Core Insights - Retirees with $1 million in their IRA at age 70 need to plan carefully to ensure financial security for potentially two decades or more [1] - A financial advisor can assist in analyzing income needs and developing a sustainable retirement plan [2] Group 1: Basics of Making Savings Last - Personal financial situation and retirement lifestyle preferences are crucial in determining how to utilize the $1 million IRA [3] - A realistic budget should account for healthcare, taxes, and inflation, as $1 million may not support an extravagant lifestyle [3] - If the IRA must cover over half of retirement costs, a more modest lifestyle or delaying retirement may be advisable [4] Group 2: Managing Risk in Retirement - A conservative spending approach, such as a 4% annual withdrawal rate, can enhance the likelihood of savings lasting throughout retirement [5] - Appropriate investment strategies, like a 60% stocks and 40% bonds allocation using low-fee index funds, can help manage risk while aiming for solid returns [5] - Exploring alternative income sources, such as Social Security, part-time work, and annuities, before tapping into the IRA is recommended [5]