With the traditional benchmark for retirement savings shifting, achieving millionaire status no longer guarantees financial security for seniors. A $1 million investment can yield only $37K annually at a 3.7% withdrawal rate, suggesting higher targets are needed for retirees. The FIRE movement advocates for a $10 million nest egg as a new minimum for a worry-free retirement. Understanding return rates and using smart financial tools can help in assessing retirement readiness and choosing the right financial advisor to reach these goals.
Today, we know that a million-dollar nest egg isn't really enough for most people to have financial security as a senior. At a safe 3.7% rate, a nest egg of $1 million would provide only $37K to live on.
Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today.
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