How much money do you need to retire comfortably? That’s a loaded question most people cannot answer.

Saving money is tough. It is said that most Americans are one emergency away from bankruptcy. But what if you could save $1 million? How far would that get you in your golden years?

Dr. Hanny Shawky, professor of economics at the University at Albany, said even $2 million for a couple in a retirement account would leave them scraping by.

“And given the prices today and the inflation we’re seeing today, that’s about the bare minimum for a family to live with,” Shawky said.

That number is based on a couple who already paid off their home, with very little debt and receiving their Social Security check, which is about $2,000 per month.

Shawky’s been teaching economics for nearly 40 years. He said these days, about $4 million in retirement savings will put you on easy street. But what if you’re staring at retirement with only $1 million in your account? Where does that leave you?

“You live a very, very modest life and not in an expensive area,” Shawky said, “in a kind of inexpensive area of the country.”

For instance, Buffalo has a similar cost of living to the state of Ohio. According to GoBankingRates.com, your $1 million would last you about 21 years. In and around the city of Rochester, which is like the state of Arkansas in cost of living, $1 million would go a little longer than 21 years.

Syracuse is somewhat the same where $1 million would last you more than 21 years. However, in the Albany area, which has a cost of living like the state of Idaho, GoBankingRates says a million will get you 19 years.

Compare that with New York City, though, and your money is cut in half. One million dollars there would only last about 10 years. To make matters worse, Shawky says very few people plan enough to even have a million-dollar nest egg towards the end of their later years.

“Most of the retired people now are searching for part-time jobs and ways to make money,” he added.

But it’s never too late to start if you’re still in your working age window. It’s just a lot tougher as you get older.

Now, private sector employers offer 401(k)s and other retirement savings instruments that rely heavily on the stock market. Shawky says max out your contributions on those investments if you can.

Experts say to keep in mind that you will be taxed when taking money from your 401(k). You might also be taxed on your Social Security check, depending on other sources of significant income. If you do the math, $1 million in savings will get you about $37,000 per year after taxes.