Having $1 million is a significant achievement, but its value can erode over time due to inflation. The 4% rule suggests withdrawing 4% of your savings each year, which translates to $40,000 in the first year if you have $1 million. However, this amount will cover less as costs rise. Social Security benefits can supplement your retirement income, but amounts vary depending on location and lifestyle.
To ensure a comfortable retirement, consider increasing your savings rate or keeping a job to supplement your income. Waiting longer to retire also gives you more time to save, allowing for higher annual withdrawals without running out of money prematurely. Ultimately, figure out an approach that works for you and regularly review your progress to adjust as needed before retiring.
Source: https://www.fool.com/retirement/2026/06/21/can-you-retire-comfortably-on-1-million-hint-maybe