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Yahoo
4 days ago
- 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
Yahoo
4 days ago
- Health
- Yahoo
This U.S. State Was Just Named the Happiest for Retirees
According to a new study, there's one state in particular that has nailed the recipe for happiness. And it's the perfect place for seniors looking to live out their golden years. In late May, released its Senior Happiness Index to determine which places around the U.S. offer the highest chances of finding happiness for older people. To determine the ranking, the team analyzed a number of factors, including the number of senior centers in each state using and normalized the data per 100,000 people. It then determined the percentage of seniors (65 years and older) living alone, which was collected via the U.S. Census American Community Survey (2023), along with an overall senior health ranking taken from America's Health Rankings 2024 Senior Report. Next, it calculated the cost of living index by state using data from the Missouri Economic Research and Information Center, along with the average annual life expectancy at birth from the National Vital Statistics System. Then, it gathered data on the happiest states in the U.S. using a 2024 study by WalletHub and finally assigned each state a score from zero to 10. After looking at all that information, the team named Utah the happiest state of all for seniors. "Utah tops the list with the most content seniors, scoring 7.69 out of 10 thanks to its supportive environment for senior living," the findings noted." Utah was also named the healthiest state for older people in 2024, and it ranks as the third-lowest percentage of those aged 65 and over living alone (21.48 percent), reducing the risk of social isolation." The findings also noted that Utah is among the top five happiest states in general and is a spot where more than two-fifths (44 percent) actively volunteer, which is the highest rate in the nation. "This not only means Utah's aging population is staying connected and involved with their community, but volunteering also contributes significantly to Utah seniors' well-being and happiness," the findings added. Idaho came in a close second with a score of 7.38, thanks to most of its seniors living with others, ensuring fewer people are experiencing loneliness. And as the findings stated, it's a fantastic spot for seniors looking to live an active lifestyle with "30 state parks to explore and proximity to national treasures like Yellowstone." Rounding out the top three is Connecticut, with a score of 7.01, thanks to its strong statistics, including the third-highest average life expectancy, access to health care, and its ranking among the top 10 happiest states overall on WalletHub's rankings. Ready to find more happiness? See the full report and where your state ranks on Read the original article on Travel & Leisure
Yahoo
30-05-2025
- Business
- Yahoo
10 California Cities With the Biggest Percentage of Middle-Class People
With prices on everything from groceries to rent rising and wages not keeping up, it's more difficult than it was, say, 50 years ago, for Americans to achieve middle-class status. And where you live plays a pretty major factor, as cost of living differs from region to region. Some states have more lower-middle-class folks, while others have more upper-middle-class folks. Find Out: Read Next: In a new study, GOBankingRates analyzed cities in California to find the places with the highest percentage of middle-class households. Below are the 10 cities with the most middle-class people. In each of these places, the majority of the population is middle class. Population: 7,308 Household median income: $75,644 # of households with income between $50k-$150k: 984 % of households with income between $50k-$150k: 59% Learn More: Population: 7,662 Household median income: $80,280 # of households with income between $50k-$150k: 1,595 % of households with income between $50k-$150k: 59% Population: 7,233 Household median income: $87,121 # of households with income between $50k-$150k: 1,874 % of households with income between $50k-$150k: 59% Population: 6,870 Household median income: $90,486 # of households with income between $50k-$150k: 906 % of households with income between $50k-$150k: 59% Population: 27,023 Household median income: $82,189 # of households with income between $50k-$150k: 5,352 % of households with income between $50k-$150k: 59% Population: 8,791 Household median income: $66,964 # of households with income between $50k-$150k: 1,676 % of households with income between $50k-$150k: 59% Population: 5,095 Household median income: $100,227 # of households with income between $50k-$150k: $1,110 % of households with income between $50k-$150k: 60% Population: 14,450 Household median income: $76,158 # of households with income between $50k-$150k: 2,079 % of households with income between $50k-$150k: 60% Population: 15,011 Household median income: $66,265 # of households with income between $50k-$150k: 2,651 % of households with income between $50k-$150k: 61% Population: 5,847 Household median income: $65,781 # of households with income between $50k-$150k: 873 % of households with income between $50k-$150k: 63% Methodology: For this study, GOBankingRates analyzed cities in California to find the places with the highest percentage of middle-class households. Using the U.S. Census American Community Survey, the total households, total population, population ages 65 and over, household median income, and number of households with household income between $50,000 and $150,000. To qualify for this study, the California city had to have a population of at least 5,000. The percentage of households that earn between $50,000 and $150,000 were the middle-class households, and the percentage of households that fall within that category were calculated. All data was collected on and is up to date as of April 10, 2025. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? 6 Hybrid Vehicles To Stay Away From in Retirement This article originally appeared on 10 California Cities With the Biggest Percentage of Middle-Class People Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-05-2025
- Business
- Yahoo
Here's How Much Taxes the Top 1% Pay in Florida
