Pension savings of $ 1 million: how much will be enough in different cities of the USA
Financial experts often recommend saving up to $ 1 million for a comfortable retirement. But for many Americans, this amount may not be enough to live carefree during retirement years. Writes about it CNBC.
Фото: Depositphotos
To determine how much the fund will have in the amount of $ 1 million, we examined the average expenses of pensioners, including spending on food, healthcare, transportation, housing and utilities, cost of living and profitability of investments in major US cities.
The study used data from the Bureau of Labor Statistics and the Council for Social and Economic Research. According to these data, it was calculated how many years pension savings of $ 1 million will be enough in different cities of the USA.
Columbus (Ohio)
How many years will have enough savings of $ 1 million: 25
Annual Housing Costs: $ 7 175
Annual food expenses: $ 6 067
Annual Transportation Costs: $ 6 965
Houston (Texas)
How many years will have enough savings of $ 1 million: 24
Annual Housing Costs: $ 8 983
Annual food expenses: $ 5 421
Annual Transportation Costs: $ 7 430
Phoenix (Arizona)
How many years will have enough savings of $ 1 million: 23,6
Annual Housing Costs: $ 8 751
Annual food expenses: $ 6 244
Annual Transportation Costs: $ 7 453
On the subject: How much you need to earn to be considered 'rich' in different states
Atlanta (Georgia)
How many years will have enough savings of $ 1 million: 22,2
Annual Housing Costs: $ 9 845
Annual food expenses: $ 6 310
Annual Transportation Costs: $ 7 521
Philadelphia (PA)
How many years will have enough savings of $ 1 million: 20
Annual Housing Costs: $ 11 523
Annual food expenses: $ 7 382
Annual Transportation Costs: $ 8 557
Chicago, IL
How many years will have enough savings of $ 1 million: 18,6
Annual Housing Costs: $ 14 545
Annual food expenses: $ 6 497
Annual Transportation Costs: $ 9 436
Los Angeles (California)
How many years will have enough savings of $ 1 million: 16,2
Annual Housing Costs: $ 21 988
Annual food expenses: $ 7 091
Annual Transportation Costs: $ 8 933
On the subject: How much do you need to earn in order to belong to the upper class in the USA
Boston (Massachusetts)
How many years will have enough savings of $ 1 million: 15,2
Annual Housing Costs: $ 19 801
Annual food expenses: $ 6 864
Annual Shipping Costs: $ 8 760
San Francisco (California)
How many years will have enough savings of $ 1 million: 12,3
Annual Housing Costs: $ 32 983
Annual food expenses: $ 8 268
Annual Shipping Costs: $ 9 962
Manhattan (New York)
How many years will have enough savings of $ 1 million: 10,2
Annual Housing Costs: $ 48 464
Annual food expenses: $ 8 825
Annual Shipping Costs: $ 9 534
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