Surprising How Long $1 Million Would Last A Twin Falls Resident
Over the last few days I have written few stories about the Idaho lottery. There are days where it seems that winning a big jackpot would fix all of life's problems. Though most days I'd settle for even one of the smaller wins. We read about some of these million dollar winners and think about how much that is going to change their life, because $1 million sounds like a lot of money. While it may be a big chunk of change to have at one time, it probably wouldn't last you as long as you think it would in Idaho.
I say it might not last very long, based on details for those retiring in Idaho who have saved up a million dollar nest egg. At GoBankingRates, they determined how long $1 million would last in Idaho for a retiree and it's only 21 years. But, that's for a retiree, not someone who just won a million in the lottery and most likely blows a large chunk on fancy toys or houses. So, I'd make the assumption that a lottery million is going to last a lot less time than that much in a retirement savings account. Sure, this is generalization since everyone spends money differently but on average that million dollars isn't going to get you very far.
If you won a big lottery jackpot, would you buy something big right off-the-bat or would you put the winnings in the bank and keep on living as if you hadn't won anything?