That is the million dollar question…
But seriously, if you saved 1 million and retired at age 67 (full retirement age), that 1 million should last you 23.46 years with a 4% withdrawal rate. However, 4% of 1 million is $40,000 annually in retirement.
Can you live on $40,000 annually?
Not including Social Security, but if you did lets conservatively say that you get $1,200 a month from SS. That adds $14,400 extra to $40,000 giving you $54,400 to live on in retirement.
What changes do you need to make today to be successful with your retirement funds?
Move to a more tax friendly & low cost of living area, reduce & pay off debt, increase your savings rate to at least 50%, & build multiple streams of income.