Do You Think You Can Retire Comfortably With $1.27 Million?
Most of us working now wish we could retire immediately. The thought of no work and just living your life doing what you enjoy doing the most. No bosses to…
Saving Money For Retirement
pinkomelet via Getty ImagesMost of us working now wish we could retire immediately. The thought of no work and just living your life doing what you enjoy doing the most. No bosses to tell you what to do. No corporate companies telling you to do things you don't want to do or adding unnecessary work to your already long list of responsibilities. But, do you have enough in savings to actually quit working and just say you're in retirement?
Here's What The Average Person Needs To Retire Comfortably
According to Northwestern Mutual's 2023 Panning & Progress Study done, the amount needed to retire always goes up every year. Why? Because the cost of living goes up yearly as well as everything else.
According to the study, if you want to retire comfortably in 2023, you need at least $1.27 million in your savings to do so. That's to retire comfortably. Meaning you live a fairly simple lifestyle and don't spend money on unnecessary things. This number is actually up from last year. Last year to retire comfortably, they found you needed about $1.25 million.
Does It Change With Age?
Now, $1.27 million is for basically every age. But, if you're in your 20s, you're really only expected to have about $1.20 million in an account to retire. But if you're in your 50s, you're going to need actually more to retire comfortably. They're saying 50-year-olds need about $1.56 million to retire. But, if you're in your 60s or 70s, the amount expected for retirement is way less. Why? That's because most people in those age groups are already in retirement. But still, those people need a significant amount of money to retire. People in their 60s need about $968,000 and people in their 70s, they need about $936,000, according to the study.
What Generations Will Be Most Ready To Retire
Believe it or not, Gen Z will be the most financially ready to retire when it's their time. That's because the older generations are more likely to see the worst part of retirement and will live life accordingly. Meaning they'll spend more before retirement instead of saving for it. Meanwhile Gen X'ers believe they won't be ready at all to retire when it's time. And as for millennials and even Boomers, they believe they won't be ready as well.
Where do you stand in this? Will you have enough to retire when it's time? When it's time for you to retire, the $1.27 million savings will definitely be higher. Will you have it?
We have more on this story and more in today's edition of a Few Things You Should Know!
11 Places To Buy A Lottery Ticket Near Las Vegas
Over the years, the Powerball Jackpot has broken the record as the largest in United States history. And every time it comes back around, Las Vegas residents are scrambling to find a place to buy a lottery ticket.
Most of us run down to Primm on the border of California, but the lines there get ridiculously long. Sometimes more than and hour, or worse. But since the lottery still isn't legal in Nevada, there aren't a lot of choices for locals who want to play.
Ways To Cash In Your Lottery Ticket After You Win
Of course, many people who do win don't want to wait for payments and instead choose to get paid all at once in a lump sum. Even though it's significantly less money, it's still amounts to a ton for the old bank account.
Still, the chance of someone winning the jackpot in Powerball isn't great. It's hard to do because all six balls (five white balls and the Powerball red) have to be matched up with the ticket.
But players still play because the odds of winning another prize in the lottery is much better than winning the Powerball jackpot. Those odds are about 1 in 24.9. That definitely makes a ticket worth the cost, even when you factor in the gas it takes us to get to it.
Because for Las Vegas residents, it's not as simple as just buying a ticket. Since our jurisdiction in Nevada prevents companies from selling lottery tickets, locals have to travel to cities around Southern Nevada to find one. And most of us flock to Primm because it's the obvious choice.
But what we gain in travel time, we lose in the time we take standing in that line. So, if you're looking to get into a drawing in the near future, maybe consider getting a ticket from one of these nearby cities. They're all less than a 2-hour drive from Las Vegas. And the lines are most likely shorter than the ones at the state line.
11 Places Close To Las Vegas To Buy A Lottery Ticket
1. The Lotto Store in Primm - 50 minutes
This is one of the most-popular places for Vegas locals to go for a lottery ticket. Just factor in time to stand in those lines when you plan your trip!
Shell Gas Station & Country Store - 1 hour, 6 minutes
If you don't want to wait in the Primm lines, you could drive another 17 minutes and get them at the Shell gas station in Nipton.
Last Stop Travel Center - 1 hour, 8 minutes
This is a popular place for Las Vegas locals to grab a ticket because it's just 30 miles southeast of Hoover Dam. In May of 2021 this stop sold a Triple Twist jackpot lottery ticket worth over $665K (news3lv.com).
Grand Canyon Texaco in White Hills - 1 hour, 11 minutes
Referred to as a Conoco on the map, this one is a quick 71 minutes away.
Charles Brown Market - 1 hour, 26 minutes
A drive through Pahrump into Shoshone, California can get you a ticket at the Charles Brown Market. Maybe gets some peanuts while you're there. ;)
Baker - 1 hour, 28 minutes
There are lots of places is Baker, California that sell lottery tickets. And less than a 90 minute drive.
Dolan Station - 1 hour, 27 minutes
In Dolan Springs, Arizona.
Maverik Adventure's First Stop - 1 hour, 43 minutes
In Bullhead City Arizona, this one is just a few minutes under a 2-hour drive.
Jeff’s River Mart - 1 hour, 46 minutes
If Maverick's in Bullhead City is too busy, there's another stop close by. Bring a friend and divide and conquer!
Terrible Herbst in Bullhead City - 1 hour, 45 minutes
Or bring two friends and divide and conquer.
Flying J Travel Center in Kingman - 1 hour, 54 minutes
And coming in at just under two hours is the Flying J in Kingman, Arizona.
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