[Vermont Lt]

Living like you have a lot less than a million makes living with a million a lot easier.

[RomanSoldier19]

yes vans are nice these days

[SamAdams76]

Living like you have a lot less than a million makes living with a million a lot easier.

Exactly right. Living below your means is not only the way to live in retirement but it's the way to live before retirement, so that you have money to save for it in the first place.

Those who have acquired $1m in retirement assets at their full SSA retirement age (67) are actually in little danger of running out of money if they manage it properly.

Using the 4% rule, they can begin taking out $40,000 in IRA/401k distributions right away. Coupled with the average SSA check at 67 of around $2,500/mo - or $30,000 a year, that comes to $70,000 a year. (Any SSA check a retired living spouse gets is a bonus.)

Don't forget to add your COLA to your retirement withdrawals each year to keep up with inflation (Social Security does that automatically).

That should be plenty for most retirees to live on provided they go into retirement with minimal debt. If not, you are definitely doing something wrong.

[thegagline]

Living like you have a lot less than a million makes living with a million a lot easier.

Two more rules:

1) Save at least 15% of your gross income

2) when investing or borrowing, remember the Rule of 72

Retired at 52