Posted on Mar 4, 2020
How long $1 million in retirement lasts in cities across the U.S.
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"Having $1 million in the bank has often been considered the gold standard of retirement savings. In some places, that kind of stash can stretch over 40 years. But in higher-priced cities, it may only last a decade — or less..."
How long $1 million in retirement lasts in cities across the U.S.
Posted from cnbc.com
Retirement
Investing
Geography
Money
Posted 4 y ago
Responses: 4
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No one can save enough to retire. You need an income. Stock dividends. Property rents. These provide an income without diminishing the equity one has in their investment. Annuities are a guaranteed income partially generated by return on investment and partially by diminishing equity. (Personally, I don't like annuities) But, simply withdrawing funds from savings to live on does not last...
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Sgt Jim Belanus
I agree, pension and social security will get you by for a while until inflation catches up to you. property always has value and a good hedge but a good solid 401 should keep you going with your other investments
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Actually that kind of cash only supplements for 40 or so years. There must be a pension of some sort providing a baseline income. Otherwise this math works nowhere. Re-evaluate all investment opportunities, build a pension and in some cases look at alternative sources of income. Also keep in mind how challenging it is to save that amount of money. A solid income post retirement that supplements SS is truly a necessity. Good luck to all.
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