How Long Can You Live on $1 Million in Retirement?

Discover how long $1 million can sustain your retirement lifestyle with effective withdrawal strategies.

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Living on $1 million in retirement depends on the annual withdrawal rate and lifestyle. Assuming a 4% annual withdrawal rate, it provides $40,000 per year in income. This could last 25 years or more if investment returns match or exceed withdrawals. Lower withdrawal rates or reduced spending can extend the longevity of your funds. Consider factors like healthcare costs, inflation, and desired lifestyle to estimate more accurately.

FAQs & Answers

  1. What is a safe withdrawal rate for retirement? A common rule of thumb for a safe withdrawal rate is 4%, which may help ensure that your funds last throughout retirement.
  2. How can I extend my retirement savings? You can extend your savings by reducing your withdrawal rate, budgeting carefully, and considering additional income sources like part-time work.
  3. What factors should I consider when planning for retirement? Consider healthcare costs, inflation, desired lifestyle, investment strategy, and other income sources in your retirement planning.

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