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Can You Retire on $1 Million? Here’s How Far It Will Go

December 24, 2020

From the U.S. News & World Report website

Becoming a millionaire seems like a surefire way to live comfortably. However, if you are no longer working, just how long will a million dollars last in retirement?

The financial technology company SmartAsset looked at average household expenses and found that, nationwide, a $1 million nest egg should last 23.46 years. That assumes a real return of interest on the savings minus inflation. 

Since costs can differ dramatically throughout the country, the company then adjusted expenses based on the cost of living in 232 cities. The results showed retirees in New York City would deplete $1 million in 10.21 years, while the cash would last 32.26 years in McAllen, Texas.

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