Why Even Millionaires May Struggle During Retirement
The dream of retiring as a millionaire may seem impossible for most people. But the truth is, even millionaires may struggle financially during retirement. According to a USA Today article, $1 million won’t get you as far as you think it will. Longevity research shows Americans typically live at least 20 years after retiring, but the average American retiree will spend $1 million in less time than that.
A new study by GOBankingRates examined how long $1 million would last in every state. In none of them does it last 20 years. Oklahoma came closest, with $1 million lasting 19.3 years. That’s followed by Mississippi, Alabama, West Virginia, and Kansas.
On the flip side, the most expensive states for retirees are Hawaii — where $1 million will last only 9.3 years—followed by Massachusetts, California, Alaska, and New York.
The Seniors Trust believes no senior should struggle financially during retirement. We are committed to protecting and expanding Social Security retirement benefits through the passage of the Social Security Expansion Act. This landmark piece of legislation seeks to reform Social Security by expanding and strengthening benefits proven to reduce senior poverty and improve retirement security, as well as extending the solvency of this crucial program.
