Is 1 million savings enough for retirement?

[xnan]

I wonder, how much do you need to retire? Is one mil enough?

[nolosoft]

I wonder, how much do you need to retire? Is one mil enough?

You forgot to mention the currency. If you are talking about Rupee, than not much. ) If you are talking about Australian dollars, then ok. Here is a sample calculation from a financial calculator:

Assumptions:
Current savings balance $1,000,000
Proposed monthly withdrawal amounts $5,000
Annual before-tax return on savings: 4%

Result:
Your money will last approximately 27.6 years with systematic withdrawals of $5,000/month totalling $1,650,664.

[xnan]

Wow, that sounds good. What interest rate did you use in your calculation?

But it is a long way to go to save 1 mil. How can one make 1 million dollars?

[Pansophic]

i million indian ruppees is not enough for retirement but yeah US dollars are enough

[Jacqueline Stoedter]

It depends where you live. If you live in Sweden, you probably do not need much for retirement as the government sponsors a lot of what you need, for example health care, social benefits, etc. If you live in the USA, you better have at least one million. Just a FYI... heart surgery - $100 000. Cancer treatments go even higher.