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Yahoo
03-06-2025
- Business
- Yahoo
How Long $1 Million in Retirement Will Last in Every US Region
In the movie 'Austin Powers: International Man of Mystery' it comes across as comedic when the main villain, Dr. Evil, says his ransom price for the world is $1 million. His assistant, Number Two, chimes in to say that $1 million isn't enough. What makes Dr. Evil's initial ask so funny is not only the way he dramatically accentuates each syllable, but the absurdity of such a low ask. Even in 1997, we understood that in this save-the-world scenario, $1 million was a preposterously little amount of money. Find Out: Read Next: What does any of this have to do with retirement? Well, if you're retiring in the U.S. at age 65, and aiming to live another 35 years, or so, you'll see, once you do the math, that $1 million in the bank likely isn't going to be enough. Of course, how long the money will last you depends not only on how, but on where you live. In a new study, GOBankingRates analyzed the four regions of the U.S. to determine how many years it will take to draw down $1 million in retirement savings. The regions are ranked from where this money will last the shortest to the longest amount of time. States that make up this region: Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington and Wyoming Average value of a single-family home: $538,990 Annual cost of living: $62,910 Average amount of years $1 million in retirement savings will last: 15.90 Check Out: States that make up this region: Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont Average value of a single-family home: $478,486 Annual cost of living: $58,686 Average amount of years $1 million in retirement savings will last: 17.04 States that make up this region: Alabama, Arkansas, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Tennessee, Texas, Virginia and West Virginia Average value of a single-family home: $326,042 Annual cost of living: $45,263 Average amount of years $1 million in retirement savings will last: 22.09 States that make up this region: Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin Average value of a single-family home: $276,787 Annual cost of living: $41,797 Average amount of years $1 million in retirement savings will last: 23.93 Methodology: For this study, GOBankingRates analyzed the four regions of the U.S. as defined by the U.S. Census and Bureau of Labor Statistics as Northeast; CT, ME, MA, NH, NJ, NY, PA, RI, and VT. South as; AL, AR, DE, DC, FL, GA, KY, LA, MD, MS, NC, OK, SC, TN, TX, VA, and WV. Midwest as; IL, IN, IA, KS, MI, MN, MO, NE, ND, OH, SD, and WI. West as; AK, AZ, CA, CO, HI, ID, MT, NV, NM, OR, UT, WA, and WY. Using these regions the total population, population ages 65 and over, total households, and household median income were sourced from the U.S. Census American Community Survey. The cost of living indexes were sourced for each state using the Missouri Economic and Research Information Center and using the region definitions of the states, the cost of living index for each region and category can be calculated. Using the average expenditure costs for retired households, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for Retired Consumer Units, the average expenditure cost for each region can be calculated. Using the average single-family home value for each state, the average for the entire region can be calculated. Assuming a 10% down payment and using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. The average mortgage and expenditure costs can be used to calculate the average total cost of living. The time to draw down $1,000,000 in retirement savings can be calculated using the total cost of living with the states sorted by the longest to shortest time to draw down. All data was collected on and is up to date as of May 27, 2025. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? 25 Places To Buy a Home If You Want It To Gain Value This article originally appeared on How Long $1 Million in Retirement Will Last in Every US Region Sign in to access your portfolio
Boston Globe
11-05-2025
- Entertainment
- Boston Globe
Garden Party: Sorry, Timothée Chalamet
One of my favorite parts of covering Celtics games is pulling out my binoculars from the media seating at TD Garden and combing the court-side seating to spot celebrities in attendance. Here in Boston it is usually a smattering of team owners, other pro athletes, an occasional athlete or singer, and a bunch of people we couldn't pick out of a lineup. But in New York ... baby, the stars are out. Which makes for a hilarious afternoon for our very talented Globe photographers, who are capturing typical moments from the game — but with a celebrity twist. Like this one from my friend Advertisement Jrue Holiday celebrates in front of actor Timothée Chalamet at Madison Square Garden. Danielle Parhizkaran/Globe Staff My man Timothée Chalamet flew all the way from Italy, where he was spotted this week with girlfriend Kylie Jenner, to dress in Knicks blue and watch his team lose. And he and actor Tracy Morgan got an up-close-and-personal view of Jrue Holiday hitting the very millennial (I'm allowed to say that ... we're the same age) 'Dr. Evil' celebration after sinking a three. Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Nothing funnier than seeing celebs get their hearts broken in real time. They're really just like us. Let's get into it. About last night and what's on deck That's more like it Boston got out to a 7-point lead midway through the first quarter and never looked back, Yes, Advertisement But it was players like Payton Pritchard (a team-high 23 points) and Derrick White (17 points, five rebounds) and Al Horford (15 points, nine rebounds) who delivered this victory for Boston. Jaylen Brown (19 points) and Jayson Tatum (22 points) combined for 12 assists and 15 rebounds, showing how balanced this team can be. 'We're on a path of trying to go after greatness, and you don't get to dictate the test that's in front of you,' coach Joe Mazzulla said after the game. 'All you get to dictate is how you approach it and how you respond to it. If you plan on doing this for a long time, trust me, it'll be a lot worse than the last 72 hours, and that's the perspective you have to have.' It's like a renaissance painting. Danielle Parhizkaran/Globe Staff Here's what else went down on Saturday ... 🏒 Cue the Bob Lobel line: Why can't we get guys like that? 🏒 The Hurricanes finally turned it on midway through the second period 🏒 On today: The Jets play the Stars in Game 3 in Dallas at 4:30 p.m. (TBS) and Brad Marchand and the Panthers look to even their series against the Maple Leafs at 7:30 p.m. in Florida (TBS). Advertisement 🏀 Anthony Edwards (36 points) and Julius Randle (24 points) 🏀 The Thunder will look to even their series against the Nuggets at 3:30 p.m. this afternoon (ABC) followed by Game 4 of Pacers-Cavaliers at 8 p.m. (TNT). Up next: The Celtics will look to even their series on Monday when they take on the Knicks at Madison Square Garden. Tip-off is at 7:30 p.m. on ESPN. In the know Tara Sullivan on Saturday's vibes Jayson Tatum lays it in in the first half. Danielle Parhizkaran/Globe Staff Globe columnist Tara Sullivan worked for decades in the New York market before joining us at the Globe. She knows what Knicks fans are like. We asked her about the vibe at MSG on Saturday. Katie: You've covered lots of events at Madison Square Garden. I know it's only the second round, but how did it compare to other games you've seen at the arena?Tara: The energy both inside and outside the Garden Saturday was palpable. The crowd was so loud from the opening tip, and the sidelines were predictably studded with famous fans, all of it making sure you knew this wasn't just a game, but an event. That's how it is with big sports events at the iconic building, where I've been lucky enough to see Stanley Cup games, NCAA regional finals, Big East tournaments, and even track meets. But the Knicks are their heart and soul, and when the game started, you could feel that, like the fans were so ready to will the team to a win if they could. But the Celtics were too good, and made sure the energy eventually wilted. All that being said, the atmosphere was fantastic. Advertisement Katie: What's your prediction for the rest of the series? Tara: I think the Celtics have righted their ship and don't lose again. They have yet to even play their best game and should be up 3-0. Saturday's win, this one with a 20-point lead they managed to protect, really illustrated the talent and depth gap between the two rosters. For the group chat Can we please be serious for a minute? Mitchell Robinson was 4 for 12 from the free-throw line in Game 3. Pamela Smith/Associated Press I believe very strongly in free throws. As my dad often reminded me during my youth basketball days, it's the only shot you're taking where no one is guarding you. You should not miss. You should especially not miss if you get paid to play this sport. Which brings me to Mitchell Robinson. Robinson, the Knicks center, is a lifetime 52.2 percent free-throw shooter. He gets even worse in the playoffs, averaging 34.2 percent from the line — and a mediocre 28.9 percent during this postseason. The Celtics have been trying to take advantage of this very obvious, embarrassing, simple-to-solve weakness by fouling the daylights out of Robinson, with or without the ball. Smart. Which brings me to ESPN, particularly their social media team, who had one of the most ridiculous posts I've seen thus far in the playoffs. Robinson was getting plenty of support every time he had to head to the line on Saturday. But this ... this made me burst out laughing. The Knicks crowd supported Mitchell Robinson while he was at the free throw line 🧡 Bigger than basketball 🙌 — ESPN (@espn) Bigger than basketball? As one social media user adeptly put it: Advertisement There is nothing bigger going on here. It is a grown man getting paid millions of dollars who won't hit the gym and work on his form. Come on! OK, rant over. Carry on. Go deeper Three stories you shouldn't miss Payton Pritchard scored a team-high 23 points. Danielle Parhizkaran/Globe Staff 🗣️ 'Who cares what the outside world is saying?' Plenty of folks on talk radio and television skewered the Celtics for their decisions in Games 1 and 2. 🏀 Pritch shows up: After getting squished out of the rotation in Games 1 and 2, Payton Pritchard saw big minutes — and delivered. 🏆 Staying balanced: Gary Washburn writes the Celtics showed the poise of champions — which they are, don't forget! — Katie McInerney can be reached at
