This is so incredibly wrong, it’s hilarious. They’re basing it exclusively off of standard cost of living. Older people spend far more money on healthcare in the US. I’m sure they’re also assuming the retirees are homeowners.
If you retire with $1M in NY, you’ll be lucky to make it 20 years according to the financial advisors I’ve worked with.
Not only is it wrong, but the premise itself is flawed. Cost of living varies widely between municipal areas, and even between neighborhoods. State level extrapolations like this are useless
This is so incredibly wrong, it’s hilarious. They’re basing it exclusively off of standard cost of living. Older people spend far more money on healthcare in the US. I’m sure they’re also assuming the retirees are homeowners.
If you retire with $1M in NY, you’ll be lucky to make it 20 years according to the financial advisors I’ve worked with.
Not only is it wrong, but the premise itself is flawed. Cost of living varies widely between municipal areas, and even between neighborhoods. State level extrapolations like this are useless
Good point. $1M would go a lot further in Buffalo than in NYC or Westchester.