A $3 million nest egg may not last with excessive spending
Having $3 million in retirement savings can provide financial freedom, but overspending can deplete it quickly.
A monthly expenditure of $20,000 can significantly reduce the lifespan of a $3 million nest egg.
Lifestyle creep, or slowly spending more money without noticing, is a common threat to retirement savings and can happen to anyone, regardless of income or nest egg size.
For example, a couple earning $300,000 per year with no mortgage or loans accumulated $30,000 in debt after making lifestyle upgrades