How Much Does It Cost to Retire in Maryland?
A lot of things lose their mystique as you age. When you were a child, and you saw a pint of ice cream in the supermarket, having enough money to buy the pint of ice cream and no one to stop you from eating it in one sitting seemed like the coolest thing in the world, no pun intended. You might enjoy buying and devouring a pint of ice cream as a teenager, but it is more fun to share it with a friend. Once you hit 25, the only things that could possess you to eat an entire pint of ice cream in one sitting are loneliness, weed, and the desire to annoy a vegan roommate, but once you reach age 30, you are more in control of your emotions. By age 60, the thought of buying the ice cream no longer crosses your mind; it seems like a waste of money and calories. Your relationship with the million dollars you may or may not ever have follows a similar trajectory throughout your life. When you are young, you wish you had it so you could spend it, but as you age, you start thinking about saving it for retirement. Once you reach retirement age, that million dollars doesn’t seem like so much money, whether you have it or not, especially in Maryland. For advice about how to spend as comfortable a retirement as possible with the money you have, contact a Washington, D.C. estate planning lawyer.
The Crab Cake State Is No Place for Octogenarians, Unless They Were Multimillionaires at Age 65
“How much does it cost to retire in Maryland?” is such a vague question as to be unanswerable. Most people retire not because they have met a specific financial goal that they set years earlier. Instead, they retire either because their health no longer permits them to work, or else because they have reached an age where the bother of work outweighs the financial benefit they could derive from it. According to Maryland law, you only need $90 per month, as long as your nursing home care is paid for; $90 is the amount of spending money that Medicaid nursing home receives. They do not even get their own Social Security checks; those go straight to Medicaid to offset the cost of nursing home care.
A recent report by Go Banking Rates says that Maryland is the sixth most expensive for retirees, behind a top five that includes some of the usual suspects, plus, more surprisingly, Alaska. The only states where retirees’ annual expenses are higher than they are in Maryland are Hawaii, New York, California, Massachusetts, and Alaska. Your total annual expenses as a retiree in Maryland are $64,706.98. In other words, if you retire in Maryland at age 65 with $1 million in your bank account, you will be fine unless you live past age 80.
Contact Tobin O’Connor Ewing About an Affordable Retirement in Maryland
A Washington, D.C. estate planning attorney can help you afford to retire in Maryland, even if you are not a millionaire. Contact Tobin, O’Connor, and Ewing in Washington, D.C. or call 202-362-5900.