Yahoo
22-02-2025
- Health
- Yahoo
Opinion: The dangerous consequences of HB503 — why Utah cannot afford to cap medical malpractice damages
As the president of the Utah Association for Justice, I represent 475 dedicated members who advocate for individuals harmed by negligence. Today, I write with deep concern about HB503, a misguided proposal that would impose severe limits on the rights of Utahns who suffer due to medical malpractice. HB503 seeks to cap all damages in medical malpractice claims at $1,000,000. While I believe the bill's proponents are well-intentioned, this arbitrary cap would have devastating consequences for victims and their families. To put it bluntly, a one-size-fits-all cap fails to account for the true costs of catastrophic injuries. If the thought of this cap conjures images of Dr. Evil sneering, 'One million dollars,' you are not alone. And, just like in the Austin Powers movies, that amount in today's world is insufficient. For many victims, $1,000,000 is simply not enough to cover past and future medical expenses — let alone the long-term suffering and financial instability that result from severe injuries. Utah has not historically imposed limits on damages related to past and future medical expenses in malpractice cases. This recognition of fairness and justice has ensured that those harmed by medical malpractice can afford the care they need to recover and obtain continued medical care, if necessary. Consider this: Utah currently imposes a cap of $450,000 on non-economic damages (pain and suffering) in medical malpractice cases — a figure set in 2010. For perspective, a dozen eggs cost around $1.66 at that time. Today, the average price is $4.15 — more than 150% higher. If we applied a similar adjustment to the 2010 cap, victims would now be entitled to $1,125,000 for pain and suffering alone, in addition to their past and future medical expenses. Yet HB503 would impose an arbitrary $1,000,000 limit for everything, disregarding inflation and the true financial needs of victims. Fundamentally, our legal system is built on personal responsibility, fairness and accountability. One of the bedrock principles of our republic is that those who are harmed by the actions of others are entitled to recompense and the opportunity to be made whole. Utahns pride themselves on personal responsibility, self-autonomy and community accountability. But HB503 exempts a specific class — medical professionals — from that basic principle. Like lawyers and clergy, doctors hold a position of immense trust and responsibility in society. If their actions result in harm, they must be held accountable like all others. No profession should receive special immunity from the consequences of its actions. The real-world impact of HB503 would be tragic. Imagine a child left paralyzed due to a surgical error or a young mother requiring lifelong medical care after a botched procedure. HB503 shields medical professionals from full responsibility, regardless of the severity of harm they cause. No matter how devastating the consequences — whether a lifetime of disability, catastrophic financial ruin or the wrongful death of a loved one — the cap would remain the same. Such a policy is not only unjust, but also contrary to the principles of personal responsibility, fairness and accountability that Utahns hold dear. When we strip individuals of their ability to seek full and fair compensation for life-altering injuries, we erode the very foundation of our society. We diminish personal responsibility, weaken community trust and compromise the well-being of those who suffer the most. This is not justice. I urge every Utahn to review the proposed legislation. Then, ask yourself: If you or a loved one were injured due to medical negligence, would one million dollars truly be enough to cover your pain, suffering and lifelong medical expenses? Is your life, health and ability to provide for your family worth more than that arbitrary figure? Should the law prioritize the financial interests of insurance companies over the well-being of injured patients? HB503 does not serve justice, and it does not serve Utahns. We must reject this harmful legislation and stand for accountability, fairness and the rights of those who need justice the most.
