Do I need $1 million to retire?

I need $1 million to retire.

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Reality

You might not need 1 million dollars. But you probably need more than you think.

$1 million = $40,000 per year over 30 years of retirement*

Does an annual salary of $40,000 align with your retirement lifestyle goals?

Something to think about

Food, alone, will probably account for more than you think. A realistic example for a family of 2 is:

$10 per meal x 3 meals per day x 30 years of retirement = $328,500

How much will I need?

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*A 4% withdrawal rate is assumed. If contributions were made pre-tax, this amount would be lower.

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