How much money is enough money? I suppose that depends on a number of factors including where you are at in life. If you want to retire comfortably how much money will you need and how long will it last?

The personal finance site Go Banking Rates did the math and the numbers might scare you a bit but knowledge is power. This is their estimate on how far $1 million will last you if you are retiring in New York State.

Q 105.7 logo
Get our free mobile app

I can tell you that $1 million will last a lot longer in almost every state in the Nation than it will in New York State. Only Hawaii will burn through your money faster than retiring in the Empire State.

CNBC reports that it will cost New Yorkers approximately $70,000 each year to get by. Add in a $17,000 buffer and residents will need to bring in close to $89,000 annually to retire comfortably.

518 news, how much money do you need to retire in New York, how far will $1 million get you in a New York retirement
Photo by Max Harlynking on Unsplash

Let's say you were able to save up $1 million and you are ready to retire. How far will that get you? You will need to eat and have heat and electricity. You will need to get around and have your health taken care of. Considering all of these costs and more, $1 million will last you approximately 14 years in New York State.

25 richest families in America

To find out which clans hold the most wealth, Stacker compiled a list of the 25 richest families in America using 2020 data from Forbes.

Gallery Credit: Taylor Johnson

LOOK: Here is the richest town in each state

Just saying the names of these towns immediately conjures up images of grand mansions, luxury cars, and ritzy restaurants. Read on to see which town in your home state took the title of the richest location and which place had the highest median income in the country. Who knows—your hometown might even be on this list.

Gallery Credit: Meagan Drillinger

LOOK: Richest billionaires in New York

Stacker compiled a list of richest billionaires in New York using data from Forbes.

Gallery Credit: Stacker

More From Q 105.7