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One million dollars. How long your money will last in retirement.

CunninghamLegal – The Living Trust Lawyers

One million dollars. Think about when you were a kid and how the concept of one million dollars and being a millionaire seemed like something only encountered in movies. Reality, however is often stranger than fiction, and the truth is one million dollars in 2017 is a realistic number that deserves some conversation. Specifically, have you thought about and talked with your family and children about how far one million will take you in your retirement? Will you have enough money after working 20, 30, 40 years to live a comfortable life? Where will you live? Which state makes the most sense? Ok, that’s a leading question, but “making the most sense” is based on many variables such as lifestyle, weather, proximity to family and equally as important, the cost of living.

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

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

The rest of this article can be found on the USA Today site at How long one million will last in retirement