You’ve probably heard at least one financial advisor say $1 million is the magic number to have saved for retirement. According to a new GOBankingRates study, that same $1 million will last plenty long in retirement — or not nearly long enough.
It’s much easier to save for retirement in some states than others. And thanks to cost-of-living differences, savings stretch much further in some cities — and some of these places don’t collect income taxes, either.
According to the study, $1 million dollars in retirement savings could last you anywhere from 11 to 26 years, depending on the state you live in. For example, a nest egg of $1 million will last 25 years, 11 months and 30 days in Mississippi, longer than any other state. Mississippi boasts the lowest cost of living for people ages 65 and over, an estimated $38,435 per year. The most expensive state is Hawaii, where $1 million will cover 11 years, 8 months and 20 days in retirement expenses such as housing, transportation, groceries and health care.
How long will $1 million dollars last in your state? Check out the findings here.
