A study by the U.S. Bureau of Labor Statistics shows that Americans over 65 spent an average of $60,087 in 2023. With that data, $1 million in retirement savings could last an average 70-year-old around 16.64 years, or until nearly 87. Healthcare costs increase after retirement, potentially shortening the lifespan of savings.

To make your retirement savings last, creating a realistic budget is crucial. Living beneath your means can extend the longevity of your $1 million nest egg. By taking on even a little risk with investments, you can greatly increase the lifespan of your savings, potentially earning more and lasting longer.

Read more at Yahoo Finance: Here’s How Long $1 Million in Retirement Savings Will Last You After Age 70