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The "dot chart" can be hard to read.
How long will a million dollars last when retiring at age 65?
How to read the chart:
- each state "icon" with 6 x 5 "dot plot"
- start from bottom row and move up
- each row, fully filled out: 6 years
So, Mississippi, far upper left corner:
- four rows starting from the bottom x 6 = 24
- top row: 1.5
- total: almost 26 years
Texas:
- four rows total x 6 = 24 years
California:
- two rows x 6 = 12 years
- third row with 3
- total = 15 years
North Dakota:
- three rows x 6 = 18 years
- fourth row = 4
- total = 22 years
Minnesota:
- three rows x 6 = 18 years
- fourth row = 4
- total = 22 year
Finally, Oregon:
- throw out HI as an outlier
- throw out DC because no one in their right mind would retire in DC
- then California becomes the most expensive state: where $1 million would last 15 years
- but you know, that's not bad
- retire at age 65 and live on that million dollars until age 80
- the second most expensive state: Oregon = 16.5 years
For the most part, however, it's not all that different across the states when measured in years.
Top 37 states:
- MS: almost 26 years
- Washington State: trending toward 22 years
So, 22 years in Washington State or 26 years in Mississippi?
The next 11 states about 18 years before one finally goes over the cliff -- California at 15 years.
My take: on just this graph, in order of preference for me:
- Texas (tied with Tennessee)
- Tennessee (tied with Texas)
- Idaho
- North Carolina
- Utah
- Montana (maybe)
