CNBC has introduced an online course titled "How to Start a Side Hustle," aiming to equip individuals with strategies for success from leading experts in the field. Concurrently, a study by GOBankingRates reveals how long $1 million in retirement savings might last across different U.S. states. This analysis highlights stark contrasts in the cost of living, revealing that the financial lifespan of $1 million can vary dramatically, lasting less than 20 years in some states and over 80 years in others.
The study, conducted using data from the Missouri Economic Research and Information Center and the Bureau of Labor Statistics, meticulously examined living expenses for a single person in each state. The findings are striking: Hawaii emerges as the most expensive state for retirees, where $1 million would suffice for only 12 years. In Hawaii, a single person's monthly expenses amount to $1,864, with an annual cost after Social Security pegged at $24,836.
Conversely, Mississippi offers the most extended financial comfort, with $1 million stretching for an impressive 87 years. West Virginia follows closely behind, where retirees could enjoy 89 years of financial security. High-cost states like California and Massachusetts see $1 million lasting 16 and 19 years, respectively, underscoring the significant impact of regional economic conditions on retirement planning.
The study's methodology included home prices sourced from Zillow to estimate living costs, factoring in a 10% down payment and a 6.91% mortgage rate. These calculations present a comprehensive picture of the financial landscape retirees might face when planning their golden years.
In addition to these insights into retirement savings, CNBC's course presents an opportunity for individuals to bolster their financial strategies through side hustles. By pre-registering for "How to Start a Side Hustle," participants can avail themselves of a 30% discount off the standard course fee of $97, making it an attractive option for those looking to enhance their income streams.