patrick.net

Su-prize, su-prize: California is not where you want to retire

LOS ANGELES
August 21, 2017 8:12am

• State will burn up retirement money faster than any place but Hawaii
• But retire in Mississippi? Really?

Mississippi is the state where the retiree’s dollar will last the longest amount of time in retirement, while Hawaii is the state where your dollar will last the shortest, with California right behind the island state, a new study says. It's a common refrain that retirees should save at least $1 million for retirement, but how much does where they live affect their saving needs? Personal finance website GOBankingRates.com looked into that and came up with a list. It added the average total annual expenses for people 65 and older (adding up groceries, housing, utilities, transportation and healthcare costs), then determined the state-specific yearly cost by multiplying total expenses by each state's cost of living index. The average American retirement age is 63, and the life expectancy for retirees is about 85, the report says. That means Americans should plan to spend 22 years in retirement. According to the math done by GoBankingRates, retires can squeeze an extra decade out of that million dollars they so ant-like socked away if they’d just live their golden years in Mississippi instead of the Golden State. “Do I have enough to retire?” asks GoBankRates. “If you have $1 million and you're asking this question in California, the answer is no,” it says.

Top 5 States Where Your Dollar Will Last the Shortest

1. Hawaii $1 million will last: 11 years, 11 months
2. California $1 million will last: 16 years, 5 months
3. Alaska $1 million will last: 17 years, 0 months
4. New York $1 million will last: 17 years, 1 month
5. Massachusetts $1 million will last: 17 years, 4 months

Top 5 States Where Your Dollar Will Last the Longest

1. Mississippi $1 million will last: 26 years, 4 months
2. Arkansas $1 million will last: 25 years, 6 months
3. Oklahoma $1 million will last: 25 years, 2 months
4. Michigan $1 million will last: 25 years
5. Tennessee $1 million will last: 25 years

According to the study, Hawaii's expenses top out at $83,834 annually, while Mississippi's are a low of $37,964. Alaska's healthcare costs the most annually, at $8,479. But the largest expenditure discrepancy is housing. Hawaii's costs a whopping $15,964 more annually than the runner-up, California.

Yeah, but in California, you have the warm, fuzzy feeling you get from your tax dollars supporting mounds of illegal whelps and assorted ASSHOLES!

#fuckcalifornia

Got a link to the original source for the data?

I found this, but it's a video:
https://finance.yahoo.com/video/long-1-million-last-retirement-165900650.html

I fucking hate news videos in the internet. Give me text.

If you are an evil BoomFuck, you should already own your home in Cali while sneering at the scraping, crawling, starving MillXYers. That is worth the price of admission and cuts down on living costs.

Why is Alaska so high??

zzyzzx says

Give me text.

Everyone knows that Patnetters can read.
Their comprehension is the problem. lol