Retiring with $5 million: How much money you'll have in your monthly budget

Saving $5 million for retirement is a great accomplishment, but you'll still need a plan to make your money last. Experts recommend spending a maximum of 5% of your nest egg per year. Watch this video to see a few different scenarios of what your budget will look like when you retire with millions. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

Retiring doesn’t always mean you won’t have a job.

Nearly 60% of baby boomers in the workforce plan to keep working in some fashion after they retire, according to a study from Voya Financial.

If you prefer a work-free retirement, you’ll need to have enough money in savings to cover your future spending.

To make your nest egg last, you should aim to use around 4% of your savings per year in retirement, according to financial advisor Winnie Sun, co-founder and managing director of Sun Group Wealth Partners. That percentage can change, however, based on several factors such as if your home isn’t paid off or if you have high health-care costs, Sun said.

This strategy also assumes that you have a balanced portfolio, focusing more on bonds and cash-type investments for your short-term needs. This allows your accounts to grow for the future, according to Sun.

Check out this video to see a few different case studies of how much spending money you’ll have if you retire with $5 million.

» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-n...

Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook:
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC


https://www.cnbc.com/select/best-cred...

#CNBC
#CNBCTV