Is $1 Million Really Enough to Retire On?

The meaning of “millionaire” has changed in today’s society as our dollars don’t go nearly as far. You can thank inflation. Here are a few things you should do to help you prepare:

  1. The 4% Rule (now the 3-3.5% Rule): experts advise withdrawing no more than 3-3.5% of your total retirement savings in any given year.
  2. Do the Math: calculate what that 3-3.5% will provide you with, so you are aware of the amount you will have to pay your expenses.
  3. Set Your Expectations: Understand that you will have to live within your “new means,” which may lead you to adjust your lifestyle.
  4. Make Change While You Still Have Time: If you have done the math early enough, you may still have time to boost your retirement savings by either increasing your income or reducing your expenses.

Read the full article found on USA Today.

Is $1 million really enough to fund your retirement?
Wendy Connick, The Motley Fool
Published June 23, 2017; Updated June 25, 2017