A target of $1 million in retirement savings is a common goal for many Americans - but it will run out twice as fast in some states compared to others. Nowhere in the US would it last longer than 22 years, 8 months and 12 days.
That is how long seven figures would stretch in Mississippi, the state where a $1 million retirement fund would last the longest, according to the analysis by GOBankingRates.
There is no base point for spending noted, so the article - and the study - may be a bit skewed. Do you need to spend $ 90,000.00 a year to survive?
I sure as fuck don't although lobster and fillet magoons may be out of the picture. The rest of the analysis can be found in this article:
An exercise in math. One million @ 8 percent (article figure) would make 80K per year, so if you reduced spending in theory you wouldn't run out of money.
ReplyDeleteThis can be a little misleading. I moved from metro Atlanta to a small town in rural south GA neat Ft Stewart. In the ATL we averaged $3600 in monthly cost. In Glennville it has been around $2900.
ReplyDeleteOne thing that never gets mentioned is that a million dollars ain't what it used to be.My dad, at retirement made just almost exactly half of what I made at retirement, but in terms of spending power, he was ahead of where I am with twice the dollar amount. In short a millionaire in the 1980's would have to be a $ two-millionaire today.
ReplyDeleteAlternative view: I live 50% better on the same income since I left New York.
ReplyDelete