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Yahoo
23-05-2025
- Business
- Yahoo
If Social Security Runs Out, How Long Will $2 Million Last in the South?
In a worst-case scenario in which Social Security runs out, retirees in the South are in a financially fortunate position. A savings of $2 million will last at least 30 years, if not longer, to fund retirement in every Southern state. Be Aware: Try This: This data was pulled from a new GOBankingRates study that analyzed how long $2 million in retirement savings could last in every U.S. state. A full methodology is available at the end of this article. Here's how long $2 million lasts in the South, should Social Security run out. Annual expenditures: $53,357 Years $2 million will last: 37.5 National average: 33.3 years See More: Explore Next: Annual expenditures: $53,477 Years $2 million will last: 37.4 National average: 33.3 years Read More: Annual expenditures: $60,207 Years $2 million will last: 33.2 National average: 33.3 years Annual expenditures: $61,529 Years $2 million will last: 32.5 National average: 33.3 years Annual expenditures: $54,980 Years $2 million will last: 36.4 National average: 33.3 years That's Interesting: Annual expenditures: $55,821 Years $2 million will last: 35.8 National average: 33.3 years Annual expenditures: $56,181 Years $2 million will last: 35.6 National average: 33.3 years Annual expenditures: $59,426 Years $2 million will last: 33.7 National average: 33.3 years View More: Annual expenditures: $52,576 Years $2 million will last: 38 National average: 33.3 years Annual expenditures: $58,645 Years $2 million will last: 34.1 National average: 33.3 years Annual expenditures: $52,816 Years $2 million will last: 37.9 National average: 33.3 years Trending Now: Annual expenditures: $57,203 Years $2 million will last: 35 National average: 33.3 years Annual expenditures: $54,078 Years $2 million will last: 37 National average: 33.3 years Annual expenditures: $55,641 Years $2 million will last: 35.9 National average: 33.3 years For You: Annual expenditures: $60,387 Years $2 million will last: 33.1 National average: 33.3 years Annual expenditures: $50,954 Years $2 million will last: 39.3 National average: 33.3 years Methodology: GOBankingRates found the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics' 2023 Consumer Expenditure Survey data. Then, GOBankingRates created (2) state-level annual expenditure estimates by multiplying the national figure by each state's overall cost-of-living index score for 2024 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $2 million will last in each state by dividing $2 million by each state's average annual expenditures estimate and its annual expenditures estimate minus yearly Social Security income. All data was collected on and is up to date as of March 7, 2025. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? The Most Expensive Disney Merchandise Ever Sold -- and Who's Buying It Here's the Minimum Salary Required To Be Considered Upper Class in 2025 This article originally appeared on If Social Security Runs Out, How Long Will $2 Million Last in the South? Sign in to access your portfolio
Yahoo
22-05-2025
- Business
- Yahoo
If Social Security Runs Out, How Long Will $2 Million Last on the West Coast?
Will Social Security benefits run out in your lifetime? A new GOBankingRates study analyzed this 'what if?' scenario and how it might impact the time horizon for $2 million in retirement savings. Be Aware: Learn More: Given that these states have a high cost of living, this savings only allows retirees on the West Coast (and in states in the Pacific region, like Alaska and Hawaii) to cover up to 30 years in retirement on the high end, and as few as 18 years on the low end. See how long $2 million stretches in retirement savings in these West Coast states. Annual expenditures: $74,147 Years $2 million will last: 27 National average: 33.3 years Find Out: Read More: Annual expenditures: $86,946 Years $2 million will last: 23 National average: 33.3 years That's Interesting: Annual expenditures: $110,921 Years $2 million will last: 18 National average: 33.3 years Annual expenditures: $66,096 Years $2 million will last: 30.3 National average: 33.3 years Annual expenditures: $68,259 Years $2 million will last: 29.3 National average: 33.3 years Methodology: GOBankingRates found the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics' 2023 Consumer Expenditure Survey data. Then, GOBankingRates created (2) state-level annual expenditure estimates by multiplying the national figure by each state's overall cost-of-living index score for 2024 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $2 million will last in each state by dividing $2 million by each state's average annual expenditures estimate and its annual expenditures estimate minus yearly Social Security income. All data was collected on and is up to date as of March 7, 2025. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? The Most Expensive Disney Merchandise Ever Sold -- and Who's Buying It 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance This article originally appeared on If Social Security Runs Out, How Long Will $2 Million Last on the West Coast? Sign in to access your portfolio
Yahoo
21-05-2025
- Business
- Yahoo
If Social Security Runs Out, How Long Will $2 Million Last on the East Coast?
