The article discusses the perception of a $10 million retirement nest egg, particularly within the Fat FIRE movement, which encourages early retirement with substantial savings. Most Americans, particularly those in their 70s, have significantly less saved, with median 401(k) balances around $86,301. While $10 million is a considerable sum, it may not be adequate for those wishing to maintain a lavish lifestyle over a potentially long retirement period. Experts suggest a 3.7% withdrawal rate, leading to concerns that retirees may run out of money if not carefully planned.
While $10 million absolutely sounds like a lot of money, if your goal is to retire early and live lavishly, that amount may not suffice.
According to Empower, the median 401(k) balance for Americans in their 70s is just $86,301, indicating how far many are from the $10 million goal.
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