You are an expensive creature- don’t try to deny it. And honestly, it’s not even your fault! While I was born with an extremely fluffy coat that is so fashionable and versatile that I can wear it in all 4 seasons, you need to wear 4 layers just to keep warm. If I want to vacation in a distant land, I just walk downstairs to the dog’s territory. Meanwhile, you have to fly somewhere hundreds of miles away just to sleep in an even smaller room. If you ask me, vacations are a scam.
Regardless, humans have a lot of expenses and cities are becoming more and more expensive. This begs the question, in which cities will $1 million last a retiree the longest? In a recent study, GOBanking discovered how many years and months $1 million will last during retirement by analyzing the yearly expenses (like housing, transportation, utilities, healthcare, etc.) for someone 65 or older in various cities. And while most people might be able to predict that $1 million might not last long in cities like New York or San Francisco, the cities in which $1 million lasts longer may surprise you.
In Memphis, Tennessee, $1 million will stretch for 24.23 years. Memphis is known for its association to the blues and rock’n’roll, and is home to the Rock ‘n’ Soul Museum and the Blues Hall of Fame.
$1 million can last for 24.31 years in Tulsa, Oklahoma. Tulsa is famous for its art deco architecture and art museums.
In Austin, Texas, $1 million can last for 24.53 years. Austin is famous for both a lively downtown scene and its many parks.
In Oklahoma City, Oklahoma, $1 million can endure for 24.58 years. Oklahoma City is famous for its waterhouse eateries and water taxi tours, as well as many museums.
In Houston, Texas, $1 million could last for 25.96 years. Houston is famous for its downtown theatre district, which is home to the Houston Grand Opera.
In conclusion, there are big cities in which $1 million can really last a long time for retirees! If you would like to know more about the retirement options available for you, please contact the Taylor Financial Group office for assistance.
Till next time,