$1 Million in Retirement? Here’s How Long It Lasts in Different States

Retirees with a nest egg of $1 million might find their golden years tarnished depending on where they live. A study from GoBankingRates reveals that in some states, even a cool million won’t stretch very far.

Take California, for example. With soaring costs for medical care and living expenses, retirees could deplete their $1 million savings in just over 12 years.

Annual expenses like $5,387 for groceries, $22,530 for housing, $5,202 for utilities, $6,283 for transportation, and $8,226 for healthcare quickly add up to nearly $80,000 a year.

New York isn’t much better, with the same amount lasting around 13 years and 8 months. The District of Columbia fares worse, with savings potentially running dry in just under 12 years—similar to Massachusetts.

Hawaii tops the list for the fastest depletion, with retirees there potentially spending their $1 million in a mere 9 years and 8 months.

But it’s not all doom and gloom. Texas offers more favorable prospects, where $1 million could last over 18 years.

Southeastern states like Tennessee, Georgia, Alabama, Mississippi, the Carolinas, and Florida all promise at least 17 years of security, with some nearing the 20-year mark.

The Midwest follows suit, with Iowa, Arkansas, Missouri, Kansas, Nebraska, Illinois, and Indiana presenting similar longevity for retirement savings.

West Virginia claims the top spot, where $1 million can stretch to over 20 years, giving Mountain State seniors the best bang for their retirement buck.

This study underscores the stark differences in living costs across the U.S., reminding us that where you retire can be just as crucial as how much you save.

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