Plan On Retiring? What a Million Will Get You...
Not much according to this article. And while $1mil is more spending change than I am currently working with, it's a humbling reality to come to terms with. As a kid, $1mil seemed like the pinnacle of success, yet as Dr. Evil realized, it no longer carries the weight it used to.
Still not discouraged? I love your optimism! Here is a list ranking all states on how far $1 million will last you in retirement. Looking to stretch your dollar? Head to Mississippi for over 26 years of relaxing bliss. Looking to blow through and live like a ballah? Hawaii and California will help you minimize your worth quickly, where $1mil will only last 11 and 16 years, respectively.
(It is also stated that these projections do not include inflation, cost of healthcare, and any elective vacations you would choose to take.)
Solution oriented? Looking to hedge your bets and increase your fiscal cushion? Well, the age-old "I'll just win the lottery, quit my job, and go live in The Keys" dream, isn't going to get you very far, either. Even if you won the lottery experts say you'll still want to keep working.
Why? Because, let's face it, it's likely your lifestyle will change. You'll probably buy a nicer, bigger home. Possibly multiple. You'll stop flying coach with the rest of us plebeians. You'll want to help friends, family, mentors, and those that have supported you. And even if you're feeling a little tight-fisted, you can be guaranteed people are going to come out of the woodwork to ask for your help with their fiscal burdens. And I don't know about you, but it's always been a goal of mine to dive into a pool of money like Uncle Scrooge did in DuckTales (ooooh ooooh!).
So what does this all mean? Well, simply put it means I should stop writing this blog post and get back to work. And while I appreciate you stopping by, I'm going to recommend you do the same! ;)