looked at average expenses for seniors, including food, health care, transportation, housing and utilities, cost of living and investment returns in major U.S. cities. The site used data from the Bureau of Labor Statistics and the Council for Community and Economic Research to calculate how many years a $1 million portfolio would cover in each place, including any investment returns earned.
Unsurprisingly, large coastal cities fared poorly. In places like Manhattan and Boston, $1 million would only be able to cover retirement expenses for less than 15 years. However, in more affordable areas, such as Memphis, Tennessee, and Wichita Falls, Texas, the same amount of money would last closer to 30 years —Here's a closer look at how far a $1 million retirement portfolio would get you in 10 major U.S. cities, from most to least number of years.
MakeIt 69 years
MakeIt Time to depopulate NY and SF. 🤷♂️
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