Can You Retire on $1 Million? Here’s How Far It Will Go | Retirement

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Becoming a millionaire seems like a surefire way to live comfortably in retirement, but is it really?

About a third of millionaires say it’s possible they will outlive their savings, according to the 2023 Planning and Progress Study from Northwestern Mutual. The financial firm surveyed 2,740 high-net-worth individuals with investable assets of at least $1 million.

However, some financial experts say not to worry. “It’s all about having an income plan rather than an asset plan,” says Michael Foguth, president and founder of Foguth Financial Group in Brighton, Michigan. Those who have pensions, Social Security and annuities may find that they are able to cover expenses with that income, and savings become just the icing on the cake.

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