Rhode Island Costs Take Years Off Your Retirement

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Ted Nesi highlighted a telling finding about how long $1 million in retirement savings will last you from state to state:

It’s not easy to save $1 million for retirement. But if you do, the money will last you nearly two decades in Rhode Island.

A new study by GOBankingRates, a personal-finance website, estimates that $1 million will last a retiree 18 years and 2 months in Rhode Island. That’s less than most states – Rhode Island ranks 42nd out of 50 for how long the million can stretch – but about a year longer than Massachusetts or Connecticut.

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The difference between Rhode Island and Mississippi (the top state by this measure) is eight additional years of having to work in order to stay in the Ocean State.  A Rhode Islander willing to move to Mississippi, Tennessee, Indiana, Texas, or a variety of other states could retire in his or her 50s, rather than at 65.

Putting it that way brings our political problems to the fore.  For those who have bought into the state’s insider network, mainly as employees of state and local government, the corrupt system allows them to retire in their 50s anyway, if they want.  And they can still move to a more congenial state when they’re ready, having “gotten theirs” while here.

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