What is Your Retirement Number?

by | Aug 30, 2017 | CBS Radio Report

What is Your Retirement Number?How far does a million dollars go in retirement? Depends on where you live. There is a fascinating game you might want to play if it gets boring at your next house party. Just go around the table and ask each guest what their number is. I’ll bet most of them already know what you mean because they’ve been thinking about it for years. Just how much money will they need to retire comfortably? That number will be different based on job stability and expectations. But it will also depend on where you want to retire. Bloomberg Business asked the question, how far does a million dollars go in retirement. The answer? If you want to stretch it out, head down south. A million lasts 11.9 years in Hawaii and 16.4 years in California, while it lasts 26.3 years in Mississippi. These figures don’t factor in any entertainment or travel, which would make for a pretty grim retirement. They also don’t account for inflation. One final tip. Check out local tax rates. They can differ dramatically from state to state.

Brian Banmiller

About Brian

CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.

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