It depends on three things
Whether a million is enough depends on how much you spend, how much of that is covered by Social Security or a pension, and how many years the money must last. Someone retiring at 65 who spends $60,000 a year and receives $24,000 from Social Security needs only $36,000 a year from savings. Spread over 30 years at a 3.5% real return, $1 million can pay about $54,000 a year, so the answer is yes, with room to spare.
The same million is not enough for someone retiring at 50 on $80,000 a year with no pension. Their withdrawal rate would be 8%, well above the 3.5% to 4% range that has historically been considered safe for long retirements.
Factors that change the answer
Health costs tend to rise with age, and long-term care can be expensive. Taxes on traditional 401(k) and IRA withdrawals reduce what you can spend. On the other side, many retirees naturally spend less in their late 70s and 80s than in their first active years. Use a conservative return and a long planning horizon to leave room for these unknowns.
Check your expected Social Security benefit on your my Social Security account at ssa.gov, since it makes a large difference and depends heavily on the age you start claiming.
Common questions
Can you retire on $1 million at 60?
Often yes, if spending from savings is around $40,000 to $50,000 a year and other income covers the rest. It depends on your spending and health costs.
How much does $1 million give per month in retirement?
Around $3,300 a month using the 4% rule, before tax.
What withdrawal rate is safe?
About 4% for a 30-year retirement, based on historical US data. Use less for longer retirements.
This calculator gives estimates for planning. Real returns, rates and prices change, so treat the result as a guide rather than a promise. Read how we build and check our calculators.