What Is $1 Million Really Worth in Retirement?

Look to your current lifestyle and location to find out.

Grow Your Business, Not Your Inbox

Stay informed and join our daily newsletter now!
2 min read
Opinions expressed by Entrepreneur contributors are their own.

In this video, Entrepreneur Network partnerPhil Town, breaks the true value of $1 million during your retirement. According to Town, the worth of $1 million in retirement can be based off two main factors:

  1. Where you are located
  2. The inflation rate

Depending on these factors, you may see yourself facing a relatively manageable or quite expensive future. Town goes on to break down some shocking news -- $1 million may not be enough for your retirement life. 

Town recommends a few tips to determine how much money you may need according to your age and current lifestyle costs. The important step is you take the time to evaluate your own circumstances and look at what the true amount you will need for retirement, rather than becoming too enamored with a benchmark number.

To hear more from Town and saving for retirement, click the video.

Related: Here's How Warren Buffett and Other Top Investors Spend Their Days

Entrepreneur Network is a premium video network providing entertainment, education and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities to accelerate brand growth and effectively monetize video and audio content distributed across all digital platforms for the business genre.

EN is partnered with hundreds of top YouTube channels in the business vertical. Watch video from our network partners on demand on RokuApple TV and the Entrepreneur App available on iOS and Android devices.

Click here to become a part of this growing video network.

More from Entrepreneur

We created the Start Your Own Business (SYOB) course to help you get started on your entrepreneurial journey. You will learn everything you need to know about testing the viability of your idea, writing a business plan, raising funds, and opening for business.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur