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Got $1 million to retire? Here’s how long it will last in every U.S. state

If your retirement plan was basking in a tropical paradise, let’s hope your vision of a tropical paradise resembles something more like Mississippi and less like Hawaii.

Either that, or let’s hope you were planning on a short retirement.

Data analysis site HowMuch analyzed how far $1 million goes in retirement in every U.S. state. And it turns out you can stretch $1 million about twice as far in Mississippi as you can in Hawaii. HowMuch crunched the numbers based on the cost-of-living Index for the second quarter of 2017 as well as average annual expenditure of people 65 years old and above.

That $1 million would allow the average retired person in Mississippi to live for 25 years and six months, while $1 million only gets you 13 years and one month of retirement in Hawaii.
https://www.marketwatch.com/story/got-1-...tate-2017-10-13

Well that site is bullcrap

before i answer with my own thoughts on this, question:

if you have a retirement plan, are you guys allowed to draw from the plan and receive SS at the same time?

In most cases yes, but not in all cases.

Yes. Retirement Plan, Pension, SS.

If you are on SS Disability, the Pension income counts against your Disability total.

thanks bro.

so *in general*, once you retire with a mill, you can also double dip. i'm guessing SS is around 1k a month?

So now this has to be broken down, and that depends a lot on way too many factors.

For example: in general, a military vet with service connected disabilities won't really have to pay for medical cost. so medical expenses isnt a concern.

but for a civilian, it is. so how much is their medical cost? do they have medicare? private insurance? if you're on SS, don't you automatically get medicare? how much is that a month?

cost of living is also a tricky factor. sure, the average cost of living of hawaii compared to mississippi is a huge difference, but then how long that mill last depends on the lifestyle.

is the cost of living that different from someone who lives in hawaii and shops at Aldi's, compared to someone who lives in mississippi but shops at Whole Foods?

what about housing? at that age, most people own their homes. are they in a paid off house, or still have a mortgage? are they in or out of a retirement home?

so looking at the chart, they base it on average expenditures, but still doesn't take into account cheap ass vs expensive taste.

lets say my average expenses stays the same when i'm at retirement age. between the mortgage, two car notes, and bills/groceries, the household expenses are 2500 a month. or 30k a year, here in ohio.

just off of raw numbers, 1 million will pay my expenses for 33 years. if retirement age is 67, then it will last us until i'm 100. but thats only 1 milion accounting for me. that doesn't take into whatever my wife has in her retirement account by then, as she also works.

how long would that last without 2 car notes and a mortgage? ppfffftt.

now, obviously that doesn't account for clothes, shoes, travel, gas, etc.

so i just wonder what averages do they account for and such, and how accurate is it being represented.

SS can be as much as $2687 per month right now. You can have 10 bucks in the bank, 100,000 in the bank, or 10,000,000 in the bank it doesn't matter.

Now cost of living. In Ohio only as I don't have a clue about other states. But even if your house is paid for it's going to cost you about 4,000 per month to pay your taxes, insurance, car payments, credit card payments, utilities, and living expenses. That's assuming you don't run up huge medical expenses, then there is no way 1,000,000 last you 33 years. That's 110 percent grade a bullcrap

if your car payment is gone, then it's not an expense.

4k a month? so you're expenses are 48k a year? that's absolutely ridiculous. i'm nowhere near that amount. so whatever i said isnt BS, you just need to stop living like you're uncle phil in fresh prince.

It’s why I plan on leaving the country upon retirement. My money will go a ton further SE Asia or Central America.
Though a number of different medical diagnosis’ between now and then will wipe me out. Sadly that goes for most Americans though.

$10 bucks and a hog will get you all the medical treatment you can use in SE Asia.

If you put $1,000,000 in conservative stocks, I think you'll get more than 5% average annual after tax return in the long run. (dividends and stock appreciation).

That's $50,000/year. $4,166/month.

And every month you don't spend $4,166 your initial $1,000,000 goes up.

It looks like that sight doesn't consider return on your $1,000,000 (like you have $1,000,000 in a mattress (or bank account))

I agree with GM.

