How Long Would A $1 Million Retirement Last You In Michigan?
It's one of those things people say "if I had a million dollars I would quit my job right now" but would you actually be able to never work again? In Michigan? A recent study ranked where each of the 50 states rank in terms of how long a million-dollar retirement would last you.
Just because you stop working, does not mean the world around you does not require your money to make it go 'round. There are so many things to consider like cost of living in general, housing, healthcare, emergencies, etc...
Luckily those are among the very things Go Banking Rates looked at when breaking down "How Long $1 Million in Savings Will Last in Every State."
When it comes down to the "how" of them being able to break all of this down, Go Banking Rates says they looked at the data from the 2018 Consumer Expenditure Survey done by the Bureau of Labor Statistics. They then did a whole bunch of math, multiplying annual expenses by each state's overall cost of living and figures out just how long $1 million will last!
Lucky for us, here in Michigan, we cracked the top 10! Literally coming in at #10, the results show that $1 million in retirement savings would last a Michigander about 21 years, 10 months and 16 days.
That configuration comes from figures, found by Go Banking Rates like:
- Annual groceries cost: $3,555.98
- Annual housing cost: $7,064.54
- Annual utilities cost: $3,756.52
- Annual transportation cost: $4,713.47
- Annual healthcare cost: $6,319.06
- Total annual expenditures: $45,672.28
Have you been saving for retirement? Using this formula, how long would it last you? What are some tips you have for saving that will make achieving that million-dollar retirement easier?
OR...would you rather take that million dollars and buy an awesome house? Here's a look at what $1 million can get you in 10 different Michigan cities:
Million-Dollar Homes In 10 Different MI Cities