How Long Will a Retirement Nest Egg of $1 Million Last?
- November 5, 2021
In order to determine how long $1 million will last the average retiree in each state, GOBankingRates found the average total expenditures for people 65 and older, which includes groceries, housing, utilities, transportation and healthcare. Then, they multiplied that by the cost of living index in each state to find the average expenditure cost for each state. Beyond being simply interesting reading, the study helps point out some of the differences in costs of living per location.
According to a recent study1 , about ten thousand people turn 65 in the U.S. every single day. At the same time, the average American retirement age is 63, and on average Americans should plan for a long, 22 year retirement.
JUSTIN GELBMAN, CFP®
Title:FINANCIAL ADVISOR, MANAGING DIRECTOR-INVESTMENTS
Justin is a Managing Director – Investments in The Princeton Sharpe Group of Oppenheimer & Co. Inc. He began his career in 2005, helping serve clients’ investment needs by utilizing the vast resources of a national boutique, while maintaining a local focus. He prides himself on truly understanding the group’s clients. He has a great deal of experience working with multi-generational client families, establishing college savings plans, devising retirement strategies to not outlive their income, and working to build estate plans.