Just how long would $2 million in savings last on the East Coast if Social Security runs out? The time horizon, according to a new GOBankingRates study, is largely ideal for retirees planning to retire later in life, such as around age 67 or older. On the low end, retirees would only get up to 22 years out of these funds, while the high end does not afford more than 36 years in this next chapter. See More: Read Next: Take a look at how much this savings lasts for retirees on the East Coast. Annual expenditures: $67,117 Years $2 million will last: 29.8 National average: 33.3 years Find Out: Explore Next: Annual expenditures: $60,207 Years $2 million will last: 33.2 National average: 33.3 years That's Interesting: Annual expenditures: $61,529 Years $2 million will last: 32.5 National average: 33.3 years Annual expenditures: $54,980 Years $2 million will last: 36.4 National average: 33.3 years Annual expenditures: $68,199 Years $2 million will last: 29.3 National average: 33.3 years Trending Now: Annual expenditures: $59,426 Years $2 million will last: 33.7 National average: 33.3 years Annual expenditures: $88,268 Years $2 million will last: 22.7 National average: 33.3 years Annual expenditures: $66,997 Years $2 million will last: 29.9 National average: 33.3 years Try This: Annual expenditures: $68,980 Years $2 million will last: 29 National average: 33.3 years Annual expenditures: $74,147 Years $2 million will last: 27 National average: 33.3 years Annual expenditures: $58,645 Years $2 million will last: 34.1 National average: 33.3 years For You: Annual expenditures: $67,538 Years $2 million will last: 29.6 National average: 33.3 years Annual expenditures: $57,203 Years $2 million will last: 35 National average: 33.3 years Annual expenditures: $60,387 Years $2 million will last: 33.1 National average: 33.3 years Methodology: GOBankingRates found the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics' 2023 Consumer Expenditure Survey data. Then, GOBankingRates created (2) state-level annual expenditure estimates by multiplying the national figure by each state's overall cost-of-living index score for 2024 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $2 million will last in each state by dividing $2 million by each state's average annual expenditures estimate and its annual expenditures estimate minus yearly Social Security income. All data was collected on and is up to date as of March 7, 2025. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? The Most Expensive Disney Merchandise Ever Sold -- and Who's Buying It Warren Buffett: 10 Things Poor People Waste Money On This article originally appeared on If Social Security Runs Out, How Long Will $2 Million Last on the East Coast?
