REUTERS/Mike Blake
- GOBankingRates’ latest data breaks down the most and least expensive places to retire in the US, and how long $1 million would last in each state.
- States on the West Coast, in New England, and outside of the mainland US probably won’t make great options, thanks to higher costs of living.
- In Hawaii, California, New York, and Oregon, retirees won’t see their $1 million last 15 years.
- Visit Business Insider’s homepage for more stories.
If you’re planning to retire in New England, on the West Coast, or outside of the mainland US, you might want to start adding extra to your retirement account.
According to GOBankingRates’ latest data, you’ll find that your retirement dollars won’t even stretch to two decades in these 15 states. Thanks to higher costs of living and overall expenses, these 15 states will deplete your retirement dollars quicker than you might expect.
GOBankingRates looked at the annual expenditures for retirees 65 and older, including things like housing, transportation, healthcare, groceries, and utilities. Then, it multiplied those expenses by the cost of living index for each state. Dividing $1 million by that cost resulted in the number of years retirement funds could last.
Here are the 15 most expensive states for retirees.
15. Nevada
AP/John Locher
Your retirement savings won’t stretch to two decades in Nevada. Higher costs for housing, transportation, and healthcare make retirement dollars fall short.
Time $1 million would last: 18 years and 4 months
Total cost of living for one year: $43,421
14. New Hampshire
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New Hampshire may have no income or sales tax, but that doesn’t mean that you won’t have other considerable expenses.
Time $1 million would last: 18 years and 1 month
Total cost of living for one year: $42,290
13. Washington
Checubus / Shutterstock
Washington isn’t a particularly affordable state, and retirees might find that their $1 million doesn’t last as long as they thought it would.
Time $1 million would last: 17 years and 11 months
Total cost of living for one year: $43,505
See the rest of the story at Business Insider
See Also:
- How much money you need to retire at every age and comfortably live on investment income
- 7 signs you’re on the same page as your partner about money
- 7 signs you can actually afford the home you want to buy
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DON’T MISS: How much money you need to retire at every age and comfortably live on investment income
Source: Business Insider – feedback@businessinsider.com (Liz Knueven)