I thought I needed $10 million to comfortably retire but now I think I can get by with less - is that too risky?

The article discusses a Reddit post from a millionaire, dubbed 'Mark', who is seeking financial advice about retirement savings. With a $700,000 annual income and $2 million saved, Mark believed he needed $10 million to retire comfortably at 50, planning to withdraw 4% annually for a $400,000 pre-tax income. The piece highlights the misconceptions around retirement calculations, tax implications, and the risks of withdrawing higher percentages from savings, stressing the importance of realistic financial planning strategies.

Reducing savings and increasing withdrawal rates adds significant risk to a retirement.

Mark's $400,000 annual income from his savings would put him in the 32% tax bracket for a taxpayer married filing jointly.

Read at 24/7 Wall St.