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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