There are many people who reach retirement with little to no savings at all.
So if you’re getting close to wrapping up your career and you’ve managed to accumulate $3 million in your IRA or 401(k), that’s something to be proud of
You should also know that $3 million in retirement savings could buy you a very comfortable lifestyle. You may be able to afford travel, a larger home, or perhaps two smaller homes that give you proximity to family and great weather at different times of the year. But while retiring with $3 million puts you in a great financial spot, it doesn’t automatically guarantee that you’ll never run out of money.
Retirement could last 20 years or more, depending on when you exit the workforce and the state of your health. And a variety of circumstances could eventually leave you with $0 in savings despite starting out with a large sum of money. The good news, though, is that with the right strategy, you can significantly improve your odds that your $3 million will last as long as you need it to.