Here’s How Long $1 Million in Retirement Savings Will Last in Illinois
I don't want to brag or anything, but just last week, my savings account hit the $5,000 mark. Will it get me to retirement? Probably not; but it's a good start.
To be honest, that money will probably go toward a much needed vacation or bail money for my college kid, so in actuality it's not much to get excited over; especially since it doesn't even come close to what's needed to retire.
According to the Huffington Post, AARP says $1 million is the amount of savings needed to replace between 70-80% of your income; however, depending on where you live, it might not be enough.
It's a question that keeps a lot of us up at night, especially as you enter middle age and don't have a retirement account of some sort (like me, eek)- how and will I ever be able to retire?
There are a lot of variables involved, but a new GOBankingRates study says that a $1 million in retirement savings will last you 23 years and one month in the state of Illinois.
If you want to stretch your savings a little further, your best bet would be moving to one of these five states, where your money will last the longest:
Mississippi (26 years, 4 months)
Arkansas (25 years, 6 months)
Oklahoma (25 years, 2 months)
Michigan (25 years)
Tennessee (25 years)