Latest news with #CJWilliamson
Yahoo
13-04-2025
- Business
- Yahoo
This Affordable Southern Town Is The Fastest-Growing Suburb In America
As more Americans are leaving cities for slower lives in the suburbs, one Southern spot is gaining newcomers with particular speed. According to a new report from GOBankingRates, the fastest-growing suburb in America is a formerly sleepy northern Virginia town located just 20 miles outside of Washington, D.C. With an astronomical population increase of 887%, Woodbridge, Virginia, didn't just top the list of the country's fastest-growing burbs—it dominated it. The Prince William County town's population jumped from roughly 4,000 residents to 43,000 between 2018 and 2023, per the report. For context, the next suburb on the list, Fulshear, Texas, saw a population increase of 236.7% during the same period. Is there something in the water in Woodbridge? Gold deposits? GOBankingRates researcher CJ Williamson says the reasons people are flocking there are actually quite practical. "There are a multitude of reasons for this population boom, but among them is the fact that many DC-area residents left the city during the pandemic in search of less-populated, nearby suburbs, such as Woodbridge," Williamson told Southern Living. "Our data also shows Woodbridge has a relatively strong livability score (71 out of 100) and a relatively affordable home median price for the DC area, at roughly $500,000 as of February 2025, which may also explain its growing popularity." Situated on a peninsula along the Potomac and Occoquan Rivers, Woodbridge offers a scenic respite from the city without sacrificing easy access. It's conveniently located on the Virginia Railway Express (VRE) and Interstate 95, the region's main artery. When traffic behaves itself, Woodbridge is a 30-minute drive from the nation's capital. It's also home to Potomac Mills, one of the largest outlet malls in the area. Related: This Idyllic Southern Neighborhood Was Just Named The Best Place To Live In The U.S. Read the original article on Southern Living
Yahoo
10-04-2025
- Business
- Yahoo
America's Fastest-Growing Suburb Isn't Where You'd Expect
Like so many other facets of everyday life, cities, towns, and other residential areas rise and fall in popularity over time. Just when it seems like one community is on the downward slope, however, it suddenly experiences a major boom in its population, ushering in increased job opportunities, larger expansions in housing, and other notable aspects of development. Interestingly, the personal finance and date website GOBankingRates has recently found that the fastest-growing suburban area isn't a residential neighborhood of Austin or Charleston. Instead, it's a relatively small community just outside Washington, D.C.: I.E., the quaint Virginian town of Woodbridge, roughly 30 minutes outside the Capital City. According to GOBankingRates' research findings, the Prince William County community had roughly 4,400 people making up its population in 2018. By 2023, that number had risen to a staggering 43,443 residents within its designated borders. CJ Williamson, a researcher with GOBankingRates, revealed the website's data to Travel + Leisure, telling the travel publication, "Woodbridge is by far the number one fastest-growing suburb in America, according to our latest research. The DC-area suburb experienced a massive population boom of 887% between 2018 and 2023." To help determine the development rate of U.S. suburbs, Williamson said GOBankingRates specifically looked to sudden surges in population rates for suburban areas from 2018 to 2023. At a population growth rate of 887%, GOBankingRates listed Woodbridge as the suburbs that experienced the most dramatic increase, with three Texas communities -- Fulshear (236%), Celina (190%) and Princeton (114%) -- detailed a far distance behind. While Woodbridge's massive growth spells out a major victory for Northern Virginia, the website's data shows that the state with the highest number of fast-growing communities is Texas, with a total of 16 suburbs experiencing rapid growth in that five-year period. To afford a residence in Woodbridge, GOBankingRates also found that you'd likely need a household income of over $120,000, factoring in groceries, entertainment, and basic cost of living.
