Retiring homeowners, home buyers and sellers want to know where their money will last the longest.
Is $1M Enough for Retirement in the US?
The answer, of course, is it all depends. Some homeowners, home buyers and home sellers have become millionaires yet they don’t feel wealthy or relaxed. Others who are homeowners or not, home buyers and sellers are still trying to sock away money for retirement. They too are naturally wondering whether or not a million dollars will “last.”
Just remember that the average American needs their retirement savings to last them over a decade in order to live “modestly.”. Some Americans want to know how much money is enough to live “comfortably.” And then there’s the reality that people are living l-o-n-g-e-r and l-o-n-g-e-r.
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Since living costs vary across the country, where people live is a BIG factor in determing how long retirement savings will last. To help put the elements of this question “Is $1M enough for retirement?” in perspective, Motley Fool Wealth Management’s division put together data pertaining to how long $1M would last in America’s largest cities.
Regional Differences in How Long $1M Would Last for Retiring Home Buyers and Sellers
The Midwest is the regional winner in terms of $1M lasting the longest. $1M in retirement savings would last retiring homeowners, home buyers and sellers 34.8 years.
$1M in retirement savings would last homeowners, home buyers/sellers living in the Southwest 31.2 years. Living in the Southeast, $1M in retirement savings of home buyers and sellers would last 29.2 years and living in the West, $1M in retirement savings would last 17.5 years
25 Cities Where $1M Would Last the Longest
Memphis TN – 45.3 years
El Paso TX – 40.3 years
Wichita KS – 39.7 years – cost of rent is -50% less than national average
Tulsa OK – 38.8 years
Indianapolis IN – 38.6 years
Milwaukee WI – 37.6 years
Oklahoma City OK – 37.3 years
Columbus OH – 37.2 years
Kansas City MO – 36.7 years
Detroit MI 0 35.8 years
Baltimore MD – 35.3 years
Louisville KY – 35.3 years
San Antonio TX – 34.4 years
Omaha NE – 34.3 years
Albuquerque NM – 33.6 years
Tucson AZ – 33.3 years
Jacksonville FL – 32.3 years
New Orleans LA – 30.8 years
Houston TX – 30.8 years
Charlotte NC – 29.6 years
Fort Worth TX – 29.3 years
Arlington TX – 28.8 years
Philadelphia PA – 28.6 years
Nashville TX – 28.5 years
Dallas TX – 28.4 years
25 Cities Where $1M Would Last the Shortest
San Francisco CA – 8.3 years
San Jose CA – 10.8 years
New York NY – 12.7 years
Oakland CA – 13.8 years
Los Angeles CA – 13.9 years
Seattle WA – 14.0 years
Boston MA – 15.1 years
Long Beach CA – 15.3 years
San Diego CA – 15.4 years
Washington DC – 16.4 years
Portland OR – 20.0 years
Denver CO – 20.4 years
Miami FL – 21.7 years
Austin TX – 21.7 years
Austin TX – 22.7 years
Sacramento CA – 22.9 years
Las Vegas NV – 24.8 years
Atlanta GA – 26.3 years
Chicago IL – 26.4 years
Minneapolis MN – 26.6 years
Virginia Beach VA – 26.9 years
Colorado Springs CO – 27.3 years
Mesa AZ – 27.3 years
Phoenix AZ – 27.6 years
Fresno CA – 28.1 years
Raleigh NC – 28.2 years
Thanks to The Motley Fool’s Wealth Division.