Yahoo
13-05-2025
- Business
- Yahoo
50 Safest, Most Affordable Cities for a Family of Four
Americans seeking safe, affordable cities to raise kids will find the most cities with modest cost-of-living expenses are based in Southern and Midwest states. Texas is home to 19 cities that check off these boxes, the most out of any state, according to a new GOBankingRates study. Learn More: See Next: GOBankingRates analyzed cities with populations of at least 100,000 to determine which are the safest and most affordable for a family of four. Families of four are defined as a married couple with children: the oldest child age 6 to 17, per the Bureau of Labor Statistics Consumer Expenditure Survey. Key factors sourced and calculated include each city's household median income, the property and violent crime rates per 1,000 residents, the average value of a single-family home and the annual cost of living. Calculations for the leftover savings after the cost of living were determined using the median household income and the total cost of living. Fishers, Indiana, ranked as the safest and most affordable city for a family of four. The annual cost of living is $64,924, with a property crime rate of 6.09 and a 0.99 violent crime rate per 1,000 residents. Nineteen Texas cities ranked in the top 50, the most out of any state. These cities include Sugar Land (#2), League City (#3), Allen (#6), McKinney (#7), Frisco (#8), Pearland (#13), Carrollton (#20), Grand Prairie (#24), Round Rock (#25), Richardson (#26), Plano (#29), Midland (#34), College Station (#35), Odessa (#36), Lewisville (#41), Laredo (#43), Garland (#46), Denton (#49) and Edinburg (#50). The greatest number of safe and affordable cities is in the South, where 23 cities total, nearly half of the rankings. The second-highest region to rank is the Midwest, with 13 cities altogether. Surprisingly, no cities in Florida cracked the top 50 for affordability and safety. Ranked from first to 50th, here are the safest, most affordable cities for a family of four. See More: Explore Next: Household median income: $128,141 Single family home average value: $444,417 Average annual cost of living: $64,924 Property crime rate (per 1,000): 6.09 Violent crime rate (per 1,000): 0.99 Leftover savings after cost of living: $63,217 Discover More: Household median income: $137,511 Single family home average value: $449,949 Average annual cost of living: $64,633 Property crime rate (per 1,000): 12.88 Violent crime rate (per 1,000): 0.73 Leftover savings after cost of living: $72,878 Household median income: $119,870 Single family home average value: $373,532 Average annual cost of living: $57,131 Property crime rate (per 1,000): 12.19 Violent crime rate (per 1,000): 1.14 Leftover savings after cost of living: $62,739 Household median income: $150,937 Single family home average value: $610,926 Average annual cost of living: $79,991 Property crime rate (per 1,000): 8.58 Violent crime rate (per 1,000): 0.64 Leftover savings after cost of living: $70,946 Household median income: $134,602 Single family home average value: $560,332 Average annual cost of living: $72,855 Property crime rate (per 1,000): 8.35 Violent crime rate (per 1,000): 0.58 Leftover savings after cost of living: $61,747 Household median income: $129,130 Single family home average value: $517,824 Average annual cost of living: $68,647 Property crime rate (per 1,000): 8.23 Violent crime rate (per 1,000): 1.12 Leftover savings after cost of living: $60,483 For You: Household median income: $120,273 Single family home average value: $515,466 Average annual cost of living: $69,009 Property crime rate (per 1,000): 9.07 Violent crime rate (per 1,000): 1.05 Leftover savings after cost of living: $51,264 Household median income: $146,158 Single family home average value: $684,708 Average annual cost of living: $83,717 Property crime rate (per 1,000): 13.57 Violent crime rate (per 1,000): 0.86 Leftover savings after cost of living: $62,441 Household median income: $70,778 Single family home average value: $276,735 Average annual cost of living: $52,894 Property crime rate (per 1,000): 7.05 Violent crime rate (per 1,000): 1.30 Leftover savings after cost of living: $17,884 Household median income: $112,232 Single family home average value: $407,368 Average annual cost of living: $62,234 Property crime rate (per 1,000): 11.47 Violent crime rate (per 1,000): 2.34 Leftover savings after cost of living: $49,998 Household median income: $88,316 Single family home average value: $321,374 Average annual cost of living: $55,726 Property crime rate (per 1,000): 8.83 Violent crime rate (per 1,000): 2.24 Leftover savings after cost of