Yahoo
06-04-2025
- Business
- Yahoo
$1.5M is a retirement ‘magic number.' Here's how long it lasts in California, other states
One of the more popular items on retirement surveys is the 'magic number': How much savings you need, on top of any Social Security benefits, to live out a comfortable retirement. Charles Schwab recently estimated the magic number at $1.8 million, based on a poll of retirement plan participants. A Schroders survey came in at $1.2 million. Northwestern Mutual split the difference at $1.5 million. A March analysis from the personal finance site GOBankingRates uses $1.5 million as the basis for a retirement-planning exercise. The report examines how long that money will last for a retiree in every state. 'Many Americans are coming to terms with the fact that $1 million doesn't guarantee a comfortable retirement in parts of the U.S.,' said CJ Williamson, a GOBankingRates researcher. 'The goal of this particular analysis was to take things a step further and uncover whether an even larger savings of $1.5 million would be enough to last 25 or 30 years in retirement in all 50 states.' The report calculates the annual cost of living in each state, after deducting Social Security income, to determine how long $1.5 million in savings would last in retirement. For results, let's start with a few of the most popular retirement states. And before we do that, let's examine the latest data on where Americans go to retire. According to a new report from AARP, sourced from the moving-services marketplace Hire A Helper, these are the top five destinations for Americans who moved specifically for retirement in 2024: Massachusetts, followed by Florida, Illinois, Kentucky and North Carolina. Arizona, a celebrated retirement destination, didn't even make the top 10. Okay, retirees: If that's where you're moving, here's how long your $1.5 million is likely to last in each place. Massachusetts: 23 years. With an annual cost of living of $65,117, after Social Security, Massachusetts is the second priciest state for retirees. Florida: 39 years. A Florida retiree faces annual costs of $38,379, after Social Security, placing it 34th among states for affordability. Illinois: 44 years. Illinois ranks 26th for affordability, with an annual cost of living of $34,233. Kentucky: 46 years. With annual costs of $32,670, Kentucky ranks 17th among states for retirement affordability. North Carolina: 42 years. North Carolina ranks 27th for affordability, with annual costs of $35,495. Here is how long $1.5 million will last in California: 24 years. Annual cost of living: $63,795. Let's pause now for a reality check. Most Americans retire with nowhere near $1.5 million in savings. The typical senior with a retirement account has about $200,000 saved, according to data for households in the 65-74 age range from the 2022 Survey of Consumer Finances. Only about half of those households report having retirement accounts. Many American retirees live primarily on Social Security, and quite a few seem to be doing just fine. The magic-number concept arises from the idea that you should save as much as 10 times your annual salary for retirement to supplement your Social Security income, because the federal benefit was never meant to cover the full cost of retirement. Here's some good news: If you do manage to save $1.5 million, according to GOBankingRates, the money will last you a very long time in most states. If you are looking for value, here are the five most affordable states for retirees: West Virginia, where $1.5 million will last 54 years; Kansas (52 years), Mississippi (51 years), Oklahoma (also 51 years) and Alabama (50 years). Those numbers are good news for the average retiree. An American who retires at 65 can expect to live roughly 20 more years, give or take, based on longevity data. Even if you retire earlier and live to 100, you aren't likely to need retirement savings for more than 40 years. And, according to the GOBankingRates analysis, $1.5 million will last you 40 years in 32 states. 'I often see comments online claiming that $1.5 million isn't enough to retire, but in reality, the data shows it goes a long way in nearly every state,' said Spenser Liszt, a certified financial planner in Dallas. 'The bigger issue is that many people think they need to be extremely wealthy to retire comfortably,' he said. 'That belief can lead to unnecessary stress: taking on too much investment risk, overworking, or feeling like they're always behind.' A few states, however, are eye-poppingly expensive for retirees: See California and Massachusetts, above. Here is how long $1.5 million will last in three other priciest states. Hawaii: 17 years. The annual cost of living, after Social Security, works out to $87,770. New York and Alaska: 29 years. Annual cost of living: About $51,000 in both states. This article originally appeared on USA TODAY: $1.5M a retirement magic number. How long does it last in California?
Yahoo
06-04-2025
- Business
- Yahoo
$1.5m is a retirement 'magic number.' Here's how long it lasts in every state.