Data analysis site HowMuch analyzed how far $1 million goes in retirement in every U.S. state!

Not how far your SS or cash under the pillow will go, just how far a mill will go.

It isn't the site that is BS, it's the readers trying to squeeze orange juice out of an apple!

I'm sure that site doesn't take into account a lot of factors.

However, I would recommend the following rules of thumb.

1. As soon as possible, max out your 401k, even if it means putting off a big purchase.
2. Make a plan to coincide your house being paid off with when you want to retire.
3. Plan to have your vehicles paid off when you retire also or save enough to pay cash for new vehicles when you want to retire. I think the latter is better. Less maintenance costs.
4. If you don't work a job where you have a pension, $1m in 401k/IRA is the minimum, IMO.
5. You're SSN is an add on to your retirement, if it's still around. That should help stop the erosion of your savings.

I know this all sounds like a lot, but keep in mind you're going to have 30+ years to do it.

All good advice except for the having 30 years part.

Funny but nowhere near correct. Like many things you post.

Here’s a story for you.
My buddy, now an expat living in Bangkok, flew to Thailand from Oregon three separate times to have extensive dental work done. Each time it cost him less to fly there, have the work done, stay for a short vacation, then fly home, than it would for him to have had the work done in the US.
In those three trips he fell in love with the country and ended up moving there full time. He now teaches English as a second language. In the four years he’s lived there he’s been hospitalized a couple times for diverticulitis. Each time he chose to go to the private hospital and pay a little more out of pocket for the ‘nicer’ facilities. Not once was this a financial burden to him...on a teacher’s salary. So you can make a joke and act as though it’s some sort of third world backwater but the reality is it’s not. The spectacular level of care and the extremely low cost as compared to the for extreme profit American system has actually created an inflow of ‘medical tourism’. People that go over to have work done. Paying out of pocket instead of being burdened with massive debt by having the work done here.

Here’s some facts for you.
A heart bypass in the US...$130,000
In Bangkok...$11,000

Heart valve replacement US...$160,000
Bangkok...$10,000

Angioplasty US...$57,000
Bangkok...$13,000

https://www.thailandretirementhelpers.com/medical-care-in-thailand/
“Medical care in Thailand. If there is one place in the world where being in the hospital feels like being in a five star hotel, it is Thailand.”

http://www.bangkok.com/magazine/medical-treatment-bnh.htm
“The lower cost of like-for-like treatments in Bangkok versus most western countries is certainly one of the main factors that keeps it so popular. Exact costs are difficult to provide because each person’s needs are unique, but a general rule is that treatment is 30% cheaper than in Europe and 70% cheaper than the US. 5. Highly Experienced Doctors with international experience It is very common for Thai doctors to study abroad where they will acquire new skills and witness the different approaches to medicine in places like the US, Germany or Japan. When they return to work in hospitals in Thailand, their combined international experience and added skills ensure Thailand is at the forefront of medical techniques and innovation.”

I forgot I have to use Purple with you.

It still falls flat as a joke; it's quite inconsiderate and rude, actually.

Have you ever traveled to the third world?

Yes. Many times and I know you can't get medical service with $10 bucks and a pig.

If you want a cheap retirement just give up the city life. In the countryside you can build a 100% self sufficient home with no bills besides property taxes and those are often much cheaper. If you can't stomach killing animals for food you can always find a butcher for a small fee. Hell chickens left to their own devices free from predators will multiply very rapidly and you never go hungry. Cows are also easy to raise unless you go the dairy route. Milking cows is a major pain so I'd rather just buy it to be honest. Want to live it large? Set up automatic feeders for when you want a vacation and have a neigher keep an eye out.

Last time I checked in Nevada you could still buy 640 acres of land with a house for $100,000. That's a square mile of land and it had a river going through it.

I feel bad for all the city birds working so hard just to have a place to sleep at night when it's the same sky everywhere =)

Nevada is hot. My sister lived in Phoenix for a year, and her house was never below 80 degrees when I visited her. I hated it.

It's not so bad in the north part. Anything in the south is hot no matter what state it is ^^

It still applies to other states though too. That was simply an example I knew of because I was researching where I might want to move to in order to start an aquaponics farm.

