$1 million is a lot of money! But it’s not what it used to be.
Especially when it comes to financing your retirement.
You may not be able to live as lavishly as you thought. Experts suggest the 4% withdrawal rule. Withdraw no more than 4% of total retirement savings in any given year. Inflation is partly to blame. It’s caused the dollar to be worth less each year.
In 1984, $1 million would have felt close to $2.4 million today.
One way to get ready for retirement is decrease expenses. So is $1 million enough? For some people, absolutely. For others, it’s not enough.