A million dollars isn't the symbol of wealth that it used to be, but saving that much for retirement is still rare.
In fact, among those currently saving for retirement, 57% say the amount they're hoping to save is less than $1 million.
If you withdraw money from your portfolio too fast, you drastically decrease the chances that the money will last for your entire retirement.
Divide that figure by 4%, and you'll arrive at the amount you'll need to retire with: $2.5 million.
If you plan to retire with $1 million, by the same calculation you can expect to withdraw $40,000 in your first year.
Persons:
you'll
Organizations:
CNBC, SurveyMonkey, Security