top of page
  • Writer's pictureBig Rick Stuart

Here’s how long $1M in retirement savings will last in California


A new study from Go Banking Rates analyzed how long a $1 million retirement fund will last nationwide.


The study assumed a retirement age of 65 or older and examined the annual cost of living expenses, such as housing, utilities, and food, in all 50 states. Researchers used the latest data from the Bureau of Labor Statistics’ 2020 Consumer Expenditure Survey and the Missouri Economic Research and Information Center.


In some states, like Mississippi and Oklahoma, a $1 million retirement fund would last about 22 years.


In other states like New York and Hawaii, which already have high cost of living expenses, the $1 million retirement fund would last less than 15 years.


For retirees in California, the annual cost of living expenses would be $72,319.57, meaning a $1 million retirement fund would last for about 14 years.


KTLA 



California

  • Annual groceries cost: $5,050.13

  • Annual housing cost: $20,150.78

  • Annual utilities cost: $4,799.30

  • Annual transportation cost: $5,104.13

  • Annual healthcare cost: $7,711.91

  • Total annual expenditures: $72,319.57

How long $1 million will last in savings: 13 years 9 months 29 days



4 views0 comments

Recent Posts

See All

Prop Bet Results for Super Bowl 2024

from the coin toss to the last team to score and much more here are the prop bet results from the 49ers Chiefs 2024 Super Bowl at the Westgate Las Vegas Superbook

TV Ratings: Super Bowl LVIII Sets All-Time Record

from The Hollywood Reporter The Kansas City Chiefs’ 25-22 victory over the San Francisco 49ers averaged 120.25 million viewers on CBS, by itself the largest telecast on record. Simulcasts on Nickelode

bottom of page