What a silly article

O

OddGuy

Recycles dryer sheets
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https://www.cnbc.com/2024/01/01/how...em&utm_medium=social&utm_source=linkedin|main

There are so many variables that are not taken into account...man, clickbait like this is tiresome.

It's based on analysis from "GoBankingRates", a personal finance website, and seems designed to scare the average consumer so they'll invest more (hopefully with the site that is mentioned in the article.)

Stuff like this reminds me to the "free steak dinner if you listen to an annuity salesman" pitches.
 
Maybe we could get your point if you summarized your link in your own words.
 
I saw that days ago and wasted my time skimming over it. It didn't even say if that was for a single person or a couple. Things like that make a big difference. The article might say "someone", but then the pictures show couples in that article and the one linked to.

https://www.gobankingrates.com/retirement/planning/how-long-million-last-retirement-state/

And it mentions the money losing value to inflation in the OP link but nothing about inflation in the this link, but most people would invest the money to reduce or eliminate an inflation loss. And there's no mention of social security or pension in either article. Seems useless.

When it comes to retirement, it appears that $1 million doesn’t go as far as it used to since the value of money can decrease over time due to factors like inflation.
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Of course. But who puts it under the mattress?
 
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GenXguy said:
I saw that days ago and wasted my time skimming over it. It didn't even say if that was for a single person or a couple. Things like that make a big difference. The article might say "someone", but then the pictures show couples in that article and the one linked to.

https://www.gobankingrates.com/retirement/planning/how-long-million-last-retirement-state/
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Exactly. Nothing is mentioned about how the money is invested, whether one still carries a mortgage, family size (as you mentioned), etc.

It just seems predicated on "a million sounds like a lot, but you will die penniless unless you take action...by the way, did we mention GoBankingRates enough times?"
 
marko said:
It's forum etiquette and practice to summarize links.
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The article covers how long $1 million in retirement savings lasts in every state—and where it runs out the fastest.
 
OddGuy said:
The article covers how long $1 million in retirement savings lasts in every state—and where it runs out the fastest.
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There you go!
 
Too many variables to answer the question posed.
How someone spends one million dollars is more dependent on lifestyle than which state they live in.
Yes, state, local taxes do play into your budget, that's why planning is key to a successful retirement.
Yes, it is a silly article.
 
I clicked through to the Banrate article. It is not assuming any earnings on the million (or any Social security). So for Hawaii it says annual expenses are $96,982.26 and it takes $1 million divided by the $96,982.26 and comes up with 10.3 years

Edit: for Missouri its expenses of $46,979.04 and 21.3 years
 
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qwerty3656 said:
I clicked through to the Banrate article. It is not assuming any earnings on the million (or any Social security). So for Hawaii it says annual expenses are $96,982.26 and it takes $1 million divided by the $96,982.26 and comes up with 10.3 years
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So, it's assuming 0% inflation over many years. Figure the odds. hehe Which contradicts the comment in the article I quoted that a million dollars won't last as long because of inflation.
 
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qwerty3656 said:
I clicked through to the Banrate article. It is not assuming any earnings on the million (or any Social security).
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So no accounting for earnings, SS, or inflation.

Why in the world would CNBC not vet this before publishing? It wouldn't stand up to a minute of scrutiny from a savvy business news editor.
 
I have seen similar articles in the past few weeks, from last year end to this year beginning. Its like someone was handing in a homework regardless the readability of the contents.
There are so many variables to the subject, the author simply did not explore
 
As those of us who live in a HCOL area will tell you, spending can be adjusted to get around a fair amount of the higher costs in a HCOL area. For instance, we bought a condo instead of a house. So instead of 1600 to 2000 SF of living space, we have 1000 to 1100 SF. That easily saves 1/3 of housing costs.

Just as when inflation rages, people make substitutions, HCOL vs LCOL living needs to be flexible to make money go further. Another "hack" for us is buying inexpensive (used) cars and especially having only one car instead of two. Final back up is using public transportation (Saves a HUGE amount - though we don't do that, but we could.) So a straight comparison of COL, area to area isn't always appropriate. To some extent, you can adjust your COL within certain parameters. YMMV
 
Based on some of those figures, it seems like it would only be enough for 1 person, not for a couple in retirement.

Health care expenses with your Medicare Part B, D, supplement, and out of pocket for one person are closer to their figures than a couple.

Groceries seem more in the middle.

But those things will keep going up every year. And if it's a couple those expenses would be higher. Just too many issues with this article, as we've been saying.
 
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OddGuy said:
The link points to an article, which can be quickly skimmed.
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MODERATOR NOTE: Perhaps you could review the Community Rules, which prohibit naked links.
Please do not post “naked” links, defined as links posted without explanation, interpretation or context.
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Braumeister was giving you a chance to do the right thing. Next time your post will just be deleted.
 
GenXguy said:
Of course. But who puts it under the mattress?
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In another forum someone posted last week asking what they can do with the $121,000 of cash that they have in the house. They “don’t trust” banks. They believe banks spy on you. They also have nearly 1,000 silver bars buried on their property.

There is a lot of crazy out there.
 
disneysteve said:
In another forum someone posted last week asking what they can do with the $121,000 of cash that they have in the house. They “don’t trust” banks. They believe banks spy on you. They also have nearly 1,000 silver bars buried on their property.

There is a lot of crazy out there.
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This is another level.....
 
OddGuy said:
So no accounting for earnings, SS, or inflation.

Why in the world would CNBC not vet this before publishing? It wouldn't stand up to a minute of scrutiny from a savvy business news editor.
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Clicks matter, content not so much :).
 
There is an absolute plethora of silly articles on the internet, but thank you for pointing out just one of them :)
 
While I don't want to discount human writer's abilities or lack thereof, does anyone else get a vague whiff of artificial intelligence from the article?
 
calmloki said:
While I don't want to discount human writer's abilities or lack thereof, does anyone else get a vague whiff of artificial intelligence from the article?
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Yes!

I've been noticed that a LOT just this past month.
 
I don't get it. If you find it is a silly article, why share it?
 
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