There was a time not so long ago when a million dollars connoted wealth and a life of leisure.
But $1 million doesn’t buy you what it used to — certainly not an early retirement. And it will get you even less in 40 years, when college graduates entering the workforce today begin retiring.
As research from Carson Wealth shows, accounting for an inflation rate of 3 percent, $1 million today will, in today’s dollars, be worth just $306,000 in 2056. That’s hardly enough to fund a comfortable retirement for an individual over a period of 20 years or more.