I was just laid off at age 55 and have a $2M net worth. Getting hired again at my age could be tough — do I have enough to retire?

So, can his funds support him long-term if he quits? Here’s what the experts have to say.

Is $2 million enough to retire on?

Determining if $2 million is enough to retire on isn’t as easy as it seems.

“This is a hard question to answer without knowing about lifestyle and family dynamics,” Charles Czajka, founder of Macro Money Concepts, told Moneywise, while Mary Ware, senior wealth advisor and managing partner of Carnegie Private Wealth, explained that “$2 million may sound like a huge amount to some and not nearly enough to others.”

Ware told Moneywise that “the right number for you depends on the life you expect to live in retirement, and the unexpected things that might arise.” She suggested that Will evaluate factors like his debt level, retirement travel plans, whether leaving an inheritance matters to him and how he’ll get health insurance coverage before Medicare eligibility begins.

“Medicare does not start until age 65, so those costs must be considered,” Czajka warned. And Will’s long timeline also matters. “At 55, you also have to consider that this money may need to support you for 40 years or more,” Ware said.

How can you decide whether you’re ready to retire?

Since $2 million may or may not be enough, depending on Will’s habits, he’ll need to take a close look at those habits to decide whether he can stop working now.

“The first thing that I would do is sit down with a financial professional and build a budget of your necessary expenses and then a budget for your dream retirement,” Domenick D’Andrea, a financial advisor and co-founder of DanDarah Wealth Management, told Moneywise. “After you have a budget, then your financial professional can build you an income plan. If the numbers look good, you can retire at 55.”

Will is going to want to make sure he can generate the income he needs at a safe withdrawal rate, which means not taking too much money out of accounts too fast. “The gold standard of many investment advisors is a 4% benchmark, meaning an $80,000 annual income,” Czajka said.