What Can $1 Million Get You in Retirement?

You would be surprised.

At some point in our lives, we have all dreamt of becoming a millionaire. Planning what we would buy with our riches and imagining a life of no longer working; however, if you are no longer earning an income, just how long will one million dollars last?

One million dollars sounds like a lot of money, but is it enough to sustain you through your retirement? Research by SmartAsset found that, on average, it would last 23 years. However, that number drastically changes depending on location, with New York City lasting just ten years, while McAllen, Texas, increased to over 32 years.

What should you consider?

Everyone’s circumstances are different, so when trying to establish what $1 million can get you in retirement, there are a number of factors to consider:

Accommodation

The first should be the cost of your accommodation and whether you will have been able to pay off your mortgage.

Living expenses

How much will you need each week to cover essential bills, transportation costs, and your grocery shopping?

Medical bills

This is a hard one to calculate, but will you have enough money to cover any medical bills or long term care requirements?

Entertainment

You naturally want your retirement to be as enjoyable as possible, so you should consider what activities, hobbies, and vacations you plan to go on.

Donations

Do you want to give any money to charities or leave any behind for your family?

Are you prepared for the future?

Ensuring your retirement fund is as healthy as possible needs to begin today. My mission is to help individuals like you achieve their financial goals, ensuring you can enjoy the best retirement possible.

Want to find out how I can help you? Get in touch today for your free consultation!