Is $1 million enough to live off of in retirement? In one Texas city, that will last you 31.3 years.
Half of Americans think that $1 million is enough to live off of in retirement, and nearly two in 10 aren’t sure, according to a survey of more than 2,000 U.S. adults released by NerdWallet. That leaves just 31% who say $1 million is not enough.
Aiming for just $1 million by age 65 may be especially problematic for people in their 20s and 30s, says Mary Ellen Hancock, a senior wealth strategist at PNC Wealth Management — as inflation will lead to most things costing far more than they do now. And it may be hard for the majority of Americans who say they want to travel the world in retirement.
Now add in a few other factors that can eat into your money. Kimberly Foss, president and founder of Empyrion Wealth Management, points to health care . “Having a million dollars in the bank may seem like plenty of cushion, but when treatment for a single catastrophic illness or an extended nursing home stay can absorb funds in chunks of $250,000, that nest egg looks a little less secure,” she says.
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