How Long $1 Million Will Last in Retirement in Every State | GOBankingRates:"10,000 people turn 65 in the U.S. every single day.
The average American retirement age is 63, and the life expectancy for retirees is about 85.
That means Americans should plan to spend 22 years in retirement.
The AARP suggests a retirement income nest egg of at least $1 million, but the buying power of $1 million varies wildly depending on where you live.
So if you're asking "how long will my money last in retirement," the answer depends on your state...
4. Michigan
- $1 million will last: 25 years
Michiganders can also make $1 million last for 25 years.
Healthcare costs just $5,416 a year in Michigan, and at $3,323, utilities are fairly cheap, too.
The biggest advantage for retirees, however, is the fact that annual housing costs average just $12,330.
In total, the estimated cost of living is $39,974."
Healthcare costs just $5,416 a year in Michigan, and at $3,323, utilities are fairly cheap, too.
The biggest advantage for retirees, however, is the fact that annual housing costs average just $12,330.
In total, the estimated cost of living is $39,974."
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