This is an example where MSN has some interesting slideshows for your information. It's relevant to people living in the United States.
No, it's too early for me to consider retirement, but I am preparing for it. There are still good 30 plus years of work left for me before I could embark on that leisure. Unless, of course, I somehow become a multimillionaire beforehand.
For me, the state which I live is in the middle of the pack when it comes to how far I could stretch $500,000 (rank 27). If I were to retire today, that amount would last me a little over 10 years. Let's say I am 65 and that money could last me until I'm 75. I would only need another quarter million or so to cover myself to 80.
But, that is the unknown. How long do we live after retirement? In the USA, the average lifespan is around 79 years old. So, in reality, I would need $750,000 to feel secure about myself.
On the opposite ends of the scale lie Hawaii and Mississippi. Half a million dollars would only last you 5 years on the sunny islands. In contrast, you could last well over 11.5 years living in that part of the Deep South. Speaking of them, the article shows that you could stretch your buck pretty far in the South.
Then again, between rank 27 to 1, there is only a 1.5-year difference. Avoid the coasts and you could live on less.
Unfortunately, these are projections for the present. Who knows what might happen by the time I need to retire? Inflation will make that number higher unless something catastrophic happens. In the meantime, it is better to prepare myself and deal with issues as they come up.
Having 30 plus years left to prepare may seem like a lot, but no one rides the bull train their entire lifetime. Get into the market 30 years, though, is not a bad idea no matter how you look at it. Many tend to forget that time is a valuable resource as well.
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