September 11, 2006 10:27 AM
Is One Million Dollars Enough to Retire On?
I believe so. Actually, I believe if you find out in the midst of your retirement that you may survive the money, you can find more than one ways to get more money. To me, I am seriously planning some semi-retirement life after getting my first million dollars.
Here is what Dustin Woodard says about this topic.
From About:
It is. If you had one million dollars today and put the money in something safe that earns around 6% a year, you could afford to take out $60,000 a year for the next 49 years. If you wanted to be a bit more aggressive with your withdrawals and live up your retirement years, you could take out $100,000 a year for 14 years. For simplicity, these examples don't includes taxes which would decrease your lasting power, though things like social security and higher returns would increase your lasting power.
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