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How Far Will A Million Dollars Go?

Approximately 10,000 people turn 65 in the U.S. each day. The average American retires before that benchmark – around the age of 63.  The life expectancy for retirees is about 79, which means that the average American will spend 16 years in retirement.  

Conventional wisdom suggests that a retirement nest egg of about $1 million is needed to make it through retirement without suffering significant declines in living standards, but as indicated by writer Joel Anderson, the purchasing power of that million dollars depends substantially upon where one resides.  

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.