Got $2M saved? You should (probably) retire immediately. Don't sacrifice it all for nothing

If you have $2 million saved for retirement, you should likely retire immediately, according to a survey of Americans in workplace retirement plans. However, some millionaires find it difficult to give up their career and regular income. Older workers may aim to retire with a little more money in the bank to avoid the fear of running out of funds.

Jeff Bezos backs a platform that allows anyone to invest in rental properties for as little as $100. Gold IRA investing is also becoming popular as a way to protect wealth through tax-advantaged accounts. While the average life expectancy in the U.S. is 76.4 years, health-adjusted life expectancy is lower at 63.9 years. This means that retiring at 60 may only leave a few years of full health before health declines set in.

With $2 million in a retirement portfolio, it's unlikely that most millionaires would need to continue working to avoid poverty. Long-term care insurance can help cover the high costs of in-home assistance, nursing homes, or assisted living facilities. For a $2 million portfolio, the 4% rule suggests annual withdrawals of $80,000, which may be sufficient for many retirees based on the average annual spending of a household aged 65 to 74 ($65,354).

However, if spending is more expensive or highly discretionary, $2 million may not be enough. Retirees should also ensure they have an 18-to-24-month emergency fund to cover unexpected expenses.