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Report on a million bucks underscores need for timely planning

Every thoughtful person from middle age to being on the cusp of retirement might dutifully reflect on the findings of a recent study focused upon what surveys show deeply concerns scores of millions of Americans.

And that is this: retirement money.

Even more specifically: the amount of money -- that magic-bullet threshold, if you will -- that will be required to allow a person to retire comfortably and without undue financial stress until death.

What is that number?

The amount used by the personal finance website GoBankingRates in the aforementioned study is $1 million, with the site's research aimed at answering this question: How long -- that is, how many years -- can I sustain myself in a meaningful way on that amount of money during retirement?

First of all, state GoBanking researchers, the answer is heavily dependent on where you live.

And, judging from a state-by-state comparison, Massachusetts residents won't be too thrilled to hear that.

Here's why. That million bucks will reportedly last most people living in Mississippi more than 26 years, with other southern states being closely aligned with that span of time.

Massachusetts? The state is a top-five "won't last nearly as long" entrant, with it being estimated that $1 million will be burned away about nine years quicker than is the case in Mississippi.

Of course, where one lives is far from being the only retiring measuring stick that most people consider. Concededly, lots of people love living and the attendant high quality of life in Massachusetts and won't take the dramatic step of relocating based solely on a research group's finding.

What they might reasonably want to do, though, is pay due heed to strategies that, when timely and thoughtfully applied, will optimally keep their retirement stash well fueled and protected from downsides that might otherwise prove erosive over the years.

Asset preservation, lawful tax avoidance, the smart creation of trusts, establishing eligibility for important government programs -- seeing to these and additionally relevant matters can ultimately be far more important than moving to another state as a means to preserve and extend wealth.

Sound and tailored estate planning across a comprehensive front gets most people to their goals. A proven planning attorney can help promote that objective.

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The Law Offices of Kimberly Butler Rainen
21 Central Street
Andover, MA 01810

Phone: 978-494-6730
Phone: 978-409-1928
Fax: 978-849-8212
Map & Directions

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We are in a 1700s Colonial located on the intersection between Brook Street, Central Street and Essex Street in historic downtown Andover, Massachusetts. The parking lot entrance is located on Brook Street, which is a one-way. From Central, turn down Essex Street. Before reaching the railroad tracks, when you see the St. Augustine Church on your right, take a sharp left turn on to Brook Street, which will turn you back toward Central Street. As you ascend the hill back toward Central Street, you will see large stone pillars on either side of the entrance to our parking lot. We have assigned parking spaces numbered 7 and 10.

From the parking lot, you may take the stairs located on the rear, left-side of the building up to the garden area, where the foyer entrance to our office is located. You can also follow the sidewalk on Brook Street up to Central Street, walk along Central Street past the main house entrance (with a wrought iron gate across the walk way) to an opening in the wrought iron fence, in to the garden area where the foyer entrance to our office is located.