FINANCE
How long does $1 million in retirement savings last in each US state?
Retirement savings can stretch further in areas with a lower cost of living. How long does $1 million in retirement savings last in each US state?
Saving enough money for retirement can be a challenging task, especially when considering the varying costs of living across different states, and even within them. For instance, in California, an average retiree requires approximately $100,965 to lead a comfortable life, whereas in Kansas, that figure is just above $63,000.
These figures come from Go Banking Rates, which calculated the annual income retirees would need to live a comfortable life. Using these numbers, we can calculate how many years a retirement savings of $1 million would last. By keeping funds in a private retirement account, the account’s value will continue to increase as long as the stocks in the portfolio see an increase. The states with the lowest cost of living where the $1 million savings would last the longest are:
| State | Income | Years |
| Mississippi | $62,154 | 16 |
| Oklahoma | $62,805 | 16 |
| Kansas | $63,022 | 16 |
| Alabama | $63,744 | 16 |
| Georgia | $64,539 | 15 |
| West Virginia | $64,539 | 15 |
| Iowa | $64,973 | 15 |
| Missouri | $64,973 | 15 |
| Arkansas | $65,118 | 15 |
| Tennessee | $65,334 | 15 |
| Nebraska | $65,985 | 15 |
Retirees in certain states can enjoy between 15 and 16 years of life if they save one million dollars. However, those who have not yet reached this goal should know there are still ways to save money after retiring. One million dollars will also last retirees around fifteen years in Tennessee, Nebraska, Ohio, Indiana, Illinois, Michigan, Wyoming, Louisiana, Texas, South Dakota, New Mexico, Kentucky, and Wisconsin.
The five states where one million dollars would last the shortest amount of time are:
| State | Income | Years |
| Hawaii | $131,175 | 8 |
| Washington DC | $108,192 | 9 |
| Massachusetts | $103,422 | 10 |
| California | $100,965 | 10 |
| New York | $91,497 | 11 |
Where will one million dollars last fourteen years?
Retirees in Minnesota, North Carolina, North Dakota, South Carolina, Pennsylvania, Idaho, Nevada, and Florida can stretch one million around fourteen years.
Where will one million dollars last thirteen years?
Those in Virginia, Utah, Montana, Delaware, Colorado, and Arizona can expect to live comfortably for thirteen years.
Where will one million dollars last twelve or eleven years?
Retirees in New Jersey, Rhode Island, Maine, Connecticut, New Hampshire, Washington, Vermont, and Oregon can expect their one million dollars in savings to allow them to live comfortably for twelve years. Savings could be stretched over eleven years in Maryland and Alaska.