How Long Will $1 Million in Retirement Last in Michigan?
The goal, the experts say, is over the course of your working life, to save a million dollars for retirement. The theory is that by the time you retire, you *should* have your home paid off, no car notes, and relatively few monthly bills to keep on top of, thus making that million dollars stretch over the rest of your life.
But depending on where you live, one million dollars might not go as far as you might hope, and some people are actually looking to move out of state to make their retirement money go further. Us Michiganders, however, can sit tight, and settle in. We're in the right spot to see that million last.
According to Go Banking Rates, Michigan is one of the best states to see your retirement stretch. Ranking in the tenth spot, the number crunchers at Go Banking Rates average that, when factoring in the annual cost of groceries, housing, utilities, transportation, healthcare, and miscellaneous expenditures, your one million dollar retirement savings would last 21 years, 10 months, and 16 days in The Mitten. Compare that with the most expensive state to live in, Hawaii, where the annual cost of living would see that one million dollars run out in ten years, we're not doing too shabby.
And what does Hawaii have that we don't have, aside from tropical weather and picturesque oceanside vistas? I'll take my Great Lakes views and snow days for ten extra years of rest and relaxation.