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Next Gen Econ > Personal Finance > Retirement > At What Age Can You Retire With $1 Million?
Retirement

At What Age Can You Retire With $1 Million?

NGEC By NGEC Last updated: May 5, 2025 10 Min Read
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For many Americans, $1 million is the benchmark for a secure retirement. But in today’s economy, at what age you can retire with $1 million dollars will depend on a range of factors. These include lifestyle and expenses, your investment strategy and your withdrawal rate. You might find that it’s only enough for a more modest retirement, depending on when and how you retire.

A financial advisor can help you model different retirement scenarios, evaluate risks and create a plan that focuses on making your nest egg last as long as you do.

At What Age You Can Retire With $1 Million

To figure out at what age you can retire with $1 million dollars, we first need to understand how long that amount is likely to last. Most people start with the 4% rule. This means you could reasonably expect to spend 4% of your savings annually, adjusted for inflation, without running out over a 30-year retirement. Under this rule, $1 million would provide $40,000 per year in retirement income. If you prefer a more conservative approach, consider a 3.5% withdrawal rate, which gives you $35,000 per year, or a 3% withdrawal rate instead.

Now, let’s compare those annual figures to what the average retiree spends. According to data from the Bureau of Labor Statistics, the average American age 65 and older spends about $55,000 per year. Based on that estimate, $1 million would likely fall short in less than 30 years without additional income or investment growth. To cover this gap, you’d need to supplement your nest egg with Social Security, a pension, or other income sources.