Your Retirement Dollar stretches farther in Texas

posted by iHeartMedia's Scott Crowder - 

Texas does well on a list of the best states to retire, placing tenth. If you save a million dollars and don't retire until seventy, you'll probably be able to run out the clock in comfort.

Houston financial planner Michael Parmet says some of the most desired vacation spots may not be a good place to retire.

"Texas is a great place to retire; a million does last a bit longer than the national average, about 24 years. If you lived in some of those supposedly nice places, like Hawaii, you'd be moving back to Texas in about 12 years." 

In fact, gobankingrates.com says Hawaii is the most expensive state to retire and Mississippi is by far the least expensive state; where a million will last nearly 26 years.

But a million dollars isn't what it used to be; Parmet says Millennials who dream of retiring in their 50s could be in for a rude awakening.

"They better be planning on living beyond 74 or 75 years old. Our life expectancy is currently around 83 and those in their 50s right now better be planning to live a lot longer, probably into their 90s." 

Compared to other states, food and housing costs are relatively low in Texas and we benefit from having no state income tax.

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