Is $10 Million Enough to Retire?

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Can I Retire With $10 Million?

Many people ask themselves this question as they approach retirement. The simple answer is yes. You can retire with $10 million. However, there are a few things to consider before making this decision.

  • First, you must ensure you have enough savings to cover your expenses. If you plan on retiring early, your savings must be sufficient to cover your living expenses for several years.
  • Second, you need to factor in inflation. Over time, the cost of living will increase, so you must ensure that your $10,000,000 will be worth less.
  • Third, you need to consider your lifestyle. If you plan on retiring to a life of leisure, you must ensure that your $10 million will last you for several years. However, you may not need as much money if you continue working after retirement.
  • Fourth, it would be best if you considered taxes. If you are in a high tax bracket, you will need to make sure that your $10 million are invested in a way that minimizes your tax liability.
  • Finally, it would be best to decide how you want to receive your income in retirement. You can choose to receive it in lump sum payments, as an annuity, or in a combination of both.
Is 10 Million Enough To Retire

How To Retire On $10 Million

The average monthly Social Security Income check in 2024 is $1,907 per person. The tables below use an annuity with a lifetime income rider and Social Security Income (SSI) to illustrate the income you could receive from $10,000,000 in savings. Assumptions include:

The table below illustrates how much monthly income can be generated immediately with annuity payments and Social Security Income (SSI).

How to Retire $10 Million, Starting Immediately

AgeSSIAnnuityTotal
62$3,814$43,200$47,014
65$3,814$47,210$51,024
70$3,814$51,330$55,144

Total = Monthly Income for Life

How to Retire $10 Million in 5 Years

The table below illustrates how much monthly income can be generated in 5 years with a combination of annuity payments and Social Security Income (SSI). If you retire in 5 years on a $10,000,000 annuity, your monthly income for life would be:

AgeSSIAnnuityTotal
62$3,814$65,520$69,334
65$3,814$71,470$75,284
70$3,814$77,430$81,244

Total = Monthly Income for Life

How to Retire on $10 Million in 20 Years

The table below illustrates how much monthly income can be generated in 5 years with a combination of annuity payments and Social Security Income (SSI). If you retire in 20 years on $10,000,000, your monthly income for life would be:

AgeSSIAnnuityTotal
42$3,814$92,330$96,144
45$3,814$99,000$102,814
50$3,814$131,710$135,524

Total = Monthly Income for Life

Retire With 10 Million

How To Retire On $10 Million By Age

The following guaranteed income amounts are annual and do not include Social Security Benefits.

Retire At Age 55 With $10 Million.

Annuity Purchase DateAnnual Income At 55
Age 40$822,270
Age 45$815,780
Age 50$612,490
Age 55$470,000

Retire At Age 60 With $10 Million.

Annuity Purchase DateAnnual Income At 60
Age 40$1,053,800
Age 45$949,940
Age 50$901,900
Age 55$660,320

Retire At Age 65 With $10 Million.

The following guaranteed income amounts are annual and do not include Social Security Benefits.

Annuity Purchase DateAnnual Income At 65
Age 40$1,291,830
Age 45$1,185,800
Age 50$1,095,150
Age 55$1,002,120
Can You Retire With 10 Million

How Much Does $10 Million Payout?

The following table estimates the guaranteed income a $10,000,000 annuity will pay out annually for the rest of a person’s life.

AgeImmediatelyIn 5 YearsIn 10 yearsIn 20 Years
40$1,053,800
45$1,188,000
50$887,190$1,300,480
55$657,240$1,003,400$1,443,300
60$525,000$764,780$1,066,860
65$575,000$816,000$1,168,890
70$625,000$901,000$1,410,840
75$675,000$1,056,820
Can I Retire With 10 Million

How We Can Help

At The Annuity Expert, we understand the complexities and emotional burdens of retirement planning. As an experienced insurance agency, annuity broker, and retirement planner with 15 years of experience, we specialize in crafting personalized retirement strategies that address your specific needs.

Identifying Your Core Problem

Many people face the core problem of uncertainty about how much they need to save and the fear of outliving their savings. Symptoms of this problem include anxiety about the future, confusion over investment options, and a lack of clear, actionable advice.

Demonstrating Our Expertise

We recognize that these symptoms affect you emotionally, causing stress and doubt. Our commitment is to find the best solutions at the lowest costs, ensuring you have a clear and achievable path to a secure retirement. Our extensive experience and deep retirement planning understanding make us a trusted partner in your journey.

Is $10 Million Enough To Retire At 60

What We Recommend

Step 1: Initial Consultation

The first step is to schedule a free consultation with us. During this session, we will assess your current financial situation, discuss your retirement goals, and identify any gaps in your planning. The main benefit of this step is understanding where you stand and what you need to do to reach your goals.

Step 2: Customized Retirement Plan

After the initial consultation, we will create a customized retirement plan tailored to your specific needs and objectives. This plan will include detailed strategies for savings, investments, and annuities. The main benefit is having a clear, actionable roadmap to follow, reducing uncertainty and stress.

Step 3: Implementation and Monitoring

The final step is implementing your retirement plan and continuously monitoring its progress. We will provide ongoing support and adjust your plan as needed to ensure it remains aligned with your goals and market conditions. The main benefit is peace of mind, knowing that your retirement strategy is on track and being managed by experts.

Features and Benefits

  • Personalized Strategies: Tailored to your unique needs, ensuring your plan is as effective as possible.
  • Expert Guidance: Leveraging 15 years of experience to navigate complex financial decisions.
  • Ongoing Support: Continuous monitoring and adjustments to keep your plan on track.
  • Cost-Effective Solutions: Finding the best options at the lowest costs, maximizing your savings.

Addressing Common Objections

Some may hesitate to work with a retirement planner due to costs or trust issues. However, the long-term benefits of professional planning far outweigh the initial investment. Without expert guidance, you risk inadequate savings, poor investment choices, and an insecure retirement.

Working with The Annuity Expert ensures a well-planned, secure retirement, leading to reduced stress and increased confidence in your financial future. The internal satisfaction of knowing you have a solid plan in place is invaluable.

Find Out How Much Income Your $10 Million Will Provide In Retirement.

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Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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