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This is so incredibly wrong, it’s hilarious. They’re basing it exclusively off of standard cost of living. Older people spend far more money on healthcare in the US. I’m sure they’re also assuming the retirees are homeowners.
If you retire with $1M in NY, you’ll be lucky to make it 20 years according to the financial advisors I’ve worked with.
Not only is it wrong, but the premise itself is flawed. Cost of living varies widely between municipal areas, and even between neighborhoods. State level extrapolations like this are useless
Good point. $1M would go a lot further in Buffalo than in NYC or Westchester.
You're really telling me that if you lucked into a million dollars at age 18, you could retire to West Virginia and safely live to 107? Even ignoring inflation and the like, that's barely over $11k per year. Do you expect us to believe that's a living income anywhere in the US? That's not even a living income when you're 18 and have 3 roommates.