Depends on the kind of lifestyle you plan to live and your HEALTH. 1 - 1.5m may or may not be enough for that long period of time. Depends on how that money is earning money for you, though.

Fortunately, in our business we can work till we die if we're healthy enough to do so. 

Depends on the lifestyle you want to have.

As Candice A. Donofrio said... much depends on lifestyle and health. Where you live can also impact how much you need. I'm pushing 70 and not retired yet so I don't know about that "retiring too early." 

$1M really isn't a lot of money. Tons of variables here. If someone has $1.5M and it is making money every year that is different than just $1.5 static savings. Having that PLUS a passive income generating source (rentals for example) may work. Other questions though...like debt? House payment? Without debt one can live on a lot less money. What kind of lifestyle? Want to just live a bare minumum lifestyle or be able to travel and do a bunch of stuff. That all costs money. -Kasey

I don't see how $1 million could possibly be enough....

What is the lifestyle a retiree wants? Does this involve travel? And what is the retiree's health? And what debt are they carrying? Are they still paying a mortgage? Taxes? Property Taxes?  And where do they live? Some communities are much more affordable than others. I would suggest saving more if possible.

Nathan Gesner The medium household income in 2016 was approximately $59,000. Let's say you are in a position where you can live on 80% of your household income. That leaves $47,200 per year. The average life expendency for a male is approximately 85 years of age. If you retire at 62, you will need $1,085,600 to retire. If you live beyond age 85, you better hope Social Security is still around.

Disclaimer: These are my guesstimates and should not be relied on as a basis for retirement.

With the cost of health insurance we cannot afford to retire 

Obviously it depends on your lifestyle. I doubt I will ever fully retire but I know people who have with NO savings and only SS for income yet they are very happy.

If you eat small and sit around playing video games all day, it might be enough.  If you take $30,000 cruises around the world and fly on private jets, probably not.

Consider your lifestyle + pay off mortgage + eliminate all debt = enjoyment of  retirement

I think it depends on how much you spend and what your debt is.

For 1 thing it is not even enough to own a home here. That is the reason you see people work through 80s.  We got a realtor she is 90 needs work.

You really need to back into you...what are costs/lifestyle.  I think a good rule of thumb is that if you only spend 4% of your savings each year, it will keep lasting/replenishing, provided that it's invested.

And, to answer your question, no I don't think 1 million would be enough...certainly not here in NY.

Living well: $5 million plus...living LARGE: $20 million plus. JMHO

I wouldn't think that $1.5M is nearly enough but, then again, it depends upon your lifestyle!

If you're planning to live in a motor home, touring the country and you have some rental properties bringing in income, then it MIGHT be enough to supplement your frugal lifestyle.

Otherwise, save, save, save and invest, invest, invest! 

Depends on your needs.

At Costco, they sell 50 lb bags or rice & beans for about $10 or so. You can live for months on this. Saying that, how do you want to live is the question to your question. I have discovered simpler is better & less is more

 Retire when you:

Own your home free and clear of mortgages.

 Own an automobile that will last 20+ years (S-class Mercedes, BMW 7, Audi 8 series, etc.).

 Have solid assets including real estate and precious metals.

 Have enough money in the bank, that if you had to eat the principal to maintain your lifestyle , that money would last you the rest of your life.

I sure hope we won't need a million and a half.  'cause if that's the case, I won't be able to retire for a very long time.

You will never have too much.

Nathan,

Candice A. Donofrio and I are on the same page.

It depends whether you dine on caviar of cat food.

Health care is the killer, is that what we call irony?

It really depends on where you retire and what you plan your budget is. However health insurance costs are a big part of that which many people don't account for. I think one million should be enough taking out only 4% a year, along with social security.

Great question. It depends on lifestyle and where you live. For someone currently under 50, I would think 2-2.5 million may be required! So many are doing it on far less!

Of course, that totally depends what their expenses are, what part of the country they live in and what their expectations are. I would have to agree that if retiring at age 50, 1 to 1.5 million may not be enough even if you plan to live very modestly. Retiring with that amount at 60-65 may be just fine.

I do know it seems to be an ever increasing amount. If any one wants to donate a million, I can be a text subject while spending days on the beach in South Florida? Just let me know

I think it all depends on the lifestyle you want to live once you are retired. They say the majority of spending is in the first 10-20 years, again depending on what age you retire.

More than you think.

Depends on age, local and a hole list if issues

I would agree with that.

I read yesterday that in my state a million would last 24 years.  So yeah, I'm gonna need a little more than a million.  Of course it was based on spending that I won't be spending as my house will be paid for, but still I might want to vacation extra.

I think the answer is how much monthly income you will need to retire. As I am 70 and still work somewhat P/T I know that my monthly income should be less, as I payoff bills. I think monthly income generated from social security, pensions, annuities, etc is the major consideration.

I would think it would vary widely by location and lifestyle.  Though, I doubt that $1.5 million would last very long these days.

$3M+

Depends where you live, if you live in the most expensive locations( Manhattan and most major CA cities) you need a lot.

Great question and great answers. Thank you. 

Most likely a lot more than they have unfortunately, but also depends on definition of comfortable ;-)

I have heard $1 million may not be enough, but not retiring for a few years, and just crossed over 60.

Wow, 1 million to 1.5 million,  now I know I am working longer.

I think it may depend on spending habits more than anything else.  Many earlier generations were able to get by on much less than we can today.

It depends on your definition of comfort.

 As much as possible!