A recent study highlighted the immense variation in the ability to maximize retirement funds across different locations, emphasizing how $1 million can offer diverse durations for financial sustainability, ranging from the longest stretch in Mississippi(22 years, 8 months and 12 days) to the potential of living three to four times longer in Bahia de Caraquez, Ecuador.
Cost of Living Bahia de Caraquez, Ecuador
Bahia de Caraquez, situated on Ecuador’s coast, offers a significantly lower cost of living compared to Mississippi. This disparity in expenses translates into a striking disparity in the sustainability of retirement funds. According to certain analyses, an individual could potentially live three to four times longer in Bahia de Caraquez on the same $1 million than they could in Mississippi. The allure of this coastal city in Ecuador lies not just in its picturesque landscapes but also in its affordability, making it an attractive prospect for retirees seeking to maximize their savings’ lifespan.
Ecuador’s Cost of Living Triumphs Over Florida: A Closer Look
Conversely, in high-cost regions like Hawaii, New York, and California, the story is quite different. In these areas, the cost of living significantly reduces the longevity of retirement savings. For instance, in Hawaii, the same $1 million would sustain retirees for a mere 10 years, 3 months, and 22 days—markedly shorter than the duration in Mississippi or Bahia de Caraquez.
GoBankingrates.com study
New York and California, known for their higher expenses, also reflect the challenge of making retirement savings last. In New York, the nest egg would support retirees for roughly 14 years, while in California, it would last approximately 13 years and nine months.
Financial Freedom For Only $265,000!!!
The contrast in cost of living between these locations highlights the considerable impact it has on the sustainability of retirement funds. While Mississippi may offer the longest stretch within the United States, the prospect of living substantially longer on the same budget in Bahia de Caraquez, Ecuador, underscores the importance of considering global options for retirees seeking financial longevity and a comfortable lifestyle in their golden years.
