So you've finally hit that $3 million mark in retirement savings. Maybe you sold a business, maxed out your 401(k) for decades, or just had a great run in the market. Either way, you're officially "rich retired." But here's the kicker: you're probably not living like it.
According to the latest Guide to Retirement from J.P. Morgan Asset Management, retirees with nest eggs between $1 million and $3 million spend a median of just $63,480 per year — and that's not a typo. These are people sitting on seven figures, and many of them are spending roughly what the average American household does.
