Michigan Is Top 5 Places To Retire…Guess How Much You’ll Need?
We've been talking a lot lately about Millennials having nothing saved for retirement coupled with the fact that many have crushing student debt that will weigh them down for years to come. There have also been articles about the folks who are at retirement age or close and how much money they'll need to retire and not out-live their money.
Recently there was an article on cnbc.com that asked the question: How long would $1 million last in retirement? Then, of course, it would determine where you decided to retire with $1 million. This is important because the cost of living varies in each states and could be the difference between living comfortably or out-living all your money. Here are the states where your $1 million will last the longest:
1. Mississippi- 25 years, 11 months, 30 days
2. Oklahoma- 24 years, 8 months, 24 days
3. Michigan- 24 years, 7 months, 14 days
4. Arkansas- 24 years, 7 months, 4 days
5. Alabama- 24 years, 7 months, 4 days
And here are the states $1 million lasts the shortest:
1. Hawaii- 11 years, 8 months, 20 days
2. California- 15 years, 5 months, 27 days
3. New York- 16 years, 3 months, 22 days
4. Alaska- 16 years, 8 months, 6 days
5. Maryland- 16 years, 8 months, 29 days
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