For most people, two million dollars in savings is more than enough to guarantee a comfortable retirement. The majority of people are able to retire after having saved eight times their ending salaries, according to Fidelity.Know More
Every retirement situation is unique. While some retirees prefer a quiet life in a small town, others wish to travel the world and enjoy a pampered life of luxury. Saving enough for more ambitious goals is possible with careful planning and financial discipline. While two million dollars seems like a lot of money to save, compound interest and time both make it a more achievable goal. The earlier retirement savings begin, the less money needs to be set aside each year to meet ambitious goals.
To ensure two million dollars lasts through a healthy retirement, savings must be diversified and optimized for growth. Ideally, withdrawals come from the annual growth of investments and not the principal balance. This helps ensure a retirement account survives regardless of the longevity of an individual. Saving two million dollars for retirement ensures the returns on the investments keep the income coming for as long as the retiree is alive while saving the lump sum to cover end-of-life medical expenses and still leave plenty of money to family or charity.Learn more about Financial Planning
Although average retirement savings statistics for California are not available as of 2015, the median retirement savings balance nationwide for all working-age households in 2010 was $3000, according to the National Institute on Retirement Security.Full Answer >
A Thrift Savings Plan cannot be used like a traditional savings account because withdrawals from the plan come with strict guidelines and penalties, such as inability to repay the withdrawn amount, according to the Thrift Savings Plan website. The plan is designed to be used as a retirement account.Full Answer >
When measured in U.S. dollar bills, a million dollars weigh 2,202.6 pounds. The denomination of bills has a big effect on the weight.Full Answer >
It would take 20 million nickels to make $1 million. A United States nickel is worth five cents, so $1 is the equivalent of 20 nickels.Full Answer >