How Long $1M in Retirement Savings Will Last in Every State

[Mavric]

Quote

50. Hawaii - $1 million will last: 11 years, 11 months

 

16. Nebraska - $1 million will last: 23 years, 10 months

   The annual cost of transportation in Nebraska is $7,051, which is the only category that is more expensive than the national average. Housing costs just $13,743, and at $3,204, the cost of annual utilities are also relatively inexpensive. When everything is calculated, retirees can expect to spend about $41,939 in the state of Nebraska.

 

1. Mississippi - $1 million will last: 26 years, 4 months

 

Money

[BigRedBuster]

I turned 50 this year.  I have always thought saving for retirement was important.  But, I have spent some time assessing where we are at.  Our house should be paid off in the next few years, so that should help out a ton.

 

Obviously, this all depends on your standard of living.

[RedDenver]

If anyone wants to get started in saving for retirement or just learn the basics, I recommend the book Investing for Dummies.

[ColoradoHusk]

38 minutes ago, RedDenver said:

If anyone wants to get started in saving for retirement or just learn the basics, I recommend the book Investing for Dummies.

 

Here are some basics.

 

1)  The earlier you start saving for retirement the better.  Let that money work for you by being invested over the long haul.

2)  If your company offers a 401(K) match, put away whatever it takes to get the full amount of the company match.  That is FREE money.

3)  Invest in the stock market while you are young, and shift it towards debt instruments as you get closer to retirement age.  You can handle swings in the stock market while you are young, but you want to be in more conservative investments as you get older so your nest egg is preserved.

[RedDenver]

9 minutes ago, ColoradoHusk said:

 

Here are some basics.

 

1)  The earlier you start saving for retirement the better.  Let that money work for you by being invested over the long haul.

2)  If your company offers a 401(K) match, put away whatever it takes to get the full amount of the company match.  That is FREE money.

3)  Invest in the stock market while you are young, and shift it towards debt instruments as you get closer to retirement age.  You can handle swings in the stock market while you are young, but you want to be in more conservative investments as you get older so your nest egg is preserved.

Good advice. Also:

4) Pay off debt that has an interest rate near or above the expected rate of return on the market (basically, pay off debts with a rate >5% before investing; the exception being a mortgage because the interest is tax-deductible)

[BigRedBuster]

My Mom and Dad had friends who retired and moved to California.  One year later they moved back.  Their quote was...."You can live a lot more comfortably being poor here than there".

 

Something I will consider when I'm at retirement is what state has the best tax laws for me.  If there's a state I would like to live in that's lower....I'll strongly consider moving.

 

 

[ColoradoHusk]

13 minutes ago, BigRedBuster said:

My Mom and Dad had friends who retired and moved to California.  One year later they moved back.  Their quote was...."You can live a lot more comfortably being poor here than there".

 

Something I will consider when I'm at retirement is what state has the best tax laws for me.  If there's a state I would like to live in that's lower....I'll strongly consider moving.

 

 

Texas and Florida are the 2 states that I can think of that have no income tax.  Not sure about any others.  Texas does have high property taxes though, to offset the lack of income tax.

[BigRedBuster]

15 minutes ago, ColoradoHusk said:

Texas and Florida are the 2 states that I can think of that have no income tax.  Not sure about any others.  Texas does have high property taxes though, to offset the lack of income tax.

Wyoming, Alaska.

 

Nebraska is a high tax state.  Which, I'm not going to get in an argument here about that.  It's just a fact.

 

There are others who are lower in taxes.  But, you then also have to look at the rest of the cost of living.