TwitterFacebookPinterestGoogle+

LIVE COVERAGE

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

LOS ANGELES, (FNN NEWS) – GOBankingRates – 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.

SOURCE | GOBankingRates | August 21, 2017

 

Leave a Reply

Your email address will not be published. Required fields are marked *

MORE WORLD NEWS

Paris couture climbs Mount Olympus, plumbs marine depths

PARIS (AP) — Female empowerment, controversies about race, and designs that plunged to the depths…

Senate Passes US-Canada-Mexico Trade Deal, a Trump Priority

WASHINGTON (AP) — The Senate overwhelmingly approved a new North American trade agreement Thursday that…

Questions of racism linger as Harry, Meghan step back

LONDON (AP) — When accomplished, glamorous American actress Meghan Markle married Prince Harry in 2018,…

Iraq calls for expulsion of US troops over deadly airstrike

BAGHDAD (AP) — The blowback over the U.S. killing of a top Iranian general mounted…

Hezbollah vows to end US military presence in region

TEHRAN, Iran (AP) — The leader of Lebanon’s Hezbollah group vowed Sunday to end the…

Pneumonia of unknown cause – China

On 31 December 2019, the WHO China Country Office was informed of cases of pneumonia…