Are You Smart Enough To Save $1 Million by Retirement? Take This Quiz To Find Out

Saving at least $1 million should be the goal of just about any prospective retiree — with cost of living and interest rates always on the rise, $1 million should be the bare minimum in anyone’s retirement account.

Still, that can be a staggeringly high amount to conceive of, especially if you’ve yet to begin saving. There are a number of ways to get to $1 million by retirement — but are you smart enough to know them? Try taking this GOBankingRates $1 million retirement quiz to find out.

Also see how long $1 million will last in every state.

At minimum, how much of your annual income should be consistently set aside for your retirement investment accounts?

A) 10%

B) 15%

C) 20%

If you answered (C), you’re in good shape. According to 401(k) provider Fidelity Investment, at least 15% of your annual income should be put aside and contributed to your retirement investment accounts.

Assuming you never missed a day, how long would it take you to get to $1 million if you contributed $10 per day in an investment account?

A) 26 years

B) 37 years

C) 41 years

Did you choose (C)? If so, you’re on the right track. Jared Virgadamo, an investment associate at Manske Wealth Management, told GOBankingRates that $10 per day adds up to $3,650 every year, which, when placed in an investment account that grows 8% annually, will result in $1 million after 41 years.

Low-interest savings account can often be a waste of your hard-earned cash. What’s a better way to invest your retirement savings to ensure growth over time?

A) Index funds

B) 401(k), preferably with employer match

C) IRAs (Roth or traditional)

D) Taxable brokerage accounts once other retirement accounts are maxed out

E) All of the above

Hopefully you opted for (E), all of the above. Each of these savings options should be utilized to ensure the full growth of your retirement savings.

How much of your pre-retirement income should be replaced with retirement income once you settle down?

A) 65% to 75%

B) 75% to 85%

C) 85% to 95%

If you went with (B) 75% to 85%, you were right on the money. That’s how much of your income you should be able to live on annually in retirement, per Matt Fleming, wealth advisor executive at Vanguard.

How much should you plan on withdrawing from your (hopefully $1 million) retirement fund once your retirement begins?

A) 4%

B) 11%

C) 23%

Did you go with (A) 4%? That is the standard withdrawal amount you should plan on after saving $1 million, according to many experts. That would enable you to live on approximately $40,000 per year. Why such a low amount? With life expectancies continually extending, retirements are lasting longer and longer — meaning your retirement fund can’t be splurged all at once.

Hopefully, Social Security factors in as well — as of June 2025, that would have added an average of $22,000 per year to your retirement funds.