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

[ejvette]

So subjective everyone's life style and spending habits are different

[BNA/LION]

Originally Posted by ejvette

So subjective everyone's life style and spending habits are different

Yup. We all agree on life style and spending habits but this is a general idea based on someone retiring and how far their $1M will go in each city.

[Laszlo]

If you pay off your home that's been maintained and you have a few cars paid off as well... and a collection of items that make you personally happy, you can easily live on a dime and still be quite happy in retirement. It's the people who continue to roll over credit and continue to suck their equity out of their homes and everything else under the sun to live the 'high-life' that end up living in struggle when that time comes. Be smart and you'll be fine...

[GB-man]

Originally Posted by Laszlo

If you pay off your home that's been maintained and you have a few cars paid off as well... and a collection of items that make you personally happy, you can easily live on a dime and still be quite happy in retirement. It's the people who continue to roll over credit and continue to suck their equity out of their homes and everything else under the sun to live the 'high-life' that end up living in struggle when that time comes. Be smart and you'll be fine...

Preach!

Money goes fast but I like to balance it by having major items paid off. Gives me comfort that when worst comes to worst I can survive off minimum wage if need be.

[Laszlo]

Originally Posted by GB-man

Preach!

Money goes fast but I like to balance it by having major items paid off. Gives me comfort that when worst comes to worst I can survive off minimum wage if need be.

Exactly!

[DLRIDES]

Originally Posted by Laszlo

If you pay off your home that's been maintained and you have a few cars paid off as well... and a collection of items that make you personally happy, you can easily live on a dime and still be quite happy in retirement. It's the people who continue to roll over credit and continue to suck their equity out of their homes and everything else under the sun to live the 'high-life' that end up living in struggle when that time comes. Be smart and you'll be fine...

/\ This /\

Debt at retirement age is rampant, and void of economic responsibility. Most (here in the states) have lived far beyond their means playing the “look at me” game.

[pickettt]

Originally Posted by Laszlo

It's the people who continue to roll over credit and continue to suck their equity out of their homes and everything else under the sun to live the 'high-life' that end up living in struggle when that time comes.

It's the new slavery......and people actually volunteer for it.

[OgSnowflake]

I want every last bit of what the author is smoking thinking 1m is gonna last me 17 yrs 4 months in Massachusetts ...borderline laughable.

[77T]

When I read the source material I found they only accounted for eating, sleeping and a visit to the doctor once in a while...
...wouldn’t it have been easier to say for those things that Hawaii is expensive and Mississippi ain’t?


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[Star Ferry]

I could live 60 years on a million dollars if I needed to. I'd move to Thailand, buy a modest condo, go swimming everyday, and be happy

IDK why so many people feel entitled to McMansions, luxury cars, vacation homes, etc.

[BNA/LION]

Originally Posted by Star Ferry

I could live 60 years on a million dollars if I needed to. I'd move to Thailand, buy a modest condo, go swimming everyday, and be happy

IDK why so many people feel entitled to McMansions, luxury cars, vacation homes, etc.

Ha! Just talked to a good friend the other day who did that in his 40's. Never married and just wakes up reads that paper in the morning, looks at the markets, plays golf, lays by the pool and works out. He is over 50 now so he has retirement status now but still leaves Thailand to go to the Philippines for a month and few weeks here and there to the States. He love sit!

[Gaijin]

Originally Posted by BNALION

Ha! Just talked to a good friend the other day who did that in his 40's. Never married and just wakes up reads that paper in the morning, looks at the markets, plays golf, lays by the pool and works out. He is over 50 now so he has retirement status now but still leaves Thailand to go to the Philippines for a month and few weeks here and there to the States. He love sit!

This is potentially my future. Life long bachelor semi retired but only plan on working at my current job a few more years. If that.

Then swim, do yoga, volunteer with rescue dogs and drink a few beers in the Philippines or Thailand.

[TheVTCGuy]

Originally Posted by Gaijin

This is potentially my future. Life long bachelor semi retired but only plan on working at my current job a few more years. If that.

Then swim, do yoga, volunteer with rescue dogs and drink a few beers in the Philippines or Thailand.

Take me with you

[Gaijin]

Originally Posted by TheVTCGuy

Take me with you

Absolutely Paul.

