Are you planning to move or stay where you are?
Where you end up could have a big impact on your costs of living and how far your nest egg could go.
That’s a big reason why New Mexico is a growing hot spot for retirees.1
It costs them about $45,500 a year to live there.2
That’s about $5,000 less than Florida retirees pay each year — and it’s less than half of what retirees are paying to live in the most expensive states.2
So, how does your dream retirement spot match up?
How long could you stay retired on $1 million where you are right now versus where you’re thinking about moving to retire?
As popular as New Mexico is with today’s retirees, folks in Mississippi, Oklahoma, and Arkansas have the lowest costs of living. They’re paying about $43,000 to $44,500 a year in living expenses. That could potentially stretch $1 million far enough to cover 45-50 years of living expenses.2
Hawaii and California are at the other end of the spectrum.
A $1 million nest egg could disappear within 10-13 years in these states — and that’s just based on average expenses!2
Want to read more about how long $1 million could last you in retirement?
Leave a Reply