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


Domingo won’t perform at Tokyo Olympics cultural events

TOKYO (AP) — The Tokyo Olympics organizing committee said Friday opera legend Placido Domingo has…

Residents of northeast Syria city pelt departing US troops

AKCAKALE, Turkey (AP) — Angry over the U.S. withdrawal, residents of a Kurdish-dominated Syrian city…

Mission Resolve Foundation Purchases Forklifts and Provides Forklift Training to NEMA Grand Bahama

FT. LAUDERDALE, Fla. (FNN NEWS) - Source: Mission Resolve Foundation // Mission Resolve Foundation purchased…

Ukraine reviews case into company that employed Biden son

ZHYTOMYR, Ukraine (AP) — Ukraine’s Prosecutor General said on Friday that his office is reviewing…

Court calls US “enhanced interrogation techniques” torture

SAN FRANCISCO (AP) — A federal court in San Francisco took the unusual step of…

Vaccination: European Commission and World Health Organization join forces to promote the benefits of vaccines

Brussels, Belgium - Today, the European Commission and the World Health Organization (WHO) are co-hosting the…