Have you ever wondered what a $2 million retirement looks like?

Many people think retirement advice should only focus on saving more money or telling them they haven’t saved enough. But once they finally reach this next chapter, most people aren’t quite sure how to handle all those savings. Whether it’s more money than they ever imagined or just enough to live comfortably, navigating the golden years can be tricky without being prepared.

It’s not just about the numbers. Retirement is often hard to envision—not just how it looks, but how it feels. With newfound freedom and an abundance of time, some people step into retirement with millions saved, while others have built up just enough for a comfortable life. But either way, the question remains: how do you live in this new phase without constantly worrying if you’re overspending or not enjoying the fruits of your labor?

Retirement isn’t just about ensuring you have enough in your 401(k)—it’s about making sure you know how to spend and enjoy it wisely. The key isn’t only in reaching financial goals but also in shaping the kind of life you want to live when you finally get there.

We were curious to discover what a $2 million retirement looks like nowadays, so we talked to different people who told us everything about their experiences. Their stories are nothing but impressive. These people are from different parts of the country, aged between 60 and 80. If you share the same curiosity with us, keep reading, because this is what a $2 million retirement looks like:

1. Judy Hall

Savings and investments: $1.8 million
Annual spending: $110,000

If you want to see what an almost $2 million retirement looks like, let’s uncover the story of Judy Hall together. The former human resources executive at Berkshire Hathaway Inc.’s General Re retired in 2005 at 58 years old and had around $1.8 million set aside for her golden years.

She didn’t have any idea of what she would fill her days with, so she took a seven-week road trip to visit her friends and dip her toes into her new life. She used to be a workaholic, so it makes sense that she wanted to try different things when she came back home.

When Ms. Hall returned to her beautiful home, she increased her volunteer work at St. Bartholomew’s Church. Thanks to her hard work and dedication, she became the church’s liaison to a homeless shelter.

Even though she stated it was hard to get used to living without a tight schedule and a regular paycheck, she was determined during her entire career. Her almost $2 million retirement was the result of determination and budgeting. She earned a 6% employer match on the 6% she invested annually in her 401(k). By retirement, she had accumulated $1 million, and she had added $1 million to the total when she exchanged her pension for a lump sum.

Despite having retired just before the 2008 global crisis, Ms. Hall still has $1.8 million left of the $2 million she had when she retired since her long-term investment returns have been high enough to replace the majority of the money she has taken out of her savings.

These days, Ms. Hall spends more on groceries, gas for her Honda Accord, and her trip to Roanoke. However, her annual expenditure dropped from $200,000 to roughly $110,000 after she moved out of New York to Naples, Florida. Nowadays, she contributes roughly $30,000 annually and receives $25,000 in Social Security benefits.

2. John Fitzgerald

Savings and investments: $2 million
Annual spending: $144,000

Another successful person who retired with $2 million is John Fitzgerald. He retired as a police lieutenant after spending 33 years on the force. Thanks to his flourishing career, he now has an approximate $6,900 monthly pension after taxes and insurance.

When asked about their household spending, the former police lieutenant and his wife, who works as an editor and writer, mentioned that they feel the effects of inflation. Since they have three children, they help pay college tuition for their youngster. Considering how the price skyrocketed in the last few years, the couple believes the bill will rise by approximately 5% to about $35,000.

Even though a $2 million retirement seems like a good fortune to live a happy and wonderful life, taxes and huge grocery bills are part of everyone’s life. Mr. Fitzgerald said they pay around $12,000 in monthly expenses, including mortgage payments for their Delaware beach house and Maryland home.

The former lieutenant thinks about selling their Maryland home in the future and moving to Florida to save on taxes. He likes being occupied and doing the things he loves, so in addition to being the commissioner of a nearby juvenile baseball league, he instructs an 11-year-old baseball team.

Even though a $2 million retirement isn’t possible for everyone, Mr. Fitzgerald says that one thing that helps people be happy throughout their lives is finding their passion and sticking to it. This is why he advises every retiree to find something they love and stick to it, so they don’t get bored.

3. James Compton

Savings and investments: $1.5 million
Annual spending: $100,000

James Compton is a smart man who only recently retired after doing an incredible job at different companies. Even though he said goodbye to his position as president and CEO of the Chicago Urban League over 15 years ago, he has kept himself occupied by sitting on corporate and nonprofit boards.

He joined the boards of Ariel Investments, Commonwealth Edison Co., and the Field Museum of Natural History while still working full-time, and he earned approximately $150,000 annually from these and other board positions, which helped him replace a significant amount of his full-time work salary.

Thanks to his incredible work, he can now value his portfolio at around $1.5 million, of which 70% is held in mutual funds that invest in stocks. Even though he worries about the current state of uncertainty and market volatility, he doesn’t shy away from taking risks.

Even though an almost $2 million retirement seems great, he’s concerned about the $200,000 adjustable-rate mortgage he’s still paying off on his three-bedroom Chicago townhome. Since interest rates have risen, Mr. Compton doesn’t know how much the loan’s rate will be when it resets next year. This uncertainty makes him think about eventually selling his beautiful home.

When asked about a piece of advice for future retirees, he said that it’s best to not go into your golden years with a mortgage. There’s nothing wrong if you go with it, but it’s easier to live your life to the fullest when you don’t have to care about these huge costs.

Now that he has more time on his hands, he’s able to do more of the things that bring him joy and fulfillment. He’s found ways to give back, offering both time and financial support to charities that are close to his heart. Since he treats his health as a priority and his doctors didn’t identify anything problematic, he plans on living an active and happy life where he connects with people and continues to learn.

Conclusion

Considering the stories of the people who have almost a $2 million retirement, we can say that it bought them more free time to do the things they love, to spend time with their families, travel, and give back to their communities. Whether you have this much money or not, it’s important to do what makes you happy and not compare your life or journey to someone else’s.

And if you need more tips and tricks on how to make the most of your income, tax return, or Social Security, don’t forget to check the other posts on our website, because we have many great posts. In case you want to take it to the next level, here’s a book we couldn’t recommend enough!

Long story short, have fun in your golden years because that’s the perfect time to do everything you want! Smile, have a good time, and take care of your finances! Until next time, here’s another article for you: How Biden’s Retirement Is Different From Yours