How Long Will $1M Last in Retirement?

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

The answer can depend on some important factors such as your retirement age, life expectancy, and the kind of lifestyle you plan to live. Find out a few additional factors to consider as well as 3 hypothetical examples of how long $1M could last in retirement.

Consulting a fiduciary advisor can be a great first step to helping make sure you’re on track to meet your financial goals, regardless of how much you have saved.

Research suggests people who work with a financial advisor could end up with about 15% more money to spend in retirement.¹

But how do you find a vetted financial advisor? Try SmartAsset’s no-cost tool to get matched with up to 3 financial advisors serving your area, each legally bound to work in your best interest. It’s never too late to plan to work toward a comfortable retirement.

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Sources:

1. “Journal of Retirement Study Winter” (2020). The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of your future results. Please follow the link to see the methodologies employed in the Journal of Retirement study.