Is Saving $1 million Enough to Retire?

Is $1 million enough to retire?

It’s the kind of question everyone wants a simple answer to. Hit $1 million and you’re good. Fall short and you’re behind.

Except retirement does not work that way.

In this episode of She’s Talkin’ Money, I’m breaking down the factors that actually determine whether $1 million is enough for you — including when you want to retire, how much you expect to spend, where your money is invested, what other income you’ll have, and what “retirement” even means in your life.

Because retiring at 55 with $1 million is a very different financial plan than retiring at 67. And $1 million in Roth accounts is not the same as $1 million sitting entirely in pre-tax retirement accounts.

We’ll also talk about why your spending may be one of the biggest factors in determining how much you need, how Social Security, pensions, part-time work, consulting and other income can reduce the pressure on your portfolio, and why retiring before age 59½ requires a little more planning around how and when you can access your money.

In this episode, you’ll learn:

why retirement age changes how long your investments need to support you

why where your $1 million is saved matters

how your current lifestyle can help estimate retirement spending

what the 4% rule can — and cannot — tell you

why retirement does not necessarily mean never earning another paycheck