How long would $1m last you?

How long would $1m last you? You made it to $1 million dollars, congratulations. The average household spends $6,545 per month, which means that it would take them 153 months in order to spend all that money, or almost 13 years. Here's the thing, only a fool would leave all of this money sitting in a checking account. Most people would keep this money invested where it would actually grow. Let's say that million dollars is invested in the S&P 500. That would mean that that money is growing now at 8% if we factor inflation. So technically, you could withdraw $80,000 per year and it would last forever. But the thing is that every single year, $80,000 due to inflation, is gonna be worth less money. And so we would have to account for a 3% cost of living increase every single year. Really? That number in order to make this money last forever would be $4,317 per month. Let's run through a few other examples to see how long your money would last. Say that you withdraw $5,000 per month, you'd be able to do that for 37 years, so basically your entire retirement. Now if you move this up to $6,000 per month, now this drops pretty dramatically down to 24 years. And at $7,000 per month, this goes down to 18 years. $8,000 a month, you actually don't see much of a difference, this just goes down to 15 years. And if you were to for some reason withdraw $10,000 per month, then it would last you 11 years. Of course all of these figures don't factor a few things like social security, taxes, and if for some reason in the first few years there was just a massive stock drop.