For Americans planning to retire soon, $1 million may seem like enough money to retire comfortably, but depending on where you choose to spend your working years, that money may not be enough. (unsplash)
For Americans planning to retire soon, $1 million in savings may seem like enough money, but depending on where you spend your working years, that money may or may not be of much use.
new research from go banking rate We analyzed how long a $1 million retirement package would last nationwide.
The study assumed the retirement age to be 65 or older and looked at annual living costs, including housing, utilities, and food, in all 50 states. The researchers used the latest data from the Bureau of Labor Statistics' 2020 Consumer Expenditure Survey and the Missouri Economic Research and Information Center.
In some states, such as Mississippi and Oklahoma, a $1 million retirement benefit will last approximately 22 years.
In other states, such as New York and Hawaii, where the cost of living is already high, a $1 million retirement fund would last less than 15 years.
For California retirees, the annual cost of living is $72,319.57. This means your $1 million retirement benefit will last approximately 14 years.
According to , retirement periods often last more than 25 years. Loyalty.
Financial experts said $1 million may not last as long as it once did in some states due to changes in factors such as inflation.
It's important to note that everyone views retirement benefits differently. Experts, financial institutions, etc. fidelity, We recommend saving approximately 15% of your annual income as a retirement fund.
But it's okay if that amount isn't doable for everyone. Fidelity still recommends saving at least 1% of your annual income until you reach the 15% threshold.
Here's a complete look at Go Banking interest rates. You can see it here.
