Sunday, November 12, 2017
Many Americans would be thrilled to enter retirement with a million dollars. But, a new report from GOBankingRates reveals that even this respectable sum can disappear rather quickly in high-cost states. In Hawaii, the costliest state when looking at average housing and medical costs, a million dollars would not last even twelve years. California, the second worst succubus on the list, will drain a million dollar fortune in scant 16.4 years. For those looking to stretch those dollars longer, Mississippi, Arkansas, Oklahoma, Michigan, and Tennessee all have housing and medical rates that accommodate at least twenty-five years in retirement.
See Suzanne Woolley, How Far Does $1 Million Go In Retirement?, Financial Advisor, August 21, 2017.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.