Can Idahoans Retire On $1 Million?
Remember growing up and thinking a million dollars would make you the richest person in the world? When I was a kid there was always the "If I had a million dollars, I would..." discussion. And we'd say ridiculous stuff like buy an island or build a house out of pancakes with a syrup moat. As we got older it was clear how misguided we were, but a million dollars was still a coveted amount. Who Wants To Be A Millionaire? didn't become popular for no reason. Now as full blown adults, just how far does a million dollars go?
Factoring cost-of-living, housing, and healthcare among other statistics, a new report ranked all 50 states according to how long it would take to spend through a million dollars if you retired there. The ten states where a mil stretches the furthest:
Mississippi: 23 years, 2 months, 2 days
Oklahoma: 22 years, 8 months, 17 days
Arkansas: 22 years, 6 months, 22 days
New Mexico: 22 years, 3 months, 10 days
Kansas: 22 years, 2 months, 14 days
Missouri: 22 years, 2 months, 14 days
Tennessee: 22 years, 2 months, 14 days
Alabama: 22 years, 0 months, 9 days
Georgia: 22 years, 0 months, 9 days
Michigan: 21 years, 10 months, 16 days
Arguably the most paradise like state in which to retire is Hawaii, but it'd be a pretty short lived retirement. A million dollars would only last a little over a decade. The same amount affords you double that in Florida, which I like to call trashy Hawaii.
If you'd like to just stay here in Idaho when you retire, a million dollars in savings will tide you over through 21 years, 0 months, 20 days. If you're fiscally responsible enough to save that much by the time you hit 65 years old, you're potentially set for the rest of your life if you're like me and hoping to pass away in your eighties. Not bad at all.