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Thinking About Where to Retire with your $1.5 million nest egg? Here’s how long that nest egg will last in every state. - CNBC
Well, with many Americans still suffering a “retirement crisis” – that is, not saving enough for their retirement – accumulating a $1.5 million nest egg before hanging up one’s work boots may seem like an unreachable goal. But, for the savvy person who diligently saves and invests all their working career, having a nest egg of $1.5 million is, indeed, a laudable and achievable goal. But, how long would such retirement savings actually last? Well, as revealed in this CNBC article, it depends very much on where you choose to live in retirement. A recent study found that if you live in Hawaii, that $1.5 million would only last about 17 years. Contrast that with West Virginia where you could live comfortably for about 54 years on your nest egg, along with your Social Security payments. Point is, were you live in retirement say a lot about how long you can exist comfortably on both your monthly Social Security and your withdrawals from investments. And all of this is revealed in this CNBC article by Mike Wintrs, who shows, for each U.S. state, how long a $1.5 million nest egg will last.