Can a construction company have a CEO?
Retiring at 60 with $1 million is possible, but it depends heavily on annual withdrawal rates, inflation, and additional income sources like Social Security, pensions, or part-time work. A $1 million portfolio can typically support annual withdrawals of roughly $39,000 to $57,000, depending on the strategy. Since Social Security benefits generally cannot be claimed until 62, a couple must plan for an income gap during the first two years of retirement. Flexible spending strategies, such as reducing withdrawals during market downturns, can help make these savings last over a multi-decade retirement.
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