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The short answer: It depends.

Once upon a time, a million dollars felt like a fortune. These days, it’s more like a solid starting point. The real question is: Will $1 million be enough to support the retirement you’re envisioning? If your lifestyle is modest—manageable expenses, no major surprises—it’s possible.

But if you’re dreaming of travel, experiences, and dynamic living, one million might not stretch as far as you’d like without a thoughtful goal-based retirement strategy.

Why $1 Million May Not Be Enough

Retirement is more than reaching a financial milestone. Your future depends on how you navigate these critical factors:

  • Healthcare Costs: Medical expenses tend to rise with age, eroding savings faster than expected.
  • Living Expenses: From mortgages to everyday costs, sustaining your lifestyle requires a clear understanding of essential expenditures.
  • Taxes: Retirement doesn’t exempt you from taxes. Strategic planning can help protect your wealth from paying more.
  • Inflation: Today’s dollars won’t carry the same weight tomorrow. Your money must keep pace.
  • Education Costs: Balancing retirement goals with funding grandchildren’s education calls for a strategic approach.
  • Unexpected Expenses: Life has a way of surprising us—be it market volatility, emergency repairs, or family needs.

A cookie-cutter approach won’t suffice. Competing priorities—career growth, family responsibilities, and wealth-building—demand a plan tailored to your unique circumstances.

Why You Need a Strategic Plan

Retirement planning isn’t just about saving—it’s about strategy. A do-it-yourself approach may no longer suffice. With growing income and shifting priorities, your plan should adapt. Retaining more of what you earn and aligning your wealth with your goals is essential.

To retire with confidence—not just hope—your plan should be tailored to your specific circumstances. Here’s how to get started:

  • Define your retirement goals: Map out your ideal retirement lifestyle.
  • Account for challenges: Factor in inflation, rising healthcare costs, and unforeseen events.
  • Diversify with intention: Build a portfolio that balances growth with risk management.
  • Leverage professional advice: Work with a financial advisor who understands your challenges and growth potential.

Plan Early, Retire Confidently

For high-earning professionals in Tennessee, $1 million is a great start—but it’s rarely the full picture. With the right strategy, you can move beyond uncertainty and start building a future that aligns with your ambitions.

At Seven Springs Wealth Group we created the C.O.U.R.S.E. process to simplify and support your retirement planning journey.

  • Connect: Start by connecting with our financial planning team to get your journey underway.
  • Organize: Collaboratively organize your financial landscape for clarity and structure.
  • Uncover: Identify potential risks and opportunities.
  • Refine: Tailor your plan with actionable steps aligned with your goals.
  • Support: Receive ongoing guidance and advice to keep you on track.
  • Empower: Achieve measurable results and move confidently toward a secure retirement.

Start your journey to a confident retirement—connect with us today.

All investing involves risk, including the possible loss of principal. Nothing contained herein should be construed as individualized advice and is for informational purposes only. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be suitable or profitable for a client's investment portfolio. Past performance is no guarantee of future performance. Seven Springs Wealth Group is an investment adviser registered with the US Securities and Exchange Commission (SEC). Registration does not imply any level of skill or training. For a complete discussion of Seven Spring Wealth Group’s services and fees, you should carefully review the firm’s disclosure brochure available at www.adviserinfo.sec.gov

Dennis Carter, CFP®
by Dennis Carter, CFP®
July 30, 2025