How Long Will $1 Million Last You in Idaho
Hitting that million-dollar mark in your 401k is a goal for many of us before we retire. (I have a long way to go!) Even if you reach that $1,000,000, how long will it last you? We now know.
Msn.com conducted a study in several different cities across the United States. For Idaho, they focused on Rexburg which has a little lower cost-of-living than most of the Treasure Valley, but it still helps us get a good idea.
According to their stats, $1 million would last you 32 years, 11 months, and 17 days. If they are indeed correct, this means that it would get you to 97 or 98 if you retire at 65. That sounds pretty good to me! This figuring gives you an annual expenditure of $46,587.76, which seems doable to me if you have your home paid off. Add in Social Security and they say you'll only need $30,315.16 a year, which makes more sense when you add up the numbers.
The bottom line, I think most of us need to start saving more. I know I do. It's really hard though in our world where housing and a lot of our expenses continue to increase without an increase in pay. At least we can set some tangible goals, right?!