Do you consider yourself rich? Not just rich with family and friends. Not just rich in memories and experiences but actually rich. MONEY!
If you’re doing it all for the Benjamín’s, you’ll need a lot of them to be considered rich in Indiana. You got bank?
How Much Money Do You Need In Indiana To Be Considered Rich?
- The minimum annual salary you need to make to be in the top 5%: $192, 928
- The minimum annual salary you need to make to be in the top 1%: $437,567
Indiana continues the trend of lower incomes in the Midwest, and it’s the seventh-easiest state to break into the top 5 percent.
Photographer: Paul Yeung/Bloomberg via Getty Images
How Long Will $1 Million in Savings Last In Indiana?
- Annual groceries cost: $3,897.11
- Annual housing cost: $7,763.45
- Annual utilities cost: $3,745.17
- Annual transportation cost: $3,530.94
- Annual healthcare cost: $6,307.93
- Total annual expenditures: $43,106.57
How long $1 million will last in savings: 23 years, 2 months, 7 days
Analysts at Blacktower Financial Management Group calculated that you would need to save approximately $386,100 over your lifetime to retire at 67.
That means the youngest millennials — who currently are 24 — already should have stashed away $8,775. And the oldest millennials, now 39, should have saved $140,400 for retirement by now.
Photographer: Paul Yeung/Bloomberg via Getty Images
Does Living In Indiana Help Or Hurt Your Long-Term Financial Plans?
According to the Bureau of Economic Analysis , the average cost of living in Indiana will run you around $38,097 per year.
Hamilton County has the states highest median income which is $84,821. Indiana’s overall median income is $57,603. The median annual wage in 2021 in the US was $45,760.