It's hard not to feel a little envious when you hear about the 'top 1%' in America. After all, the phrase often induces images of wealth, glamor and luxury — often beyond the average person's wildest dreams. But even the wealthiest Americans have to pay income tax. It just might not be as high as you'd expect, given how much your own income is likely taxed. Explore More: Read Next: GOBankingRates analyzed individual tax returns filed by Florida residents to find out how much the top 1% pays in taxes. Other sources used to figure this out include the U.S. Census American Community Survey, Missouri Economic Research and Information Center, Bureau of Labor Statistics Consumer Expenditure Survey and the Federal Reserve Economic Data. Here's how much the top 1% pay in taxes in Florida. Florida ranks second-highest in terms of total income tax share for the top 1%. These top earners pay 53.6% of the total income tax. The only state that ranks higher is Wyoming, which has a total income tax share for the top 1% of 54.7%. Florida's total income tax is more than $50 billion: Only four states have a total income tax share greater than $50 billion. These states are New York ($79 billion), Texas ($81 billion), Florida ($96 billion) and California ($122 billion). Average tax rate percentage for the top 1%: 25.98% Adjusted gross income for the top 1%: $370,582,169,000 Adjusted gross income share for the top 1%: 32.65% Total income tax share for the top 1%: 53.62% Total income tax paid for the top 1%: $96,264,565,000 Total number of tax returns received for the top 1%: 105,101 Rank in total income tax share paid for the top 1%: 2nd Consider This: According to the IRS, these are the marginal federal income tax brackets for single taxpayers and married individuals filing separately (2025): 37% for incomes over $626,350 35% for incomes over $250,525 32% for incomes over $197,300 24% for incomes over $103,350 22% for incomes over $48,475 12% for incomes over $11,925 10% for incomes $11,925 or less Marginal rates double for married couples filing jointly. Notably, Florida does not have a state income tax for individuals. The corporate income tax rate is 5.5%. Methodology: For this study, GOBankingRates analyzed individual tax returns by state to find out how much the top percents pay in taxes. For each state a number of factors were found including: total population, population ages 65 and over, total households, and household median income all sourced from the U.S. Census American Community Survey. The cost of living indexes were sourced from Missouri Economic and Research Information Center. Using the cost of living indexes and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location can be calculated. The average single family home value was sourced from Zillow Home Value Index for January 2025. Using the average single family home value, assuming a 10% downpayment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. Using data from the IRS SOI tax stats, the individual tax rates by income percentiles and by state were included. The states were sorted to show the highest to lowest tax share percentage. All data was collected on and is up to date as of Mar. 6, 2025. More From GOBankingRates 4 Affordable Car Brands You Won't Regret Buying in 2025 How Much Money Is Needed To Be Considered Middle Class in Every State? This article originally appeared on Here's How Much Taxes the Top 1% Pay in Florida Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-05-2025
- Business
- Yahoo
Here's How Much Taxes the Top 1% Pay in Florida
It's hard not to feel a little envious when you hear about the 'top 1%' in America. After all, the phrase often induces images of wealth, glamor and luxury — often beyond the average person's wildest dreams. But even the wealthiest Americans have to pay income tax. It just might not be as high as you'd expect, given how much your own income is likely taxed. Explore More: Read Next: GOBankingRates analyzed individual tax returns filed by Florida residents to find out how much the top 1% pays in taxes. Other sources used to figure this out include the U.S. Census American Community Survey, Missouri Economic Research and Information Center, Bureau of Labor Statistics Consumer Expenditure Survey and the Federal Reserve Economic Data. Here's how much the top 1% pay in taxes in Florida. Florida ranks second-highest in terms of total income tax share for the top 1%. These top earners pay 53.6% of the total income tax. The only state that ranks higher is Wyoming, which has a total income tax share for the top 1% of 54.7%. Florida's total income tax is more than $50 billion: Only four states have a total income tax share greater than $50 billion. These states are New York ($79 billion), Texas ($81 billion), Florida ($96 billion) and California ($122 billion). Average tax rate percentage for the top 1%: 25.98% Adjusted gross income for the top 1%: $370,582,169,000 Adjusted gross income share for the top 1%: 32.65% Total income tax share for the top 1%: 53.62% Total income tax paid for the top 1%: $96,264,565,000 Total number of tax returns received for the top 1%: 105,101 Rank in total income tax share paid for the top 1%: 2nd Consider This: According to the IRS, these are the marginal federal income tax brackets for single taxpayers and married individuals filing separately (2025): 37% for incomes over $626,350 35% for incomes over $250,525 32% for incomes over $197,300 24% for incomes over $103,350 22% for incomes over $48,475 12% for incomes over $11,925 10% for incomes $11,925 or less Marginal rates double for married couples filing jointly. Notably, Florida does not have a state income tax for individuals. The corporate income tax rate is 5.5%. Methodology: For this study, GOBankingRates analyzed individual tax returns by state to find out how much the top percents pay in taxes. For each state a number of factors were found including: total population, population ages 65 and over, total households, and household median income all sourced from the U.S. Census American Community Survey. The cost of living indexes were sourced from Missouri Economic and Research Information Center. Using the cost of living indexes and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location can be calculated. The average single family home value was sourced from Zillow Home Value Index for January 2025. Using the average single family home value, assuming a 10% downpayment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. Using data from the IRS SOI tax stats, the individual tax rates by income percentiles and by state were included. The states were sorted to show the highest to lowest tax share percentage. All data was collected on and is up to date as of Mar. 6, 2025. More From GOBankingRates 25 Places To Buy a Home If You Want It To Gain Value 7 Things You'll Be Happy You Downsized in Retirement This article originally appeared on Here's How Much Taxes the Top 1% Pay in Florida Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
