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Got $1 million to retire? Here’s how long it will last, by U.S. state


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2017 Nov 20, 2:20pm   4,040 views  12 comments

by MrMagic   ➕follow (2)   💰tip   ignore  

If your vision for retirement was basking in a tropical paradise, let’s hope your vision of tropical paradise resembles something more like Mississippi and less like Hawaii.

Either that, or let’s hope you were planning on a short retirement.

Data analysis site HowMuch analyzed how far $1 million goes in retirement in every U.S. state. And it turns out, you can stretch $1 million about twice as far in Mississippi as you can in Hawaii. HowMuch crunched the numbers based on the Cost of Living Index for Q2 of 2017 as well as average annual expenditure of persons with 65 years and above.

$1 million would allow the average retired person in Mississippi to live for 25 years and 6 months. $1 million only gets you 13 years and 1 month of retirement in Hawaii.



These are the top 5 states for stretching your $1 million as long as possible in retirement:
State How long $1 million lasts in retirement
Mississippi: 25 years, 6 months
Arkansas: 25 years
Tennessee: 24 years, 5 months
Kansas: 24 years, 5 months
Oklahoma: 24 years, 4 months

And these are the 5 worst states:
State How long $1 million lasts in retirement
Hawaii: 13 years, 1 month
District of Columbia: 14 years, 2 months
California: 15 years
Oregon: 16 years, 7 months
New York: 16 years, 7 months

https://www.marketwatch.com/story/got-1-million-to-retire-heres-how-long-it-will-last-by-us-state-2017-10-13
#economics

Comments 1 - 12 of 12        Search these comments

1   anonymous   2017 Nov 20, 2:28pm  

Sniper says
Why is it that the majority of Worst States are "Blue" liberal controlled states?

'Cause people are making more money in those states?
2   anonymous   2017 Nov 20, 2:30pm  

About Europe, Cuba, Chile?
3   bob2356   2017 Nov 20, 4:44pm  

Sniper says
Why is it that the majority of Worst States are "Blue" liberal controlled states?


Why is it that the majority of the best states have nothing to offer but poverty, obesity, and stupidity?
4   Strategist   2017 Nov 20, 7:28pm  

anon_fbaed says
Sniper says
Why is it that the majority of Worst States are "Blue" liberal controlled states?

'Cause people are making more money in those states?


The welfare recipients are most certainly making more money here.
5   Strategist   2017 Nov 20, 7:34pm  

Strategist says
'Cause people are making more money in those states?


The welfare recipients are most certainly making more money here.


Why do I have to work harder and longer, just so able bodied fat slobs can do nothing but eat all day long?
Life is so unfair.
6   Strategist   2017 Nov 20, 7:58pm  

Sniper says

Why do I have to work harder and longer, just so able bodied fat slobs can do nothing but eat all day long?
Life is so unfair.


Just make sure you help pay their Obamacare subsidy so they can get coverage for their obesity problem.


You mean I have to pay to feed them all day long, and then pay again because I fed them too much?
WTF.
7   anonymous   2017 Nov 21, 7:50am  

anonymous says
Pensions, universities and nonprofits are stashing public money offshore, despite secret documents that acknowledge the risks.


If you're relying on a pension for financial security in retirement, plan on being screwed.
8   zzyzzx   2017 Nov 21, 8:16am  

Can't you just not save for retirement, then move to CA or NY and go on welfare?
9   Strategist   2017 Nov 21, 8:22am  

zzyzzx says
Can't you just not save for retirement, then move to CA or NY and go on welfare?


Stop giving them ideas. We can't afford to feed them here.
10   zzyzzx   2017 Nov 21, 8:24am  

Kind of surprised that PA was cheaper to live than DE. Maybe not too surprised to see FL near the middle. I suspect that it really depends on what part of the state.

Speaking of retirement, the GF and I have been casually looking around at places, and one of the things I really hate about a LOT of the places that (at least) initially look good is a lack of a basement, and a lack of a natural gas line to the house. I kind of understand why someplace out in the middle of nowhere, even in the northeast would have no natural gas, but there seems to be plenty of places in suburbia where it's also an issue. And with the basements, take Delaware as an example. Near Wilmington, having a basement is pretty standard, but get below the canal, and it's like they have never heard of them. Basements also seem to be scarce in a lot of places in Florida and South Carolina too. Even places that are plenty high enough above the water, etc. I know of one area near Baltimore City where only the houses right next tot eh Chesapeake Bay, don't have basements, but everyplace else does (even the house across the street)! How the fuck does anyone live in a place without a basement? Slabs and crawl spaces totally suck ass.
11   FuckTheMainstreamMedia   2017 Nov 21, 8:58am  

Strategist says
zzyzzx says
Can't you just not save for retirement, then move to CA or NY and go on welfare?


Stop giving them ideas. We can't afford to feed them here.


We already have enough people living in Garcettiville's. No more please.
12   anonymous   2017 Nov 21, 9:47am  

Retirement fears are overblown - it is possible when combining 401K + pension + social security that you will fully replace your working age income. Unless you worked for employer that took away your pension because you listened to koch brother arte de propagandiste.

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