How long does $1 million last after 60?

Hey there! It's Bear from BearSavings.com. Let's tackle this one together.

The length of time $1 million lasts after 60 depends on various factors, such as your living expenses, lifestyle, and any unexpected costs. Generally, financial advisors follow the "4% rule" as a rough guide - you withdraw 4% of your nest egg in the first year of retirement, then adjust that amount each year for inflation.

Let's break it down:

• If you withdraw 4% of $1 million, that's $40,000 a year.
• If you have a modest lifestyle, maybe this could cover all your expenses. But remember, inflation and unexpected costs may require you to adjust this number over time.

Using our Savings Goals Tracker at BearSavings.com can help you plan your retirement savings and manage your withdrawal rates effectively.

Remember, it's not just about how much you have, but how well you manage it. You've done great by saving up, now let's make sure it lasts!

Remember, life after 60 is your encore, not your finale. Let's make it a show worth watching. Stay savvy!