Can you retire on 5 million at 65?

Many people plan on retiring later, but 65 remains a popular target age. Another popular retirement savings goal is to have $5 million stored away. Let’s break down if that will be enough to make your retirement sustainable and the factors that you will have to keep in mind. Can I Retire on $5 Million at 65?

Is $5 million a good retirement plan?

While $5 million may seem like a solid start, keep in mind that your retirement could last for decades. “If you retire at 65, you may have 30 or more years you need to provide income,” says Brad Bestgen, a financial planner and managing partner at Bestgen Wealth Management in Braintree, Massachusetts.

Is 65 a good age to retire?

Many people plan on retiring later, but 65 remains a popular target age. Another popular retirement savings goal is to have $5 million stored away. Let’s break down if that will be enough to make your retirement sustainable and the factors that you will have to keep in mind.