"Maximizing $1M Retirement Savings: Longevity Across the U.S. States Revealed"
TL;DR
A Go Banking Rates study reveals that $1 million in retirement savings will last approximately 14 years in California, considering an annual cost of living of $72,319.57. The study, which used data from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center, highlights the varying longevity of retirement funds across different states, with some states like Mississippi and Oklahoma stretching a $1 million fund to about 22 years, while in New York and Hawaii, it would last less than 15 years. Financial experts suggest saving at least 15% of annual income for retirement, but emphasize starting with what is feasible.
Topics:businessfinance##california#costofliving#finance#personalfinance#retirementplanning#retirementsavings
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