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Old 08-24-2017, 10:38 AM
 
1,040 posts, read 484,570 times
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What is the growth assumption of the million? is it just straight line zero growth?
seems like how the money is invested will have big impact
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Old 08-24-2017, 10:40 AM
 
Location: Central IL
15,207 posts, read 8,513,923 times
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Good to know...but I'm not interested at all in living in either the top OR the bottom states.
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Old 08-24-2017, 11:03 AM
 
Location: Austin, Texas
1,553 posts, read 917,254 times
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Quote:
Originally Posted by FREE866 View Post
What is the growth assumption of the million? is it just straight line zero growth?
seems like how the money is invested will have big impact
Based on the examples in the article, math works out to straight line zero growth, so pretty much a fluff piece with no real insight. I'd be pretty surprised to find someone unaware that living costs vary by location.
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Old 08-24-2017, 12:43 PM
 
Location: Eastern Washington
14,220 posts, read 44,887,015 times
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I would think Alaska is a special case here - for one thing it's so big and varied making a blanket statement about expenses won't really work.

That and I would think if you live out in the bush, if you "go native" so to speak, your expenses would be way lower than if you lived in one of the cities (living in Alaska, but in town, does not really make sense to me - but obviously it makes some sense to the people who do it).

It is a fluff piece in that if you just gave me the 10 state names and asked me to sort into 2 piles, one expensive, one not - it would take only a minute to do, pretty obvious.
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Old 08-24-2017, 01:44 PM
 
3,341 posts, read 3,045,294 times
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Originally Posted by seeriously View Post
Its not about how long my money would last where but how much enjoyment my money could bring me. If I lived in one of those five states, I'd be spending my dollars to get away from there.
Totally agree on the first 4. And in TN, where I now live, that $1 million won't last you that long in Nashville (which is the only place I can stomach living in this state).
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Old 08-24-2017, 02:16 PM
 
Location: Florida
5,232 posts, read 3,010,111 times
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If I only had $1,000,000 it would last me until I was 109 here in Florida. I have no interest in the other states.
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Old 08-24-2017, 03:13 PM
 
3,531 posts, read 1,772,570 times
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Wouldn't you have more misc expenses in a place like Mississippi, etc? You'd have to travel for better drs and if you have a major illness, hotels, house/pet sitters, etc are involved. Not to mention that if you do run out of money it's much harder to get Medicaid and other services in those places.

New York may have high property taxes but I've been looking at homes in really nice suburbs outside Buffalo and nice homes can be had for 150-200k. Those homes would be 250-300k elsewhere, so imo you're still paying one way or another. I'd rather have it go to schools/infrastructure than banks.
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Old 08-24-2017, 03:32 PM
 
662 posts, read 477,238 times
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Originally Posted by 1insider View Post
The article appears to assume the very unlikely event of the million not being invested and also apparently only calculated for a single person. Not very helpful.
I agree with the lack of investment, but since over 50% of retired women are single, it is useful.
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Old 08-24-2017, 04:36 PM
 
Location: Middle of the ocean
31,620 posts, read 19,947,296 times
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It would last 11 years where I live, and will last 22 years to where we are moving.
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Old 08-24-2017, 09:13 PM
 
Location: Orange County... Arizona bound
3,012 posts, read 1,641,577 times
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I live in so cal 2nd highest. Me and my friends have long known we can't retire here. Kinda sad since we're all natives. I'm 51 and hope to cash out and move to Tucson Az asap. Poor neighboring states have to take the Ca refuges but Ca is spiraling down and it is what it is.
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