Even for those who have been diligent savers, there are always nagging questions. Can I afford to keep living in my house and will I be priced out of my city? How long will my money last?
GoBankingRate has answers.
It looked at 50 cities, examining things like average annual expenditures in each city for those 65 and older. It also factored in the average annual Social Security benefits and other data to estimate how long a $1 million nest egg would last in each place.
San Francisco provides the least mileage, and that $1 million nest egg would be used up in 8 years, 3 months, and 19 days. In San Jose, Calif., you’d get a little longer — 10 years, 9 months, and 20 days.
Other California cities, including Los Angeles, Oakland, Long Beach, and San Diego, also are pricey, especially when compared to places where your dollars can stretch for a really long time.
Memphis, Tenn., is one such place, and $1 million can last 45 years, 4 months, and one day. Similarly, in El Paso, Tex., those dollars will carry you 40 years, 3 months, 22 days.
In Tucson, you can buy 33 years, 4 months, 1 day in the sunshine; and in Jacksonville, Fla., you get 32 years, 3 months, 16 days.
See exactly how the figures were calculated and check all 50 of the cities in GoBanking’s study: https://bit.ly/2U48yt0
Another GoBankingRate report is showing comfortable retirement cost needed per year by state, Hawaii being the worst (highest – $117,724.18 a year) and Mississippi being the best (lowest – $53,071.87 a year). Where California ranks? Take a guess 😬