How Long a Million Dollar Retirement Fund Lasts in Each State
Saving $1 million for retirement sounds like a lot, but how long will that amount really last? Thanks to inflation, increased housing costs, and costly medical needs, $1 million may not last as long as you think.
Along with considering your lifestyle needs and retirement dreams, you should take into account that where you choose to reside in retirement will affect the longevity of your money. As you can likely imagine, $1 million in New York City won’t get you as far as it would in Topeka, Kansas. The question is, just how long will your retirement fund last based on where you live?