But defining wealth can be tricky and having $1 million can last a “lifetime”..or not.
Much depends on your age, your health and where you live.
A fascinating article came across my computer screen titled: How Long $1 Million Will Last in Retirement in Every State by Andrew Lisa, Go Banking Rates (November 10, 2017)
Follow the link below for the entire article.
http://time.com/money/5017751/how-long-1-million-will-last-in-retirement-in-every-state/?
According to the article “the buying power of $1million varies wildly depending on where you live..”
The data was analyzed by GoBankingRates based on the average total expenditures for aged 65+ seniors in all states and included the ‘basics’ of groceries, housing, utilities, transportation and healthcare. (Remember, we are considering overall average spending across all categories.)
Colorado ranked #33 of all states and having $1 million would last exactly 22 years, or in other words the $1 million would take you 22 years to spend down on those necessities mentioned. As a calculation, if you retired at age 65 in Colorado with $1million, that money would last you until you reached the age of 87 (on average).
The other states with 22 years expectancy were Virginia and Nevada.
The state where $1 million in retirement funds would not last very long was Hawaii, with a meager 11 years 11 months expectancy.
Thus, according to the data, if you retired in Hawaii, your $1 million would be used up within just under 12 years.
The state where you would get the most ‘bang for your buck’ is Mississippi where having $1 million of retirement funds could be expected to last a whopping 26 years 4 months.
Do you want to know how your state ranked? Follow the above link.
(Note: The data was produced in 2017)
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