Everyone’s situation is different, and several important factors could determine whether $1 million is enough to save for retirement.

• Your retirement lifestyle
• Your retirement age and life expectancy
• Your health
• You risk tolerance and risk capacity
• Your cost of living
• Your Social Security timing

Running some different hypothetical scenarios through a retirement calculator can help you estimate how long your money should last.

• Example #1: You have $1 million in savings and earn a 6% annual return. Assuming you’re in the 24% tax bracket and withdraw $5,000 per month, your savings should last just over 30 years.
• Example #2: Your $1 million in savings earns a 5% annual return. With the same tax bracket and monthly withdrawal amount, you’d run out of money in 26 years.
• Example #3: You earn a 7% annual return, but you’re in the 32% tax bracket and withdraw $6,000 a month from your savings. At that pace, you’d have enough savings to last 23 years.

These examples are purely hypothetical and don’t take inflation into account, annual increases in your withdrawal rate, or any changes to your federal tax bracket.

Regardless of how much you have saved, these tips could potentially help you get closer to the $1 million mark, or maybe more.

1. If you have a 401(k), contribute enough to get the full employer match (if offered).
2. Consider increasing your contribution rate annually.
3. Consider opening a Roth IRA to make tax-free withdrawals in retirement while potentially avoiding required minimum distributions. 
4. Consider investing in a taxable account, keeping your risk tolerance and risk capacity in mind.
5. Review retirement and investment accounts annually to assess fees and potentially lower them.
6. Consider tax-advantaged investments such as municipal bonds, which are exempt from federal taxes.
7. Consider investments less susceptible to inflation, such as real estate or Treasury Inflation-Protected Securities (TIPS).

Regardless of how much you have saved for retirement, it’s important to ensure you’re on track to reach your financial goals. With so many factors affecting what you’ll need and how long it will last, it could be a good idea to speak with an expert.

That’s where a financial advisor can be invaluable.

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