“I’ve saved about $1 million. I’m hoping to retire in the next 2–3 years… am I actually ready?”

retirement
Written By Lauren Estes

It’s one of the most common questions I hear:

“I’ve saved about $1 million. I’m hoping to retire in the next 2–3 years… am I actually ready?”

The honest answer is - it depends. But not in a vague way. There are a handful of very specific factors that determine whether that $1 million works… or doesn’t.

Here’s how I typically walk through it with clients:

1. What does retirement actually cost for you?
Not a generic number. Your number.
We look at:

  • Monthly spending (today vs. retirement)

  • One-time expenses (travel, home updates, helping family)

  • Healthcare before and after Medicare

Most people are surprised that their spending doesn’t drop as much as they expected, especially in the early years.

2. Where will your income come from?
Your investments are only one piece. We also factor in:

  • Social Security timing

  • Pensions (if applicable)

  • Part-time income or phased retirement

The goal is to create a reliable income stream—not just “hope the portfolio lasts.”

3. How is your $1M invested?
This is where small changes can have a big impact.

Questions we answer:

  • Is the portfolio aligned with your timeline (not just growth)?

  • Do you have a plan for market downturns in the first 5 years?

  • How are withdrawals structured for tax efficiency?

A strong plan isn’t just about returns. It is about how and when you draw from your assets.

4. What happens if things don’t go perfectly?
We stress test the plan:

  • Market drops early in retirement

  • Living longer than expected

  • Unexpected expenses

If the plan only works in a “best case” scenario, it’s not really a plan.

The Bottom Line

Having $1 million saved puts you in a strong position, but it doesn’t automatically mean you’re ready to retire.

What matters is whether your money can support your life with confidence, not guesswork.

If you’re within a few years of retirement and asking these questions, it’s the right time to get clarity.

Feel free to reach out if you’d like to walk through what this looks like for your situation.

Lauren Estes
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