Here’s How Much You Need To Retire Early In Michigan
I've got good news and bad news. First the good news? We're living longer and better than ever before. Now the bad news? We're living longer and better than ever before. Just think about our parents retiring at 62 or 65. Back then they only expected to live another 15 years or so. We, on the other hand, could stay healthy and active into our 90s thus the bad news. Many people could easily out-live their money.
Let's face it. Most of us won't retire in our early 60s. In fact, I personally don't think I'll ever "retire". I mean, I'll always be doing something after they kick me off the radio. But what would it take to retire early in Michigan? According to an article on msn.com, we have one good thing going for us. Michigan ranks in the top 10 states for the lowest cost of living. Here is the numbers for early retirement in Michigan:
Needed to retire by 35= $1,556,717 ($62, 269 per year)
Needed to retire by 45= $1,666,558 ($66,662 per year)
Needed to retire by 55= $1,465,119 ($58,605 per year)