How long will $1 million last in retirement?

Posted In: General

CNBC recently published a fascinating article about retirement savings. How far will your dollars go in different areas of the country?  The article includes an interactive map where you can see in which states your savings will last the longest (it might surprise you!) and in which states that fortune may disappear faster than you’d think. The difference between the longest-retirement state and the shortest-retirement state is a whopping 9 years!

The researchers used the average total expenditures for people 65 and older, which includes groceries, housing, utilities, transportation and healthcare, then multiplied that by the cost of living index in that state. An average of several states in each region of the contiguous USA shows:

  • Northeast: 18 years
  • Northwest: 21 years, 6.5 months
  • Southwest: 22 years, 1 month
  • Southeast: 23 years, 7.5 months
  • Central: 24 years, 10 months

So, if you’re planning to retire with a $1 million fortune, this study would say the central US is your best bet to make it last. Staying in the expensive northeast may mean your money disappears faster. Individually, Hawaii (by far), then California, Alaska, and New York are the most expensive states for retirees.

Click here to read the article and view the interactive map.

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