How much is one million dollars worth of retirement savings in each state
The question that older people are increasingly asking is whether they will have enough of a million dollars in retirement savings. The answer depends on where to live, according to нnew research GOBankingRates .
A million dollars is only a rough estimate, and there are many variables in planning retirement: how long you will live; Do you plan to sell your home? how taxes and investment income will affect your retirement income; how inflation will affect your spending; what happens if you become incapacitated as a result of the disease.
The reality is that few retirees were able to set aside about a million dollars. A BlackRock 2016 survey of the year showed that, on average, a baby boomer between the ages of 55 and 65 put aside only $ 136 000 for retirement.
This means that many people will need to save money and, possibly, move to another state where the deferred money will remain safe for longer.
GOBankingRates, a personal financial site, pointed out the state of Mississippi as the most profitable. With a million dollars, the average retiree can live here for 26 years and 4 a month. And Hawaii is the state where your savings run out the fastest - in 11 years and 11 months.
As a result of the US census, the average retirement age was 63 of the year. At 65 years of age, Americans have a life expectancy of about 19 years. In this way, you will receive two decades during which savings, pensions, household capital, and social benefits will become your primary means of financial support.
If you managed to put off 1 million, here are five states where your savings will be more than enough:
- Mississippi (26 years, 4 of the month)
- Arkansas (25 years, 6 months)
- Oklahoma (25 years, 2 of the month)
- Michigan (25 yrs)
- Tennessee (25 yrs)
And seven states where savings run out the fastest:
- Hawaii (11 years, 11 months)
- California (16 years, 5 months)
- Alaska (17 years)
- New York (17 years, 1 month)
- Connecticut (17 years, 4 of the month)
- Maryland (17 years, 4 of the month)
- Massachusetts (17 years, 4 of the month)
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