There’s an article over at CNBC that supposedly tells you how long your $1,000,000 will last in retirement, you can read it here: https://www.cnbc.com/2018/08/06/how-long-1-million-lasts-in-retirement.html
The problem with this article is it’s making assumptions. The answer should be forever if you invest in smarter ways.
First, you could take your $1,000,000 and spread it across 4 or 5 REITs that all pay 10% or more dividends and make yourself $100,000 a year. You could put half the money into said REITs and make $50,000 a year.
If you are retired and can’t live off of $100k a year, something is going wrong. And you aren’t even touching your capital and it’s gains.
The key to retirement is quite easy, pay off all your debt and invest your money in investments that pay dividends then live off the dividends. You could even sell your home, take that equity and add it to your investment money and rent or airBNB yourself great homes for less than the dividends you are pulling in, especially if you live in California. Sell your $500,000 home and invest that in 10% dividend REITs to make $50k a year and then you could rent a $3000 a month home and still pocket $4k after taxes.
Bottom line is, all of these, “You will only have money for 10 years!” doom articles are assuming you are selling your capital investment to pay your bills and you seriously don’t need to do that and shouldn’t be doing that.
Invest in peace…