Map: Where $100,000 in retirement savings will last the longest

Robert59

Robert59

Well-known Member
Location
Now I live in Tennesee. Did live in Michigan.
If you’re behind on saving for retirement, moving to a cheaper state is one way to stretch your nest egg as far as it can go.

Your retirement dollars will last the longest in Mississippi, according to a recent study by personal finance site GOBankingRates. There, you can expect to live off $100,000 for 946 days, or just over two and a half years. That’s more than the national average of 780 days.

https://money.yahoo.com/retirement-savings-states-165907606.html
 

hollydolly said:
what would you be spending 100,000k on to make it last just 12 months?... even here in London one of the most expensive cities in the world 100K would last more than 12 months... unless you spent unwisely...
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Well rent is 24k a year ,,,, I needed major dental work at 15k ,,,, our long term care insurance is 7k , Medicare and a supplement is a few thousand .. we have 6 grand kids we see weekly ..you cant go out the door without dropping 100 bucks somewhere somehow .

Then there is car expenses , utilities and life .....our yearly budget clocks in around 120-140k a year and we don’t live in manhattan .
 
I'll stay in my light green state for now, thank you. That's one reason we've decided to retire here. We can easily live well on less than the S.S. and pensions bring in.
Tennessee has no income taxes, for those of you who haven't stopped working completely.
The downsides of living here are the hot, humid summers and tornado weather in the spring. We plan to travel to more temperate climates, at those times.
Spring and Autumn are delightful. Winter is sometimes overcast, sometimes sunny. Snow and ice are rare, maybe a couple of times a winter. We've had one snowfall that was gone by the next day, so far, this winter.
 
where we all live and how we live are our choices not needs .

there is nothing that can not be done cheaper somewhere else for any of us . .

but we all draw our line in the sand as to what our expectations and minimum standards are .

we live in a fabulous city with endless things to do . most important our kids and grand kids are here .

sure life here cost more but to us it is worth every penny .

we have the best medical facilities in the world , we have a massive public transportation system in case i cant drive .. it would take 22 years of eating 3 meals a day out to even visit every restaurant just once .

museums , cultural canters , broadway are all part of our life here .

we had a second home in pennsylvania at one point we thought we would retire to .

but when we thought of all it lacked we sold it .

yeah life was cheaper but if i couldnt drive it had no public transportation . it lacked world class medical facilities , it lacked things to do all winter and even the nice weather was getting so boring . if i wanted to work in retirement a day or two it lacked high paying jobs .

in short for us , it sucked for retirement .
 
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Aunt Bea said:
Another interesting but extremely flawed article on the cost of retirement.

mathjak107 and I both live in New York State but our cost of living is very different based on where in the state we live and how we enjoy spending our time in retirement.
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exactly ...if we could double our income magically , we would still find a way of enjoying that money and our punch list of things we would love to do or buy would just grow longer .

i guarantee you if i gave most here 50k and said the only stipulation is you must spend this money , most would find a way to enjoy it .

if i did it again next year they would find other ways to enjoy it .

if i did it year after year they would be chopin at the bit waiting for that money as it became part of their lifestyle yearly .

we all take what we have to work with and BACK in to a life that works for us .. some may hate the lifestyle or location , or the fact they stress over every unexpected expense , but they make what they have work .

here in nyc and the boroughs we range from the richest people in the world to those living in poverty .. all within the same city soooo articles like this are nothing more than useless click bait .

my wife was a widow with little . she lived in an apartment in queens , worked as a preschool teacher and survived on less than 30k a year .

well i met her 18 years ago and 18 years later we are living in that very same apartment . but through investing and luck we were able to grow what bits and pieces we managed to save in to some substantial numbers ..

like i said , today we live in the same apartment she lived in for 35 years and our budget yearly is 5x what she used to earn . needless to say while she made ends meet on her own she would never want to go back to that lifestyle . so there you have life in the same exact location spanning 5x the income with the same person . all that changed is what is available to build a lifestyle on . .

so money is like water and it will seek it's own level which is what most of us do . so one can live as lavishly or cheaply as they desire anywhere . all that changes is the lifestyle it buys .

could we live in Appalachia on 1k a month ? sure we could . would we want to ? hell no !

so we all have that line in the sand , below which the lifestyle is no longer acceptable
 
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Aunt Bea said:
Another interesting but extremely flawed article on the cost of retirement.

mathjak107 and I both live in New York State but our cost of living is very different based on where in the state we live and how we enjoy spending our time in retirement.
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StarSong said:
Agreed. This article specifies people over 65, meaning there should be SS or other income stream being factored in. Typical poorly thought out click-bait.
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I agree Aunt Bea and StarSong. As I was looking at the map I was wondering where the heck did they come up with these stats? And StarSong, you made a good point, SS would add to the amount of time it would take to spend the 100K. And since I also get a pension, I may never spend the 100K. I guess their hypothetical scenario also assumes there will hypothetically be no Social Security payments.
 
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