Retirement: How Long Will A Million Dollars Last In North Dakota?

Younger people today seem to be preparing for retirement much more so than in my younger days.

Even my 20-year-old son is doing things now to prepare for his future. When I was 20, about the only thing on my radar was where the next party was. He's much smarter than his dad, and that is a good thing.

Ready or not, retirement is coming for all of us eventually, and financial experts agree that the earlier you start preparing for it, the better.

Have you ever thought about how much money you would need to retire in North Dakota comfortably? Maybe you have aspirations to spend your retirement in a much warmer climate. Maybe you want to split your retirement between North Dakota in the warmer months and somewhere down south during the winter.

Well, all of that costs money, and as you have probably noticed, just about nothing in life is getting cheaper these days.

Throw in another 10, 20, or 30 years before your retirement, and you can bet it will be significantly more expensive.

The benchmark that I've always heard that you need for retirement is a MILLION DOLLARS in savings.

I've got some bad news. According to an article on Go Banking Rates, you need much more than that.

Try $1.9 million is what you need in savings to retire comfortably. If you are nowhere near that number, don't feel bad. The average amount Americans have saved between 55-65 is only $197,322.

Not even close to the $1.9 million needed to retire comfortably. YIKES! It looks like a Walmart greeter for me until the day I die.

Let's say you get to the ONE MILLION dollar mark in your savings. How long will that last in your retirement in North Dakota?

According to Go Banking Rates, North Dakotans can expect a million dollars to last 18 years, 4 months, and 3 days. Not very long in my book.

If you were born after 1960, your full retirement age is 67 years old. That means a million dollars runs out at 85. Again, keep in mind that a million dollars isn't even the number you need to live comfortably.

These are some sobering numbers if you are concerned about your future. Start saving now, kids.