This is how long $1 million in retirement savings will last in your state

December 1, 2017 by julieberg1

Craig Johnson, Clark.com

When you close your eyes and think about the day when you no longer will have to clock in at work, or perhaps you’re there now, no doubt one of the primary concerns is how much money you’re going to have to live off of. You’d be surprised how tight things could get while paying the bills with just a pension.

But what if you had $1 million? Surely you could make ends meet and then some in retirement — but for how long? The AARP figures that a $1 million nest egg is enough for most Americans, who are expected to live for around 22 years after retirement. But is $1 million really enough? Turns out, a lot has to do with what state you live in.

Stretch your retirement savings by retiring to the right state

Gobankingrates.com has put together a state-by-state analysis that shows how far $1 million in retirement will go — and if it will take you to that 22-year threshold.

The website used a methodology that takes into account the average spending for senior citizens once they hit retirement age.

“In order to determine how long $1 million will last the average retiree in each state, GOBankingRates found the average total expenditures for people 65 and older, which includes groceries, housing, utilities, transportation and healthcare,” the website says. “Then, we multiplied that by the cost of living index in each state to find the average expenditure cost for each state.”

50. Hawaii

  • $1 million will last: 11 years, 11 months: “At $5,626 a year, the cost of groceries is by far the highest in the nation, and housing is no picnic, either,” the site says.

49. California

  • $1 million will last: 16 years, 5 months

48. Alaska

  • $1 million will last: 17 years, 0 months

47. New York

  • $1 million will last: 17 years, 1 month

46. Massachusetts

  • $1 million will last: 17 years, 4 months

45. Connecticut

  • $1 million will last: 17 years, 4 months

44. Maryland

  • $1 million will last: 17 years, 4 months

43. Oregon

  • $1 million will last: 17 years, 7 months

42. Rhode Island

  • $1 million will last: 18 years, 2 months

41. New Jersey

  • $1 million will last: 18 years, 6 months

40. Vermont

  • $1 million will last: 18 years, 7 months

39. New Hampshire

  • $1 million will last: 19 years

38. Maine

  • $1 million will last: 19 years, 6 months

37. Washington

$1 million will last 21 years, 1 month

36. Delaware

  • $1 million will last: 21 years, 10 months

35. Pennsylvania

  • $1 million will last: 21 years, 11 months

34. Virginia

  • $1 million will last: 22 years

33. Colorado

  • $1 million will last: 22 years

32. Nevada

  • $1 million will last: 22 years

31. South Carolina

  • $1 million will last: 22 years, 3 months

30. Florida

  • $1 million will last: 22 years, 4 months

29. South Dakota

  • $1 million will last: 22 years, 4 months

28. Minnesota

  • $1 million will last: 22 years, 6 months

27. North Dakota

  • $22 million will last: 22 years, 7 months

26. Montana

  • $1 million will last: 22 years, 10 months

25. Illinois

  • $1 million will last: 23 years, 1 month

24. Arizona

  • $1 million will last: 23 years, 2 months

23. Wisconsin

  • $1 million will last: 23 years, 3 months

22. New Mexico

  • $1 million will last: 23 years, 3 months

21. West Virginia

  • $1 million will last: 23 years, 6 months

20. Wyoming

  • $1 million will last: 23 years, 8 months

19. Kentucky

  • $1 million will last: 23 years, 8 months

18. North Carolina

  • $1 million will last: 23 years, 8 months

17. Utah

  • $1 million will last: 23 years, 10 months

16. Nebraska

  • $1 million will last: 23 years, 10 months

15. Louisiana

  • $1 million will last: 23 years, 10 months

14. Ohio

  • $1 million will last: 24 years, 2 months

13. Iowa

  • $1 million will last: 24 years, 3 months

12. Kansas

  • $1 million will last: 24 years, 7 months

11. Idaho

  • $1 million will last: 24 years, 8 months

10. Alabama

  • $1 million will last: 24 years, 9 months

9. Indiana

  • $1 million will last: 24 years, 9 months

8. Texas

  • $1 million will last: 24 years, 9 months

7. Missouri

  • $1 million will last: 24 years, 10 months

6. Georgia

  • $1 million will last: 24 years, 11 months

5. Tennessee

  • $1 million will last: 25 years

4. Michigan

  • $1 million will last: 25 years

3. Oklahoma

  • $1 million will last: 25 years, 2 months

2. Arkansas

  • $1 million will last: 25 years, 6 months

1. Mississippi

  • $1 million will last: 26 years, 4 months

“Mississippi is the only state in the country where $1 million lasts more than 26 years,” the site says. “Not only is Mississippi the cheapest state in the nation, but at $11,134, it also has the lowest housing costs of any state.”