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- New data from GOBankingRates shows that $1 million in retirement savings could last more than two decades in some states. In Mississippi, a retiree could live on $1 million for 23 years.
- The 15 states where $1 million in savings would last the longest include New Mexico, Wyoming, Georgia, and Michigan.
- GOBankingRates estimates that on average, $1 million in retirement savings will last 19 years. Meanwhile, $1 million in retirement savings will last at least 21 years for retirees living in every state in the top 15.
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Where you decide to retire might have a big impact on how long your retirement money lasts, according to new data from GOBankingRates.
On average, GOBankingRates estimates that $1 million in savings will last about 19 years in the US. In some places, those savings will cover many fewer years: Those retiring in expensive states like Hawaii can expect their $1 million of savings to last 10 years and three months from their retirement funds, while those in California will see 13 years.
Meanwhile, $1 million in retirement savings will last at least 21 years for every state in the list below.
To find this data, GOBankingRates looked at the total annual expenses of people 65 and older, including housing, transportation, healthcare, utilities, and groceries, as well as a cost of living index. Dividing $1 million by the annual cost of living then yielded the years those retirement savings could last.
Here are the 15 states where $1 million in retirement funds will last the longest:
With low costs of living and three major cities to choose from, Ohio is a great place to stretch your retirement dollars over 20 years.
Time $1 million would last: 21 years and 11 months
Total cost of living for one year: $32,995
Nebraska offers low costs of living, and affordable housing makes it a very attractive option.
Time $1 million would last: 22 years and 11 months
Total cost of living for one year: $37,862
Affordable housing in Iowa makes it a very attractive option for retirees.
Time $1 million would last: 21 years and 1 month
Total cost of living for one year: $33,862
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