One of the more popular items on retirement surveys is the 'magic number': How much savings you need, on top of any Social Security benefits, to live out a comfortable retirement. Charles Schwab recently estimated the magic number at $1.8 million, based on a poll of retirement plan participants. A Schroders survey came in at $1.2 million. Northwestern Mutual split the difference at $1.5 million. A March analysis from the personal finance site GOBankingRates uses $1.5 million as the basis for a retirement-planning exercise. The report examines how long that money will last for a retiree in every state. 'Many Americans are coming to terms with the fact that $1 million doesn't guarantee a comfortable retirement in parts of the U.S.,' said CJ Williamson, a GOBankingRates researcher. 'The goal of this particular analysis was to take things a step further and uncover whether an even larger savings of $1.5 million would be enough to last 25 or 30 years in retirement in all 50 states.' The report calculates the annual cost of living in each state, after deducting Social Security income, to determine how long $1.5 million in savings would last in retirement. For results, let's start with a few of the most popular retirement states. And before we do that, let's examine the latest data on where Americans go to retire. According to a new report from AARP, sourced from the moving-services marketplace Hire A Helper, these are the top five destinations for Americans who moved specifically for retirement in 2024: Massachusetts, followed by Florida, Illinois, Kentucky and North Carolina. Arizona, a celebrated retirement destination, didn't even make the top 10. Okay, retirees: If that's where you're moving, here's how long your $1.5 million is likely to last in each place. Massachusetts: 23 years. With an annual cost of living of $65,117, after Social Security, Massachusetts is the second priciest state for retirees. Florida: 39 years. A Florida retiree faces annual costs of $38,379, after Social Security, placing it 34th among states for affordability. Illinois: 44 years. Illinois ranks 26th for affordability, with an annual cost of living of $34,233. Kentucky: 46 years. With annual costs of $32,670, Kentucky ranks 17th among states for retirement affordability. North Carolina: 42 years. North Carolina ranks 27th for affordability, with annual costs of $35,495. Let's pause now for a reality check. Most Americans retire with nowhere near $1.5 million in savings. The typical senior with a retirement account has about $200,000 saved, according to data for households in the 65-74 age range from the 2022 Survey of Consumer Finances. Only about half of those households report having retirement accounts. Many American retirees live primarily on Social Security, and quite a few seem to be doing just fine. The magic-number concept arises from the idea that you should save as much as 10 times your annual salary for retirement to supplement your Social Security income, because the federal benefit was never meant to cover the full cost of retirement. Here's some good news: If you do manage to save $1.5 million, according to GOBankingRates, the money will last you a very long time in most states. If you are looking for value, here are the five most affordable states for retirees: West Virginia, where $1.5 million will last 54 years; Kansas (52 years), Mississippi (51 years), Oklahoma (also 51 years) and Alabama (50 years). Those numbers are good news for the average retiree. An American who retires at 65 can expect to live roughly 20 more years, give or take, based on longevity data. Even if you retire earlier and live to 100, you aren't likely to need retirement savings for more than 40 years. And, according to the GOBankingRates analysis, $1.5 million will last you 40 years in 32 states. 'I often see comments online claiming that $1.5 million isn't enough to retire, but in reality, the data shows it goes a long way in nearly every state,' said Spenser Liszt, a certified financial planner in Dallas. 'The bigger issue is that many people think they need to be extremely wealthy to retire comfortably,' he said. 'That belief can lead to unnecessary stress: taking on too much investment risk, overworking, or feeling like they're always behind.' A few states, however, are eye-poppingly expensive for retirees: See Massachusetts, above. Here is how long $1.5 million will last in the four other priciest states. Hawaii: 17 years. The annual cost of living, after Social Security, works out to $87,770. California: 24 years. Annual cost of living: $63,795. New York and Alaska: 29 years. Annual cost of living: About $51,000 in both states. Catherine Valega is a certified financial planner near Boston. Not surprisingly, she doesn't think $1.5 million is the magic number in Massachusetts. 'I actually now tell New England clients we should shoot to have $3 million to $4 million saved for a comfortable retirement,' she said. This article originally appeared on USA TODAY: Got $1.5m? Here's how many retirement years it buys in each state. Sign in to access your portfolio
USA Today
06-04-2025
- Business
- USA Today
$1.5m is a retirement 'magic number.' Here's how long it lasts in every state.
