Author Topic: USA Today - How Long Your $1MM Will Last by State - WTF?  (Read 804 times)

Dicey

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USA Today - How Long Your $1MM Will Last by State - WTF?
« on: September 24, 2018, 04:58:15 PM »
What the absolute fuck, USA Today? I ran across this article that was published last August. Seems a "study" was conducted to see how long a million bucks will last in retirement. These is very little information about what the parameters are. Renting/Owning? 1-2-3BRs? Two beater cars or two leased cars? Worst of all, it seems they assume retirees who have amassed a million dollars are somehow so stupid they will then stuff it all under their mattress. The study "team" (I don't want to name them, because the entire premise is so ridiculous, but it's in the article) apparently just amassed an annual amount for each state and divided that into $1MM to come up with the number of years it would last. Oh, yeah, maybe that's because it's impossible for your investments to outpace the cost of inflation. Egads, what a fucking mess! I'm only posting this to see if anyone knows more about this supposed "study". Too bad there isn't a section for questions and comments.

https://www.gobankingrates.com/retirement/planning/how-long-million-last-retirement-state/

katsiki

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Re: USA Today - How Long Your $1MM Will Last by State - WTF?
« Reply #1 on: September 24, 2018, 05:15:50 PM »
This must be making the rounds... I read a similar article in, Money magazine, I think.  Some quick googling shows a bunch of these articles in the last 7-8 months.

http://time.com/money/5269821/this-map-shows-how-long-1-million-in-retirement-savings-will-last-in-every-state/

I agree with your assessment!


Gondolin

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Re: USA Today - How Long Your $1MM Will Last by State - WTF?
« Reply #3 on: September 26, 2018, 07:36:08 AM »
Why would you read USA Today?

Dicey

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Re: USA Today - How Long Your $1MM Will Last by State - WTF?
« Reply #4 on: September 26, 2018, 08:47:32 AM »
Why would you read USA Today?
Don't normally, just followed a link.

TVRodriguez

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Re: USA Today - How Long Your $1MM Will Last by State - WTF?
« Reply #5 on: September 26, 2018, 08:49:48 AM »
Why would you read USA Today?

Maybe OP was in a hotel . . .  :P

Cubert

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Re: USA Today - How Long Your $1MM Will Last by State - WTF?
« Reply #6 on: October 04, 2018, 05:15:18 AM »
I'm not sure why you're so bent out of shape about this. I think the premise of how much $1M is worth based on taxes and COL per state is a very helpful tool for retirees. This is why many flock to "cheap" states, or tax-friendly states like AZ, FL in their golden years. Seeing you're from California, I feel your pain.