The answer depends on your lifestyle and other sources of income. But, let's take a hypothetical example. Let's say at 65, you retire and have $15,000 per year coming in from social security and have grown your $500,000 to $1,000,000. An easy solution would be to put your savings into an annuity, which is a life insurance product that pays you for the rest of your life. Depending on the annuity, with $1M, you can probably get around $55k per year in payments (or 5.5%) at the age of 65. With your social security income and annuity payments, that's about $70k of income per year for the rest of your life. Try this retirement calculator for more exact details.