$1 million sounds like a lot of money. Imagine what you could do if a stranger gifted you that much cash today. While it might be an enormous windfall right now, when you’re talking about the future and retirement, suddenly $1 million doesn’t seem like such a large sum. Proper planning is essential to a long and happy life. That’s why more and more Australians are coming to terms with the fact that $1 million may not support their lifestyle after retirement.