How Much Money Do I Need To Retire?

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State-by-State Comparison: This is How Long $1 Million Will Stretch In Retirement

How Much Money Do I Need To Retire?
How long will my retirement savings last? Here's the answer depending on where you live.

LOS ANGELES, Aug. 21, 2017 /PRNewswire/ -- Mississippi is the state where your dollar will last the longest amount of time in retirement, while Hawaii is the state where your dollar will last the shortest, a new study found.

It's a common refrain that retirees should save at least $1 million for retirement, but how much does where they live affect their saving needs? Personal finance website GOBankingRates found the average total annual expenses for people 65 and older (adding up groceries, housing, utilities, transportation and healthcare costs), then determined the state-specific yearly cost by multiplying total expenses by each state's cost of living index.

For full study results and more details on methodology, visit: How Long $1 Million Will Last in Retirement in Every State

Top 5 States Where Your Dollar Will Last the Longest

1. Mississippi
$1 million will last: 26 years, 4 months

2. Arkansas
$1 million will last: 25 years, 6 months

3. Oklahoma
$1 million will last: 25 years, 2 months

4. Michigan
$1 million will last: 25 years

5. Tennessee
$1 million will last: 25 years

Top 5 States Where Your Dollar Will Last the Shortest

1. Hawaii
$1 million will last: 11 years, 11 months

2. California
$1 million will last: 16 years, 5 months

3. Alaska
$1 million will last: 17 years, 0 months

4. New York
$1 million will last: 17 years, 1 month

5. Massachusetts
$1 million will last: 17 years, 4 months

Additional Study Insights

Hawaii's expenses top out at $83,834 annually, while Mississippi's are a low of $37,964.
Alaska's healthcare costs the most annually, at $8,479.

The largest expenditure discrepancy is in housing: Hawaii's costs a whopping $15,964 more annually than the runner-up, California.
About GOBankingRates

GOBankingRates.com is a personal finance news and features website dedicated to helping visitors live a richer life. From tips on saving money, to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets, including MSN, MONEY, AOL Finance, CBS MoneyWatch, Business Insider and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs. Start your journey toward a rich mind and full wallet with us here.

Contact
Kim Dahlgren, Media Relations
GOBankingRates.com
kimd@consumertrack.com
310-297-9233 x138

SOURCE GOBankingRates

RELATED LINKS
http://www.gobankingrates.com


Comments

  1. Tim ZimmermanApril 7, 2020 at 2:33 PM

    Useful! A great calculator to see how long your retirement savings will last (in years) is here https://assetbrief.com/resources/how-long-will-my-retirement-savings-last-9xr5j8r Been very useful for me

    ReplyDelete
    Replies
    1. Tim ZimmermanApril 7, 2020 at 2:34 PM

      Oops, making the calculator a link so easier for others to click Retirement calculator

      Delete

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