How Long $1 Million in Retirement Will Last in Every State

[Rainger99]

Most expensive state is Hawaii and cheapest state is West Virginia.

Florida is 22nd.

How Long $1 Million in Retirement Will Last in Every State | GOBankingRates (https://www.gobankingrates.com/retirement/planning/how-long-million-last-retirement-state/)

[mike234]

well, it still seems to me that people think they are going to last forever...get it, spend it, enjoy it....and if you love your kids, start giving it to them...

[ThirdOfFive]

Most expensive state is Hawaii and cheapest state is West Virginia.

Florida is 22nd.

How Long $1 Million in Retirement Will Last in Every State | GOBankingRates (https://www.gobankingrates.com/retirement/planning/how-long-million-last-retirement-state/)
Florida

Annual groceries cost: $4,783
Annual housing cost: $12,557
Annual utilities cost: $4,189
Annual transportation cost: $4,805
Annual healthcare cost: $7,321
Total annual expenditures: $58,396
How long $1 million will last in savings: 17 years, 1 month, 13 days

Pretty deceiving. Apparently the article (from which the above is excerpted) assumes that the $1 million is ALL the retiree has to live on. No pension. No SS. No other investments. Nada.

In the first place, even if that amount is all you have, my guess is that you're not going to be keeping that money stuffed in some mattress. It is going to be in a bank, and means it will be earning interest, so that amount will last much longer than 17 years. Also that "housing" cost is obviously for a house payment, given that even a studio apartment in Florida rents for only $50 shy of $2,000 per month average, so that means that you will be gaining equity in your house with each payment you make--and over 17 years that will be a pretty significant amount.

Plus, "comfortable retirement" is a meaningless phrase; or rather it can mean entirely different things to just about everyone.

If an article wants to talk about cost of living, then fine. THAT means something. But to start from the premise that this article apparently does, is just silly.

[mrf6969]

Not sure this article is very objective. Factors maybe not considered is do you have a mortgage or not? Are you debt free in all categories? Are you still supporting some family members?
Will you be receiving money from an estate when relatives pass? Do you own a other properties that you will be selling in time to add to your nest egg later?
I think it is more than just saving a million dollars.
I am sure there are many other factors if anyone wants to weigh in.

[Jim1mack]

The transportation cost is very unrealistic for someone retired especially for a Villager. We're not commuting to a job. We spend less than half that - gas’s, insurance, maintenance.

That $1M in a simple saving account that pays 4.5 APR. will generate $45k a year alone. Add in SS and pension you may never have to touch that $1M principal.

[CoachKandSportsguy]

The transportation cost is very unrealistic for someone retired especially for a Villager. We're not commuting to a job. We spend less than half that - gas’s, insurance, maintenance.

That $1M in a simple saving account that pays 4.5 APR. will generate $45k a year alone. Add in SS and pension you may never have to touch that $1M principal.


not the point of the article.
TV is not an average retirement location. .

these types of articles are meant to show people that at their current working lifestyle,
and excluding additional sources of income, $1M is not as large a saved amount as many think it is.

And just for a reality check, what did each calculation use for inflation of expenses? The 17 years calculation did not account for inflation or the assumption wasn't stated., which is always overlooked in many of these articles. . .

good luck. .

[justjim]

Not sure this article is very objective. Factors maybe not considered is do you have a mortgage or not? Are you debt free in all categories? Are you still supporting some family members?
Will you be receiving money from an estate when relatives pass? Do you own a other properties that you will be selling in time to add to your nest egg later?
I think it is more than just saving a million dollars.
I am sure there are many other factors if anyone wants to weigh in.

Correct. It’s safe to say if you were prudent enough to “save” a million dollars you are very likely to have other assets and enough to make you comfortable in retirement. The article is very subjective.