Depends on your age. We have friends in their early 50s who were told by a financial advisor that they need $2.5M before they should consider retiring. If you are at or near retirement, I'd think $2M would be more than enough.
I've run spreadsheets out the wazoo, and if I can make about 0.5% above inflation in my investments, I'll die with more money than I have right now. Fidelity has run several scenarios for me also. In a "much worse than average" economy I'll leave more money to my kids than I have right now. In a "normal" economy their inheritance will double.
It's really interesting, once you retire your strategy changes from "amass as much $ as you can" to "minimize taxes to the fullest extent possible". A very different mentality, for sure...
I've run spreadsheets out the wazoo, and if I can make about 0.5% above inflation in my investments, I'll die with more money than I have right now. Fidelity has run several scenarios for me also. In a "much worse than average" economy I'll leave more money to my kids than I have right now. In a "normal" economy their inheritance will double.
It's really interesting, once you retire your strategy changes from "amass as much $ as you can" to "minimize taxes to the fullest extent possible". A very different mentality, for sure...