Is One Million Dollars Enough For Your Retirement In New Jersey?
Maybe retirement is a long way away for you, but you're probably putting away some money now for your retirement. How long do think $1 million will last in New Jersey?
That is the exact question gobankingrates.com asked, not only about New Jersey, but every state in the nation. So, if you save one million dollars for retirement, exactly how long will that money last here in the Garden State?
Ready for some bad news? New Jersey ranks among the ten worst states for how long the money will last. One million dollars will last 18 years 6 months according to the research.
That same amount of money will last longer in 40 other states, and if you want it to last the longest in the country, then you need to make plans to move to Mississippi, where it will be around nearly 8 years longer.
If you need something to make you feel a little better, if you retired to Hawaii and you took that $1 million with you, you'd be out of cash in less than 12 years.
I guess it should come as no surprise that with the prices we pay for things around here that New Jersey wouldn't do well in a study like this. So if you thought a cool million would be enough for retirement around here, you probably should start saving a little more.
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