This will largely depend on two factors - your side income and your expenses. If you have side income coming in on top of your $1 million, you will be in a better position. If you make $500 a month from your side income, whether that is from dividends or interest, and your expenses are $400 a month, you can live forever and still have the $1 million the day you enter heaven. Here is a calculator that will help you with your estimation of how much you need.