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Retiring with $1 million may leave you with less than $2,800 per month to spend. Here's why

What your monthly budget will be if you retire with $1 million

Nobody wants to run out of money in retirement.

Traditional wisdom says you should plan to live off 4% of your nest egg per year after you retire, which would give your investments enough of a cushion to sustain a lengthy retirement.

But based on recent market trends, the new rule of thumb should be 3.3%, according to researchers at Morningstar.

Check out this video to learn what the new change would mean for people who retire with $1 million.

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