I went swimming on Christmas Day first year I lived in Phoenix, it was a warm 80 degrees outside.

The next year I was wearing a jacket on Christmas Day as it was a chilly 80 degrees.

Amazing what one summer of 105 to 120 will do for you.

Went to Vegas back in 89 for a couple days. The air you exhaled was cooler than when you inhaled it.

So your part of the reason global warming slowed down and we are having north pole winters in Indiana ... THANKS lol

A million bucks isn't what many people think it is....you need around 3 mil to retire scott free.

Sure it is. How are you going to pay for your next car/cars. They don't last forever.



House payment
2 car payments
motorcycle payment
Property tax
House insurance
Car insurance
Life insurance for husband and wife
Health insurance ($975 per month)
electric
gas
cable
cell phone
water & sewage
groceries
Hair cuts/colors/perms
Gas money for work
gas money for dr visits and pleasure
clothing allowance
money sat back monthly to pay for Birthdays
money sat back to pay for Christmas
money sat back monthly to pay for home repairs
credit card payment
medical bills (another $500 per month)
garbage bill
lawn care

Now scrape together spare change so you can order a pizza every once in a while, or go out to a fancy restaurant
like Denny's LOL

It doesn't take long to add up to 4,000 per month

Medicare part A is free
Medicare part B costs me $134 per month
Medicare advantage plan cost me another $110 per month
Then you still have to cover your co-pay which is 20 percent up to your out of pocket limit, and your part of scripts.

Paul Ryan and his cronies are just salivating at the thought of gutting it all. If the GOP gets its way you, my parents, and certainly me by the time I’m eligible, will not have such ‘entitlements’.

Sorry but I don’t approach anywhere near 4K a month.

But that’s why I originally stated that it’s based on factors.

If y’all get to that number, hey, that’s on you guys. All I know is I keep my expenses below 3k without breaking a sweat.

Check out Panama. I have a few other places in mind, but Panama is very accommodating for retired American's. Plus they are using U.S. dollars for currency.

I plan on giving my hard earned SS and retirement $$ to a country that doesn't give tax breaks to just the wealthiest, has gun control laws that work, and has Universal Healthcare for all. Could be the U.S.A. but not as it is right now.

I learned, growing up in the hood, how to flip that mill real quick

Take away the $1500 in medical expenses and we would be at $2500 to live on.

Tell me about it.

My new diabetes medication cost me $141 today. That's just one out of 10 medications.

It’s stories like GM’s that make me scared for my future. I’m not a rich man. As a nurse I never will be. I put 25% of my income away for retirement in my 401k. Plus I have some side investments. It’ll never be enough but I have to try.
Stories like his makes me feel even stronger about wanting socialized medicine. I’d rather pay more in taxes now to help guys like him, my parents, YTown, etc... to not be so burdened in their non earning years with such huge medical expenses. Look, we can either pay more in taxes and know we’re taken care of, or we can watch as our fellow countrymen fall victim to medical debt. Either way it’s going to cost us. Likely directly. I’d rather my taxes be higher than to have a $1500 a month bill for the rest of my days from the age of 65, or whatever, on.

I know, I’m a communist I guess for thinking such things.
I’ll ask this. Why aren’t those countries with well established socialized medicine fighting for a for profit medicine system in their countries?

One of the pleasures of my life is that I'm on Medicaid.

All my medical, dental, prescriptions are 100% covered.

This is for poor people.

I'm so far below Poverty Level, sometimes my buddies help me out.

I understand 110 percent bro. I spent 6 hours on the phone today telling my Doctors office AND my insurance company what was covered today. Wholly crap what in the heck is wrong with that picture. Those people make a nice living at their jobs, yet here comes my stupid ass that knows ten times more than they do, about their own jobs

After a very difficult pregnancy and lengthy hospital stays for my wife and kids a few years ago, I found myself in a similar situation. I was creating and leading conference calls between doctor offices and the insurance provider. Really learned a lot through that process.

Did YOU have a boy or a girl?

Just kidding bro I am very sorry that you had to go though that