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Can I Retire on $2 Million?
It’s a major milestone, but not a guaranteed green light. Here’s how to find out if $2M is enough to retire.
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Imagine this: You’ve worked hard, built a successful career, and saved $2 million. But does that mean you’re ready to stop working?
It sounds like a lot—and it is—but with rising living costs, taxes, and unpredictable healthcare expenses, it’s only natural to wonder, “How long will this really last?”
Is $2 Million Really Enough for Retirement?
Building a $2 million nest egg is a major milestone—and no easy task. But it’s not a one-size-fits-all retirement solution.
Why? How far that money goes will depend on several factors. Your age, lifestyle, taxes, and investment strategy all play critical roles in determining whether $2 million will last your entire time horizon.
What works for someone else may not work for you—and vice versa. That’s why it’s vital to reflect and truly understand how much money you need to retire comfortably. What does the $2 million mean for you and the goals you want to accomplish?
To start answering that question, consider these details:
- Preferred retirement age. The earlier you retire, the longer your savings must last.
- Lifestyle preferences. Decide whether the money will be enough to cover the life you want to live (e.g., housing, travel, hobbies, healthcare, etc.).
- Income sources. What accounts or assets will fund your retirement? Options may include 401(k)s, Roth IRAs, pension plans, investments, real estate, and more.
- Life expectancy. This defines your time horizon—or how long your money will last.
- Preparing for the unexpected. Life happens. Will the money cover medical emergencies and home repairs or keep you afloat during a market crisis?
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How a Fiduciary Financial Advisor Can Help
How can you ensure $2 million can support a comfortable retirement? And if so, how do you make the most of it? While asking these questions is a smart first step, you can gain the most clarity by meeting with a fiduciary financial professional.
A trusted and qualified financial advisor can help you build a personalized retirement income plan, explain how long your money could last, and walk you through the most effective ways to access it according to your goals, lifestyle, and tax situation. They’ll offer guidance on adjusting your strategy as your life evolves and help you know exactly how much money you need to retire.
The highest quality advisors practice with a fiduciary duty, meaning they’re legally obligated to act in your best interest. They often offer transparent fees and have earned reputable credentials from accredited organizations. Use our free tool to match with a fiduciary advisor who fits your goals and priorities.
How to Find the Right Financial Advisor
Finding the right financial advisor doesn’t have to be complicated. We’ve built ComparisonAdviser to help simplify the process with a short questionnaire that will match you to a vetted fiduciary advisor to fit your needs.
Is $2M Enough to Retire Comfortably?
Talk to a financial advisor and build your future today.