Study Says $1 Million for Retirement Will Last Fifteen Years in CT
15 years, 6 months and 13 Days. That's how much retirement time one million dollars will buy you in CT.
Go Banking Rates conducted the study, using stats from the Bureau of Labor Statistics’ 2018 Consumer Expenditure Survey. That's how they were able to come up with the numbers for Connecticut and every other state in the nation.
To determine the amount of years you could get out of one million dollars, the group set average annual expenditures in categories like grocery cost, housing cost and healthcare.
For Connecticut, the average annual cost they used for groceries was $4,413.91. I'm going to assume that no one from the "Go Banking" or the Bureau of Labor Statistics has ever been grocery shopping in CT because that is not cutting it.
Even worse than their annual grocery cost was the housing category. They shorted that one too, using an average of $13,502.15
Here's how our neighbors did:
- In New York you can live off of $1 million for 14 years, 3 months, 22 days
- In New Jersey you get 15 years, 10 months, 18 days
Fifteen years sure sounds like a long time unless of course, you live 16 years after retirement. In that case, the results are not as wonderful as they seem on paper. Right around year 13 I'd be getting a little nervous.
That's when I'd come up with some scheme that involved hitting the parlay on a Sunday because gambling has always been a surefire way out of a financial crisis.
I've run some of my own calculations and these are the results, I can never retire, ever.
P.S. Suddenly moving south after retirement doesn't sound so crazy. Maybe this is why people are willing to move to Florida and deal with alligators and bugs the size of birds. Florida you say?
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