A new US report measures how long $1M would last for retirees 65 and older state-by-state and it isn't great news. The main upshot is if you want to stretch your dollars you'll need to head down south.
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How Far Does $1 Million Go in Retirement?
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These are conservative figures. They don’t factor in any entertainment or travel, which would make for a pretty grim retirement. Nor do they take into account how inflation might cut into purchasing power as we age. Inflation can take a bigger bite for seniors, because medical costs, which may account for a bigger chunk of expenses, have an inflation rate significantly higher than that for the broad economy. Health-care costs for retirees will rise at an average annual rate of 5.5 percent over the next decade, according to HealthView Services, which makes retirement health-care cost projection software. To put that in perspective, from 2012 to 2016, the average annual broad inflation rate in the U.S. was 1.9 percent.
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