Ask American workers who participate in their employer's 401(k) retirement plan how much money they will need to save in order to retire comfortably, and they will tell you $1.9 million. That's a lot of money, and even the more conventional estimate of at least $1 million is out of the ballpark for many people. GoBankingRates in a recent study dialed the figure down to what it said was a more realistic picture of retirement finances by exploring how long $500,000 would last in every state across the country. The personal finance site's researchers analyzed average spending of people 65 and older on housing, groceries, utilities, transportation and health care as well as the cost of living across the country. See the gallery to find out how long half a million dollars will last in the 12 states with the lowest cost of living for retirees. READ MORE: |
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Michael S. Fischer
Michael S. Fischer is a longtime contributing writer for ThinkAdvisor. He previously reported on trade and intellectual property topics for the Economist Intelligence Unit and covered the hedge fund industry for MARHedge and Reuters News Service.
