Is It Possible To Retire Comfortably With Less Than $1 Million?

According to a new GOBankingRates survey, nearly 60% of respondents believed that experts would suggest they need less than $1 million to be comfortable in retirement. But is that possible?

Yes, Depending on Where You Live

Certain states and locations within those states will cost you much less than big cities like New York and Los Angeles.

Yes, If You Can Downsize

Downsizing can reduce costs like your mortgage or rent, property taxes, maintenance costs and the amount you pay for utilities.

Yes, If You Can Work Part Time or on a Side Gig

Stretch your retirement savings by making extra money through a side gig or part-time work.

Not Likely, If You Lead an Extravagant Lifestyle or Live In an Expensive City

If you need $10,000 a month to fund your lifestyle, even $800,000 -- invested at a rate of 4% annually -- will only last you about eight years.