The duration of $1 million in retirement depends on how much you spend, how much you earn, and how long you live. For example, if you spend $60,000 a year, earn a 5% annual return on your investments, and live for 25 years, your $1 million will last until you are 85 years old. However, if you spend $80,000 a year, earn a 3% annual return, and live for 30 years, your $1 million will run out when you are 76 years old. You can use online calculators or consult a financial planner to estimate how long your money will last be based on your personal circumstances.
However, keep in mind that these calculations are based on assumptions and averages, and may not reflect your actual situation. For example, you may have unexpected expenses, such as medical bills, home repairs, or travel costs, that can affect your spending. You may also have variable income, such as dividends, interest, or capital gains, that can affect your earnings. You may also live longer or shorter than the average life expectancy, which can affect your longevity. Therefore, it is important to review your retirement plan regularly and adjust it as needed to ensure you have enough income and resources to support your lifestyle.
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