Is one million dollars enough for retirement?

Question

Right now, I am getting close enough to retirement that the decision no longer feels theoretical. Right now, I have savings, Social Security, and possibly other income, but I do not know whether the total can support my actual spending for several decades. The part I am trying to resolve is how to judge whether retirement is financially sustainable.

Soradin · Accepted Answer

The answer depends on spending, age, taxes, location, health, pensions, Social Security, and investment risk. Within the broader financial plan, retirement readiness depends on expected spending, income sources, savings, taxes, health costs, inflation, and longevity. This decision should be judged in the context of the entire household plan, instead of treating the account or product as a stand alone decision.

Is one million dollars enough for retirement?

Soradin

Need help with your situation?