How Far Can $1M Go in Retirement?

Can You Retire with $1M?

The answer can depend on some important factors such as your retirement age, life expectancy, and the kind of lifestyle you plan to live. Find out a few additional factors to consider as well as 7 tips to help save $1 million (or more) for retirement.

A fiduciary financial advisor can assess your retirement plan and help you evaluate your investments, optimize a tax strategy to help lower your liability, and identify other ways to help you achieve your retirement goals. Research suggests people who work with a financial advisor could end up with about 15% more money to spend in retirement.1

Consulting a fiduciary advisor can be a great first step to helping make sure you're on track to meet your financial goals, regardless of how much you have saved.

Try SmartAsset's no-cost tool to get matched with up to 3 financial advisors serving your area, each legally bound to work in your best interest. It's never too late to plan to work toward a comfortable retirement.

Try SmartAsset's Financial Advisor Matching Tool

Get retirement-ready. Try this free quiz to get matched with up to 3 vetted financial advisors serving your area.

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The SmartAsset quiz matches you with up to 3 financial advisors to which you can compare and decide which to work with. You can consult with a financial advisor about your finances.

This is not an offer to buy or sell any security or interest. All investing involves risk, including loss of principal. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest.

SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. SmartAsset's services are limited to referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. SmartAsset receives compensation from Advisers for our services. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any user's account by an Adviser or provide advice regarding specific investments. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors.

We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors.

SmartAsset.com is not intended to provide legal advice, tax advice, accounting advice or financial advice (Other than referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States). SmartAsset is not a financial planner, broker or tax adviser. The Service is intended only to assist you in your understanding of financial organization and decision-making and is broad in scope. Your personal financial situation is unique, and any information and investing strategies obtained through SmartAsset.com may not be appropriate for your situation. Accordingly, before making any final decisions or implementing any financial strategy, you should consider obtaining additional information and advice from your accountant or other financial advisers who are fully aware of your individual circumstances.

Sources:

1. "Journal of Retirement Study Winter" (2020). The projections or other information regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of your future results. Please follow the link to see the methodologies employed in the Journal of Retirement study.

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