Reported 27 days ago
The longevity of $1 million in retirement savings for a 70-year-old depends on various factors such as location, lifestyle, health, and insurance coverage. Based on the Bureau of Labor Statistics, average annual expenses for those 65 and older is around $60,087, suggesting $1 million could last approximately 16.64 years. However, healthcare costs can significantly impact this duration, and retirees living in high-cost areas may deplete their savings faster. To maximize the lifespan of savings, effective budgeting and investment returns can be crucial, with even modest returns greatly extending the duration of the funds.
Source: YAHOO