living: $32,590 Trending Now: Household median income: $84,752 Single family home average value: $380,202 Average annual cost of living: $59,241 Property crime rate (per 1,000): 9.79 Violent crime rate (per 1,000): 1.12 Leftover savings after cost of living: $25,511 Household median income: $112,470 Single family home average value: $383,029 Average annual cost of living: $66,446 Property crime rate (per 1,000): 16.69 Violent crime rate (per 1,000): 1.06 Leftover savings after cost of living: $46,024 Household median income: $98,686 Single family home average value: $532,485 Average annual cost of living: $69,631 Property crime rate (per 1,000): 4.95 Violent crime rate (per 1,000): 1.65 Leftover savings after cost of living: $29,055 Household median income: $85,220 Single family home average value: $278,843 Average annual cost of living: $53,037 Property crime rate (per 1,000): 13.55 Violent crime rate (per 1,000): 2.05 Leftover savings after cost of living: $32,183 Household median income: $87,767 Single family home average value: $335,990 Average annual cost of living: $55,228 Property crime rate (per 1,000): 15.92 Violent crime rate (per 1,000): 1.62 Leftover savings after cost of living: $32,539 Explore More: Household median income: $90,109 Single family home average value: $309,099 Average annual cost of living: $54,759 Property crime rate (per 1,000): 10.94 Violent crime rate (per 1,000): 3.11 Leftover savings after cost of living: $35,350 Household median income: $78,429 Single family home average value: $311,142 Average annual cost of living: $57,496 Property crime rate (per 1,000): 11.11 Violent crime rate (per 1,000): 1.68 Leftover savings after cost of living: $20,933 Household median income: $88,026 Single family home average value: $251,139 Average annual cost of living: $51,099 Property crime rate (per 1,000): 10.02 Violent crime rate (per 1,000): 4.06 Leftover savings after cost of living: $36,927 Household median income: $99,115 Single family home average value: $424,195 Average annual cost of living: $64,947 Property crime rate (per 1,000): 15.05 Violent crime rate (per 1,000): 1.69 Leftover savings after cost of living: $34,168 Household median income: $122,229 Single family home average value: $657,469 Average annual cost of living: $79,258 Property crime rate (per 1,000): 12.03 Violent crime rate (per 1,000): 1.87 Leftover savings after cost of living: $42,971 Read Next: Household median income: $59,480 Single family home average value: $198,416 Average annual cost of living: $47,387 Property crime rate (per 1,000): 13.27 Violent crime rate (per 1,000): 2.01 Leftover savings after cost of living: $12,093 Household median income: $90,685 Single family home average value: $422,360 Average annual cost of living: $64,775 Property crime rate (per 1,000): 16.56 Violent crime rate (per 1,000): 0.95 Leftover savings after cost of living: $25,910 Household median income: $78,889 Single family home average value: $322,783 Average annual cost of living: $55,548 Property crime rate (per 1,000): 16.03 Violent crime rate (per 1,000): 1.88 Leftover savings after cost of living: $23,341 Household median income: $97,187 Single family home average value: $436,850 Average annual cost of living: $61,848 Property crime rate (per 1,000): 21.56 Violent crime rate (per 1,000): 1.38 Leftover savings after cost of living: $35,339 Household median income: $96,257 Single family home average value: $458,869 Average annual cost of living: $64,106 Property crime rate (per 1,000): 20.21 Violent crime rate (per 1,000): 1.25 Leftover savings after cost of living: $32,151 That's Interesting: Household median income: $101,814 Single family home average value: $479,790 Average annual cost of living: $69,309 Property crime rate (per 1,000): 16.39 Violent crime rate (per 1,000): 1.59 Leftover savings after cost of living: $32,505 Household median income: $103,691 Single family home average value: $540,275 Average annual cost of living: $72,598 Property crime rate (per 1,000): 14.44 Violent crime rate (per 1,000): 1.74 Leftover savings after cost of living: $31,093 Household median income: $108,649 Single family home average value: $524,436 Average annual cost of living: $74,397 Property crime rate (per 1,000): 16.63 Violent crime rate (per 1,000): 1.61 Leftover savings after cost of living: $34,252 Household median income: $100,360 Single family home average value: $522,467 Average annual cost of living: $65,719 Property crime rate (per 1,000): 17.68 Violent crime rate (per 1,000): 2.33 Leftover savings after cost of living: $34,641 Household median income: $93,371 Single family home average value: $433,856 Average annual cost