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.











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