How long will $1 million last you in retirement? Report says it depends on the state

How long will $1 million last you in retirement? Report says it depends on the state

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Retirement Planning

When it comes to retirement savings, a cool $1 million is the gold standard.

However, these days, that may not be enough. Depending on where you live, a nest egg of that size will barely last a decade.

Considering rising inflation, cost of living and real estate, $1 million stretches a little less every year, according to Andrew DePietro, a research and data analyst at personal finance site GoBankingRates.

GoBankingRates compared average expenses for people age 65 and older, including groceries, housing, utilities, transportation and health care, in every state to come up with how long a nest egg of $1 million would really last during retirement. The report did not take into account investment income over that period.

https://www.freep.com/story/money/personalfinance/retirement/2018/08/08/how-long-1-million-last-retirement-depends-state/916311002/

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