Why $1M Might Not Be Enough for My Retirement Dreams (or Yours)
The cost to retire in each state makes all the difference.
From GOBankingRates.com, August 6, 2018
You’ve probably heard at least one financial advisor say $1 million is the magic number to have saved for retirement. According to a new GOBankingRates study, that same $1 million will last plenty long in retirement — or not nearly long enough. It will last you anywhere from 11 to 26 years, depending on the state you live in. For someone living in and retiring to Mississippi — the least expensive state — this is good news. For those in Hawaii — the most expensive state — not so much.
The annual cost of living for someone 65 and older range from $38,435 (Mississippi) to $85,243 (Hawaii), with a mean of $47,788.
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