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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.
Related: 10 states millionaires might be fleeing
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.
See the infographic below for additional fun facts about the lives of today’s millionaires.
Related:
States eye wallets of richest residents with income-tax measures
More 401(k) millionaires than ever
The life of a millionaire: a comfortable one in retirement?
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