of living: $76,329 Property crime rate (per 1,000): 12.49 Violent crime rate (per 1,000): 1.00 Leftover savings after cost of living: $17,042 Find Out: Household median income: $109,780 Single family home average value: $702,517 Average annual cost of living: $81,385 Property crime rate (per 1,000): 12.20 Violent crime rate (per 1,000): 1.66 Leftover savings after cost of living: $28,395 Household median income: $103,838 Single family home average value: $456,137 Average annual cost of living: $65,782 Property crime rate (per 1,000): 22.47 Violent crime rate (per 1,000): 2.03 Leftover savings after cost of living: $38,056 Household median income: $91,169 Single family home average value: $319,514 Average annual cost of living: $52,969 Property crime rate (per 1000): 18.91 Violent crime rate (per 1000): 4.30 Leftover savings after cost of living: $38,200 Household median income: $51,776 Single family home average value: $358,185 Average annual cost of living: $56,138 Property crime rate (per 1,000): 13.35 Violent crime rate (per 1,000): 1.59 Leftover savings after cost of living: ($4,362) Household median income: $73,030 Single family home average value: $241,720 Average annual cost of living: $48,341 Property crime rate (per 1,000): 17.83 Violent crime rate (per 1,000): 3.94 Leftover savings after cost of living: $24,689 Check Out: Household median income: $72,122 Single family home average value: $408,137 Average annual cost of living: $60,312 Property crime rate (per 1,000): 8.53 Violent crime rate (per 1,000): 3.65 Leftover savings after cost of living: $11,810 Household median income: $85,755 Single family home average value: $355,693 Average annual cost of living: $57,380 Property crime rate (per 1,000): 14.90 Violent crime rate (per 1,000): 4.12 Leftover savings after cost of living: $28,375 Household median income: $93,403 Single family home average value: $498,304 Average annual cost of living: $73,975 Property crime rate (per 1,000): 12.93 Violent crime rate (per 1,000): 2.12 Leftover savings after cost of living: $19,428 Household median income: $128,167 Single family home average value: $683,685 Average annual cost of living: $83,560 Property crime rate (per 1,000): 19.49 Violent crime rate (per 1,000): 2.13 Leftover savings after cost of living: $44,607 Household median income: $85,002 Single family home average value: $408,339 Average annual cost of living: $63,535 Property crime rate (per 1,000): 18.11 Violent crime rate (per 1,000): 2.26 Leftover savings after cost of living: $21,467 Discover More: Household median income: $117,703 Single family home average value: $875,320 Average annual cost of living: $95,187 Property crime rate (per 1,000): 9.70 Violent crime rate (per 1,000): 1.22 Leftover savings after cost of living: $22,516 Household median income: $63,264 Single family home average value: $214,370 Average annual cost of living: $47,904 Property crime rate (per 1,000): 13.67 Violent crime rate (per 1,000): 4.26 Leftover savings after cost of living: $15,360 Household median income: $62,546 Single family home average value: $263,178 Average annual cost of living: $49,528 Property crime rate (per 1,000): 15.29 Violent crime rate (per 1,000): 3.87 Leftover savings after cost of living: $13,018 Household median income: $89,183 Single family home average value: $589,971 Average annual cost of living: $76,631 Property crime rate (per 1,000): 11.69 Violent crime rate (per 1,000): 1.94 Leftover savings after cost of living: $12,552 Household median income: $74,717 Single family home average value: $300,610 Average annual cost of living: $54,516 Property crime rate (per 1,000): 23.87 Violent crime rate (per 1,000): 2.29 Leftover savings after cost of living: $20,201 View More: Household median income: $119,926 Single family home average value: $860,702 Average annual cost of living: $92,722 Property crime rate (per 1,000): 12.23 Violent crime rate (per 1,000): 1.78 Leftover savings after cost of living: $27,204 Household median income: $60,293 Single family home average value: $235,184 Average annual cost of living: $47,357 Property crime rate (per 1,000): 23.52 Violent crime rate (per 1,000): 2.71 Leftover savings after cost of living: $12,936 Household median income: $73,719 Single family home average value: $366,076 Average annual cost of living: $56,847 Property crime rate (per 1,000): 21.87 Violent crime rate (per 1,000): 2.47 Leftover savings after cost of living: $16,872 Household median income: $57,789 Single family home average value: $212,303 Average annual cost of living: $47,036 Property crime rate (per 1,000): 21.81 Violent crime rate (per 1,000): 2.99 Leftover savings after