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To be sure, $1 million may not be enough if you intend to spend lavishly. However, some retirees may be able to get by on $30,000 in income, in which case you may not need $1 million in order to ...
Maine: $1.1 million to retire; $68,199 annual cost of living Massachusetts: $1.6 million to retire; $88,268 annual cost of living New Hampshire: $1.1 million to retire; $66,997 annual cost of living
How long $1 million will last in savings: 9 years, 7 months, 25 days Check Out: The Average Retirement Age in 2024: US vs. China Learn More: I’m an Economist: Here’s My Prediction for Social ...
For example, if you have $1 million in your account, you will withdraw $40,000 in the first year. Then, if inflation increases by 2% in the next year, you would increase the amount you pay ...
San Jose, California. Annual cost of living: $111,903.69. How many years $1 million will last: 8.94. The second most expensive city on this list is also in California, where housing is so ...
Here’s a complete look at how long $1 million in retirement savings would last in America’s 50 biggest cities, ranked from longest to shortest amount of time. DenisTangneyJr / Getty Images 1.
Assuming a retirement savings of $1 million, as well as the cost-of-living data, the drawdown time was calculated for each state. The data was collected on and is up to date as of Jan. 6, 2025 ...
This means that if $1 million could theoretically be “the right number” for retirement in the average American state, you’d only need $850,000 in Mississippi but a whopping $1.84 million in ...