How Long Can You Live on $1.5 Million in Retirement?

Discover how long $1.5 million can last in retirement based on spending rates and investment returns.

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$1.5 million can last different durations in retirement, depending on your annual spending and returns on investment. For instance, with a conservative 4% withdrawal rate, you could withdraw $60,000 yearly. Adjust your spending to manage longevity and consider the impact of inflation and unforeseen expenses.

FAQs & Answers

  1. What is a safe withdrawal rate for retirement? A commonly recommended safe withdrawal rate is around 4% per year, which helps ensure your savings last throughout retirement.
  2. How does inflation affect retirement savings? Inflation decreases the purchasing power of your savings, so it’s essential to factor it into your retirement withdrawals and spending.
  3. What should I consider when planning my retirement budget? Consider your living expenses, healthcare costs, potential emergencies, and lifestyle choices when creating a retirement budget.
  4. Can I retire with $1.5 million? Yes, but the duration of how long it lasts will depend on your annual expenses, investment performance, and unexpected costs.

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