What is 23 years, 3 months, and 4 days? If we were playing Jeopardy, this would be the correct response to, “How long $1 million retirement dollars will last on average in NC?”.
While this is great information to know, you need more information to make this Your Number. To get a better handle in determining ‘Your Number’ for retirement, you will at least need to answer these 3 questions:
- A) How much are average expenses in my state?
- B) Do I spend more or less than this average?
- C) How long will I be in retirement?
The Answers 
The answer to question A in North Carolina is $42,965. But you also want to know the responses to questions B and C. Once you know these answers, you will know if you need more or less than $1 million in retirement.
Armed with A, B & C responses, you are homing in on how much you will need in retirement. But you still have other questions you need to answer. One example, “Is the $1 million in a traditional 401K?” If so, you still need to pay taxes (both federal and state in NC) on these funds. Armed with these answers, you now have a good preliminary target of how much you need for retirement (Your Number).
If you need help determining Your Number or would like a more detailed analysis of Your Number (i.e., the impact of when you take Social Security on Your Number), you can contact Stalwart Financial Planning.
Author
Isaac is a Fee-Only (no products sold) Certified Financial Planner® Practitioner. Isaac founded Stalwart Financial Planning with offices in Fayetteville NC and Durham NC. Isaac provides comprehensive planning and investment management services to individuals from all walks of life. Isaac can be reached by phone at 910-867-8464, or by email (iallen@StalwartPlanning.com). Visit him at Stawart Financial Planning www.StalwartPlanning.com.