Infographic: Can You Retire On A Million Dollars?

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The good news is that there are now more millionaires than ever. But when it comes to retirement, is a million dollars enough? That’s the million-dollar question. The million-dollar retirement goal gets a lot of attention, but a million dollars may not be enough. It depends on what you’ll need your retirement dollars to earn for you to sustain your lifestyle.

Infographic-CanYouRetireOn$1M

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  • shar

    Thank you for being one of the few to talk so candidly about what it takes to retire.

    • http://www.montycampbell.com/ Monty Campbell

      Thank you shar. Glad you like it.

  • RP

    I’m 50 have worked hard all my life. I have lived frugal and not gone on extravagant vacations but have enjoyed the simpler things. At times I had 2 -3 jobs at a time. I now have saved over 2 million before tax. and have no debt. my home is paid off. — paid it off in under 10 years. I believe if i were to retire today i could live on 25k a year and put 25k a year toward s family health insurance and be satisfied.

    • http://www.montycampbell.com/ Monty Campbell

      Good for you RP. Looks like you’ve made good progress towards your retirement.

  • zray

    I am always googling this topic! I agree though, it depends on your lifestyle and cost of living. Personally 2k a month would be more than enough for my family. We would have to cut back on quite a few items that we pay for right now.

  • KarenMarie73

    My husband and I are 59, approaching 59 1/2. We have almost $1.8 in savings, retirement and a paid off home.

    Is this enough to retire on? He is still working and when he retires we are thinking about moving to Florida.

    • http://www.montycampbell.com/ Monty Campbell

      Hi Karen,
      Whether or not it’s enough to retire on depends on the amount of your expenses. A good rule of thumb is to use 4% as an annual income distribution rate from your nest egg and then adjust your expenses accordingly.

  • Debbie

    I agree, you are in control of what you spend. You may not be totally in control of the inflation rate, or exactly how long you will live, or even exactly how high your investment returns are. But you ARE in control of what you spend. If you are not, there is no amount of money that is ENOUGH to retire on.

    • http://www.montycampbell.com/ Monty Campbell

      Well put Debbie.