[superdog]

Originally Posted by BNALION

Ha! Just talked to a good friend the other day who did that in his 40's. Never married and just wakes up reads that paper in the morning, looks at the markets, plays golf, lays by the pool and works out. He is over 50 now so he has retirement status now but still leaves Thailand to go to the Philippines for a month and few weeks here and there to the States. He love sit!

This was almost me. I married when I was 40. Until then, my life was relatively easy and carefree. Sure, I was the same anxious guy that I am now, but I really had very little in terms of long term responsibility.

Being married, and I love being married and am grateful to my wife, it adds a bit of stress. Especially as she has a health condition that requires we are near a hospital that has the capability to address her medical requirements. But
I digress.

That all said, I too think if push comes to shove, I could survive a very long time on a million dollars. I would need to curtail my current spending habits, but that is ultimately very easy.

When it all comes down to it, I have everything I need, and need nothing more except health insurance and food.

There is a big part of me that absolutely loves the idea of making a change now. Get out of my business, get a job working at a gym, collect a paycheck and have health insurance.

[Gaijin]

Originally Posted by Star Ferry

I could live 60 years on a million dollars if I needed to. I'd move to Thailand, buy a modest condo, go swimming everyday, and be happy

IDK why so many people feel entitled to McMansions, luxury cars, vacation homes, etc.

[Magwitch]

Anything from AARP is the absolute least trustworthy statistic. My advisor tells me that the two considerations in retirement are debt and lifestyle. As you probably have ascertained by now, I have neither and consider myself the better for it.

Mrs. Magbitch and I live on SS and two small pensions. I put my 401(k) funds into an annuity in 2009 which yields an annual step-up of 7% net of fees, unless the investments do better than that, in which case I get the greater. Obviously it has grown over the last 8 years, and I have not taken it yet. Payout continues for 20 years or until I drop dead, whichever is later.

[beshannon]

Far too many flawed assumptions for this to be useful.

They also do not take into account earnings on the principal as well as future inflation

[77T]

Originally Posted by beshannon

Far too many flawed assumptions for this to be useful.



They also do not take into account earnings on the principal as well as future inflation

Agree -
IMHO the headline is written for “link bait” value. An accurate description is an unscientific review of living costs in the 50 States.

To get to their flawed stat they simple extrapolated costs, and did a little long division without regard to active wealth management.

But I will agree Hawaii is more expensive than Mississippi


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[larsr]

Originally Posted by beshannon

Far too many flawed assumptions for this to be useful.

They also do not take into account earnings on the principal as well as future inflation

The value in the analysis is not the absolute conclusions, but the relative ranking among states for "mean expenses". That is useful, albeit not terribly surprising that on average your money will last longer in Alabama compared to Hawaii.

[gmh1013]

I have spent over 40k a year on medical alone.....so if you dont get sick, need glasses, see a dentist etc....you may can make it off 1 million for 20+ years but dont bet on it.....I retired at 49 thinking we had plenty to last till 80+....was I so wrong ......thinking CD rates would never drop below 4 points etc. I would double the amount just to be sure. Ive been told I have 2-5 more to live with all the autoimmune and MS, diabetes, heart problems....hell i could die next week. Im going to run out of life before money but for the average guy/gal/family I would say closer to 2 million? min to live a decent life style, to travel, buy Rolexes,help grand kids if you have them and not having to sit home watching the wheel of fortune because of limited funds etc...and if your house is paid off thats a big plus also.

[JasoninDenver]

I would be interested to know how this same calculation applies to other countries where ex-pats typically go.

[pickettt]

Originally Posted by JasoninDenver

I would be interested to know how this same calculation applies to other countries where ex-pats typically go.

We plan on leaving, when the time comes. More of a lateral move though, more so than a lower cost of living.

[Wcdhtwn]

I thought TX would do well before I read it but #8 is better than I expected.

[gwalker]

This is like asking how long will u live. No real answer. Invest and get lucky and it could last forever. Just in cash depends on lifestyle and location. We ate at Daniel in NYC a few years ago and I’d say about 1000 dinners...... I’m not even going into cars or boats. Heck a new 430 Boston Whaler will set you back $800k for a center console. Spend wisely.


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[Ferrari308]

Retiring in 8 months to Mississippi....seriously.


:)