Posted on 02/09/2023 7:30:30 AM PST by mikelets456
Spoiler---worst state Hawaii:
Hawaii Annual groceries cost: $6,419.51 Annual housing cost: $31,797.41 Annual utilities cost: $5,470.22 Annual transportation cost: $4,461.26 Annual healthcare cost: $8,008.27 Total annual expenditures: $91,684.73 How long $1 million will last in savings: 10 years, 10 months, 24 days
Where does PA stand?(because I'm from PA) Near the best---for now:
Pennsylvania Annual groceries cost: $4,452.04 Annual housing cost: $8,477.33 Annual utilities cost: $4,127.25 Annual transportation cost: $3,785.97 Annual healthcare cost: $6,434.62 Total annual expenditures: $46,389.53 How long $1 million will last in savings: 21 years, 6 months, 16 days
Best state?
Mississippi Annual groceries cost: $3,880.29 Annual housing cost: $6,325.77 Annual utilities cost: $3,404.70 Annual transportation cost: $3,200.47 Annual healthcare cost: $6,494.63 Total annual expenditures: $39,538.15 How long $1 million will last in savings: 25 years, 3 months, 9 days
(Excerpt) Read more at gobankingrates.com ...
SO I’ll last 2 weeks?........................
Yeah. Two weeks if those evil Republicans sunset Social Security and Medicare.
Bwaahh haa haah. They will put you back in CHAINSZZZZZ./s
That depends on lots of things. Property taxes? How much you drive. Are those figures for one person or multiple?
Our utilities run just over $200 a month, housing? A few hundred property taxes, Don’t see figures for insurance on house or vehicles which can vary a lot depending on driving records. Most health insurance covered by Medicare. We spend more than that on groceries.
Sounds like you’ll make it a week longer with me, as they didn’t factor in dog food, cat food, chicken food, and hay for my horse and cows, and the vet bills!
That should read “a week longer THAN me”
Up until Biden, I thought I was sitting pretty for retirement.
Now, it’s iffy......................
You’re so right. Everything in this query depends on how much you spend. So much of that is optional.
Few people with a million dollars keep it under their mattress earning 0%. If the money is invested it will last much longer especially if you are receiving a pension and social security.
This assumes the $1 million is sitting in your checking account and not invested. It also assumes there is no inflation during the time you are retired. Assuming you are invested reasonably well, you should get at least $20/30k per year over inflation growth, so your money will actually last much much longer than what is stated.
I live in a Southern state where agriculture is the number one industry. Most of the folks have no where near a million dollars and live comfortable lives. Good book: Your Money or Your Life.
If you can get $40K in dividends and $20K in SS, and own your house outright, you can do very nicely in most parts of the country.
Ding ding ding we have a winner!!!
If you own your own home free and clear when you retire that slashes the “housing costs” in that calculation to just property taxes and property insurance plus maintenance costs.
Absolutely. Here in Dallas, our Utilities run over $1000 in the summer, property taxes are nearly $14k a year(including school taxes). While our home is paid off, expenses are high.
Seems fairly absurd.
Seems fairly absurd.
I do, plus I have a small VA pension with SS.......................
If you switch to dog food instead of human food your grocery budget will go a lot father, but you might not like the taste as much. Fortunately ground up bugs are on the way!
This doesn’t take into account social security income, which most people will receive.
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