cost of living: $10,753 Methodology: For this study, GOBankingRates analyzed cities with at least 100,000 population to find the safest and most affordable places for a family of four. For each city, the household median income was sourced from the U.S. Census American Community Survey. Using the total population as well as the number of property crimes and violent crimes reported by city, as sourced from the FBI's 2023 Crime in the U.S. report, the [1] property crime rate per 1,000 residents and the [2] violent crime rate per 1,000 residents was calculated. Cost of living was sourced from Sperling's BestPlaces, expenditure costs for a family of four (oldest child 6 to 17) were sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, average home value was sourced from Zillow Home Value Index for March 2025 and the average mortgage was calculated using the Federal Reserve Economic Data. Using the median household income and the total cost of living, the [4] leftover savings for a median household income was calculated. The [1] property crime rate per 1,000 was scored and weighted at 1.00, the [2] violent crime rate per 1,000 was scored and weighted at 1.00, the [3] total cost of living was scored and weighted at 1.00, and the [4] leftover savings from median household income was scored and weighted at 1.00. All the scores were summed and sorted to show the safest and most affordable city for a family of four. All data was collected on and is up to date as of April 29, 2025. More From GOBankingRates 6 Used Luxury SUVs That Are a Good Investment for Retirees 4 Affordable Car Brands You Won't Regret Buying in 2025 7 Overpriced Grocery Items Frugal People Should Quit Buying in 2025 25 Places To Buy a Home If You Want It To Gain Value This article originally appeared on 50 Safest, Most Affordable Cities for a Family of Four
Yahoo
08-05-2025
- Business
- Yahoo
Here's How Expensive the American Dream Is in 7 Major Texas Cities
The definition of the American dream is probably a little different depending on where you live. But the generally accepted ideal is a married couple with two kids, two cars, a home and at least one pet. With that concept in mind, GOBankingRates calculated the cost of living across 50 major U.S. cities and then doubled that to account for the money required for a family to achieve the American dream. In the top cities in Texas, living that lifestyle requires at least $100,000 — with the Austin dream costing over $150,000. View More: Discover Next: Take a look at the salary needed to achieve the American dream in Texas. Household income for the American dream: $153K Total annual cost of living: $77K Median income: $91K Average monthly mortgage cost: $3,156 Find Out: Discover More: Household income for the American dream: $121K Total annual cost of living: $60K Median income: $68K Average monthly mortgage cost: $1,873 Also See: Household income for the American dream: $120K Total annual cost of living: $60K Median income: $74K Average monthly mortgage cost: $1,858 Household income for the American dream: $118K Total annual cost of living: $59K Median income: $77K Average monthly mortgage cost: $1,768 Household income for the American dream: $113K Total annual cost of living: $57K Median income: $63K Average monthly mortgage cost: $1,597 Learn More: Household income for the American dream: $105K Total annual cost of living: $53K Median income: $63K Average monthly mortgage cost: $1,482 Household income for the American dream: $99K Total annual cost of living: $50K Median income: $59K Average monthly mortgage cost: $1,324 Methodology: For this study, GOBankingRates analyzed the largest 50 cities based on population, as sourced from the U.S. Census American Community Survey. The cost-of-living indexes were sourced from Sperling's BestPlaces. Average expenditure costs were from the Bureau of Labor Statistics Consumer Expenditure Survey. Home value and mortgage data came from Zillow Home Value Index for January 2025 and Federal Reserve Economic Data. Using the 50/30/20 rule that states 50% of household income goes to needs, 30% goes to discretionary spending and 20% is used for savings, the cost of living was doubled to find the income needed to live the American Dream. All data was collected on and is up to date as of March 4, 2025. More From GOBankingRates Mark Cuban: Trump's Tariffs Will Affect This Class of People the Most How Far $750K Plus Social Security Goes in Retirement in Every US Region How To Get the Most Value From Your Costco Membership in 2025 12 SUVs With the Most Reliable Engines This article originally appeared on Here's How Expensive the American Dream Is in 7 Major Texas Cities
