This Is What a $10M Retirement Actually Looks Like

Jan 4, 2026

Exploring a $10 million retirement reveals unexpected complexities. The focus shifts from lavish spending to smart financial planning, addressing income needs, taxes, and lifestyle choices. James highlights how high-net-worth retirees often struggle with defining their spending and managing withdrawal rates. He explains the importance of estate planning, charitable giving, and the critical role of Social Security. Wealth doesn't ease the burden; it amplifies it, necessitating intentional strategies for a fulfilling retirement.

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ANECDOTE

How They Reached Eight Figures

Roger and Catherine accumulated almost $7M in stock from equity compensation and also hold 401(k)s and IRAs.
Their situation typifies many $10M+ households who reached wealth via business sale or employer equity appreciation.

ADVICE

Model Cash Flows Before You Decide

Start planning retirement cash flows by modeling specific spending needs and income timing, not just a headline number like "$10M".
Use salary, Social Security timing, and account types to map when portfolio withdrawals will be required.

INSIGHT

RMDs Quietly Raise Your Tax Bill

Taxes and required minimum distributions materially reshape cash flow well into retirement and can spike tax bills later.
RMDs around age 75 can significantly increase federal taxes even if lifestyle doesn't change.

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A $10 million retirement is often imagined as the finish line — complete freedom, unlimited spending, and no financial stress. The reality is more complex.

James walks through what an eight-figure retirement actually looks like by examining a real planning scenario for a couple entering retirement with roughly $10 million in assets. Rather than focusing on luxury or excess, the conversation centers on how income, taxes, investment structure, and lifestyle decisions evolve once work stops and the margin for error gets smaller.

At this level of wealth, the biggest challenge isn’t running out of money. It’s deciding how to use it well. James explains why many high-net-worth retirees struggle to define spending, how withdrawal rates change over time, why required distributions and taxes quietly reshape cash flow, and how Social Security, charitable giving, and estate planning become critical pieces of the overall strategy.

The episode highlights an often-overlooked truth: wealth doesn’t eliminate complexity — it shifts it. Confidence in retirement comes from alignment and intentional planning, not from chasing the largest possible ending balance.

This episode is for anyone approaching retirement with significant assets who wants a grounded, realistic perspective on what a $10 million retirement actually involves.

Advisory services are offered through Root Financial Partners, LLC, an SEC-registered investment adviser. This content is intended for informational and educational purposes only and should not be considered personalized investment, tax, or legal advice. Viewing this content does not create an advisory relationship. We do not provide tax preparation or legal services. Always consult an investment, tax or legal professional regarding your specific situation.

The strategies, case studies, and examples discussed may not be suitable for everyone. They are hypothetical and for illustrative and educational purposes only. They do not reflect actual client results and are not guarantees of future performance. All investments involve risk, including the potential loss of principal.

Comments reflect the views of individual users and do not necessarily represent the views of Root Financial. They are not verified, may not be accurate, and should not be considered testimonials or endorsements

Participation in the Retirement Planning Academy or Early Retirement Academy does not create an advisory relationship with Root Financial. These programs are educational in nature and are not a substitute for personalized financial advice. Advisory services are offered only under a written agreement with Root Financial.

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