. However not everyone agrees to.
You just need to be willing to commit to that goal early on and invest wisely and consistently. I talk with a lot of millionaires in my travels and for a long time a 1 million nest egg was the measure of retirement planning success. It now requires smart budgeting to ensure this nest egg lasts for a retiree s. However the concept may not work today even with a million dollars.
These days thanks to cost of living increases and lifestyle changes retiring on 1 million isn t as carefree. The reality check when you hear retirees talk about the 4 rule they are referring to the safe withdrawal rate. 1 million is the oft cited amount people say you ll need to retire comfortably.
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