• This is how long $1 million in retirement savings will last in your state

    By: Craig Johnson

    Updated:

    When you close your eyes and think about the day when you no longer will have to clock in at work, or perhaps you’re there now, no doubt one of the primary concerns is how much money you’re going to have to live off of. You’d be surprised how tight things could get while paying the bills with just a pension.

    But what if you had $1 million? Surely you could make ends meet and then some in retirement — but for how long? The AARP figures that a $1 million nest egg is enough for most Americans, who are expected to live for around 22 years after retirement. But is $1 million really enough? Turns out, a lot has to do with what state you live in.

    Stretch your retirement savings by retiring to the right state

    Gobankingrates.com has put together a state-by-state analysis that shows how far $1 million in retirement will go — and if it will take you to that 22-year threshold.

    The website used a methodology that takes into account the average spending for senior citizens once they hit retirement age.

    “In order to determine how long $1 million will last the average retiree in each state, GOBankingRates found the average total expenditures for people 65 and older, which includes groceries, housing, utilities, transportation and healthcare,” the website says. “Then, we multiplied that by the cost of living index in each state to find the average expenditure cost for each state.”

    50. Hawaii

    • $1 million will last: 11 years, 11 months: “At $5,626 a year, the cost of groceries is by far the highest in the nation, and housing is no picnic, either,” the site says.

    49. California

    • $1 million will last: 16 years, 5 months

    48. Alaska

    • $1 million will last: 17 years, 0 months

    47. New York

    • $1 million will last: 17 years, 1 month

    46. Massachusetts

    • $1 million will last: 17 years, 4 months

    45. Connecticut

    • $1 million will last: 17 years, 4 months

    44. Maryland

    • $1 million will last: 17 years, 4 months

    43. Oregon

    • $1 million will last: 17 years, 7 months

    42. Rhode Island

    • $1 million will last: 18 years, 2 months

    41. New Jersey

    • $1 million will last: 18 years, 6 months

    40. Vermont

    • $1 million will last: 18 years, 7 months

    39. New Hampshire

    • $1 million will last: 19 years

    38. Maine

    • $1 million will last: 19 years, 6 months

    37. Washington

    $1 million will last 21 years, 1 month

    36. Delaware

    • $1 million will last: 21 years, 10 months

    35. Pennsylvania

    • $1 million will last: 21 years, 11 months

    34. Virginia

    • $1 million will last: 22 years

    33. Colorado

    • $1 million will last: 22 years

    32. Nevada

    • $1 million will last: 22 years

    31. South Carolina

    • $1 million will last: 22 years, 3 months

    30. Florida

    • $1 million will last: 22 years, 4 months

    29. South Dakota

    • $1 million will last: 22 years, 4 months

    28. Minnesota

    • $1 million will last: 22 years, 6 months

    27. North Dakota

    • $22 million will last: 22 years, 7 months

    26. Montana

    • $1 million will last: 22 years, 10 months

    25. Illinois

    • $1 million will last: 23 years, 1 month

    24. Arizona

    • $1 million will last: 23 years, 2 months

    23. Wisconsin

    • $1 million will last: 23 years, 3 months

    22. New Mexico

    • $1 million will last: 23 years, 3 months

    21. West Virginia

    • $1 million will last: 23 years, 6 months

    20. Wyoming

    • $1 million will last: 23 years, 8 months

    19. Kentucky

    • $1 million will last: 23 years, 8 months

    18. North Carolina

    • $1 million will last: 23 years, 8 months

    17. Utah

    • $1 million will last: 23 years, 10 months

    16. Nebraska

    • $1 million will last: 23 years, 10 months

    15. Louisiana

    • $1 million will last: 23 years, 10 months

    14. Ohio

    • $1 million will last: 24 years, 2 months

    13. Iowa

    • $1 million will last: 24 years, 3 months

    12. Kansas

    • $1 million will last: 24 years, 7 months

    11. Idaho

    • $1 million will last: 24 years, 8 months

    10. Alabama

    • $1 million will last: 24 years, 9 months

    9. Indiana

    • $1 million will last: 24 years, 9 months

    8. Texas

    • $1 million will last: 24 years, 9 months

    7. Missouri

    • $1 million will last: 24 years, 10 months

    6. Georgia

    • $1 million will last: 24 years, 11 months

    5. Tennessee

    • $1 million will last: 25 years

    4. Michigan

    • $1 million will last: 25 years

    3. Oklahoma

    • $1 million will last: 25 years, 2 months

    2. Arkansas

    • $1 million will last: 25 years, 6 months

    1. Mississippi

    • $1 million will last: 26 years, 4 months

    “Mississippi is the only state in the country where $1 million lasts more than 26 years,” the site says. “Not only is Mississippi the cheapest state in the nation, but at $11,134, it also has the lowest housing costs of any state.”

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