$1.5m is a retirement 'magic number.' Here's how long it lasts in every state. Show Caption Hide Caption Rising costs have people worried about retirement A survey by AARP is showing retirees are worried they do not make enough money to afford their retirement. Fox - 10 Phoenix One of the more popular items on retirement surveys is the 'magic number': How much savings you need, on top of any Social Security benefits, to live out a comfortable retirement. Charles Schwab recently estimated the magic number at $1.8 million, based on a poll of retirement plan participants. A Schroders survey came in at $1.2 million. Northwestern Mutual split the difference at $1.5 million. A March analysis from the personal finance site GOBankingRates uses $1.5 million as the basis for a retirement-planning exercise. The report examines how long that money will last for a retiree in every state. 'Many Americans are coming to terms with the fact that $1 million doesn't guarantee a comfortable retirement in parts of the U.S.,' said CJ Williamson, a GOBankingRates researcher. 'The goal of this particular analysis was to take things a step further and uncover whether an even larger savings of $1.5 million would be enough to last 25 or 30 years in retirement in all 50 states.' The report calculates the annual cost of living in each state, after deducting Social Security income, to determine how long $1.5 million in savings would last in retirement. Here's how long $1.5m lasts in popular retirement states For results, let's start with a few of the most popular retirement states. And before we do that, let's examine the latest data on where Americans go to retire. According to a new report from AARP, sourced from the moving-services marketplace Hire A Helper, these are the top five destinations for Americans who moved specifically for retirement in 2024: Massachusetts, followed by Florida, Illinois, Kentucky and North Carolina. Arizona, a celebrated retirement destination, didn't even make the top 10. Okay, retirees: If that's where you're moving, here's how long your $1.5 million is likely to last in each place. Massachusetts: 23 years. With an annual cost of living of $65,117, after Social Security, Massachusetts is the second priciest state for retirees. Florida: 39 years. A Florida retiree faces annual costs of $38,379, after Social Security, placing it 34 th among states for affordability. among states for affordability. Illinois: 44 years. Illinois ranks 26 th for affordability, with an annual cost of living of $34,233. for affordability, with an annual cost of living of $34,233. Kentucky: 46 years. With annual costs of $32,670, Kentucky ranks 17 th among states for retirement affordability. among states for retirement affordability. North Carolina: 42 years. North Carolina ranks 27th for affordability, with annual costs of $35,495. Most of us don't have $1.5m saved for retirement Let's pause now for a reality check. Most Americans retire with nowhere near $1.5 million in savings. The typical senior with a retirement account has about $200,000 saved, according to data for households in the 65-74 age range from the 2022 Survey of Consumer Finances. Only about half of those households report having retirement accounts. Many American retirees live primarily on Social Security, and quite a few seem to be doing just fine. The magic-number concept arises from the idea that you should save as much as 10 times your annual salary for retirement to supplement your Social Security income, because the federal benefit was never meant to cover the full cost of retirement. Here's some good news: If you do manage to save $1.5 million, according to GOBankingRates, the money will last you a very long time in most states. Here are the 5 most affordable retirement states If you are looking for value, here are the five most affordable states for retirees: West Virginia, where $1.5 million will last 54 years; Kansas (52 years), Mississippi (51 years), Oklahoma (also 51 years) and Alabama (50 years). Those numbers are good news for the average retiree. An American who retires at 65 can expect to live roughly 20 more years, give or take, based on longevity data. Even if you retire earlier and live to 100, you aren't likely to need retirement savings for more than 40 years. And, according to the GOBankingRates analysis, $1.5 million will last you 40 years in 32 states. 'I often see comments online claiming that $1.5 million isn't enough to retire, but in reality, the data shows it goes a long way in nearly every state,' said Spenser Liszt, a certified financial planner in Dallas. 'The bigger issue is that many people think they need to be extremely wealthy to retire comfortably,' he said. 'That belief can lead to unnecessary stress: taking on too much investment risk, overworking, or feeling like they're always behind.' . . . And here are the priciest retirement states A few states, however, are eye-poppingly expensive for retirees: See Massachusetts, above. Here is how long $1.5 million will last in the four other priciest states. Hawaii: 17 years. The annual cost of living, after Social Security, works out to $87,770. California: 24 years. Annual cost of living: $63,795. New York and Alaska: 29 years. Annual cost of living: About $51,000 in both states. Catherine Valega is a certified financial planner near Boston. Not surprisingly, she doesn't think $1.5 million is the magic number in Massachusetts. 'I actually now tell New England clients we should shoot to have $3 million to $4 million saved for a comfortable retirement,' she said.
