Can you retire with $1 million dollars? Now that’s quite a question. Many professionals boil this down to a 4% sustainable withdrawal rate known as the holy grail of retirement analysis. Writing for Investopedia, Jason Whitby consulted with several wealth management professionals including Elyse Foster, CFP® of Harbor Wealth Management and found not everyone agrees that this withdrawal rate is sustainable in today’s financial environment.
“If you want to retire with $1 million, it is going to come down to a combination of: 1) how you define retirement; 2) your personal inventory of everything in your life, such as assets, debts, medical, family; and 3) what the future holds.
Remember, stuff happens in life. Do you really want to start this 30-plus year adventure with the bare minimum? Like most good things, retirement is much better when you are over-prepared than when you wing it. You can retire with $1 million dollars, but it’s better to be safe than sorry – shoot for $2 million!” – Jason Whitby, Investopedia
Original Source: Investopedia, Jason Whitby, May 4, 2017, What’s The Minimum I Need To Retire?