Offbeat 11 states where $1 million lasts retirees at least 24 years

20:17  17 may  2018
20:17  17 may  2018 Source:

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A recent GOBankingRates analysis starkly illustrates how much location can impact retirement savings for better or worse. For its analysis, the site examined each state ’s cost of living and the average total expenditures of people age 65 and older. Mississippi is the only state in which $ 1 million .

Retirees in that state spend ,964 a year to get by, making it the cheapest state overall. It also has the cheapest housing cost in the nation at $ 11 ,134 a year . Mississippi is one of only 12 states where $ 1 million will last a retiree at least about a quarter-century

Many folks choose their retirement destination based primarily on nonfinancial factors, such as climate or proximity to family.

Lest you outlive your savings, however, you must also consider cost of living. A recent analysis by shows that your retirement location can significantly impact how long retirement savings last.

The analysis is based on federal data showing how much folks age 65 and older spend in a year and the Council for Community and Economic Research’s data on costs of living.

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The AARP suggests a retirement income nest egg of at least $ 1 million , but the buying power of $ 1 million varies wildly depending on where you live. Dividing a theoretical $ 1 million by the costs per state reveals the number of years $ 1 million will last retirees in every state .

GoBankingRates compared how long $ 1 million in savings would last in each state . It's no surprise that dollars stretched the furthest in states like Mississippi, Arkansas and Tennessee, where retirees could live a life of leisure for at least a quarter of a century. found that a savings of $1 million would last you anywhere from 13 years to 25.5 years in retirement, depending on the state in which you spend your golden years.

The 11 states in which $1 million would last at least 24 years are:

  • Mississippi: 25 years, six months
  • Arkansas: 25 years
  • Tennessee: 24 years, five months
  • Kansas: 24 years, five months
  • Oklahoma: 24 years, four months
  • Missouri: 24 years, four months
  • Michigan: 24 years, two months
  • Texas: 24 years, one month
  • Georgia: 24 years, one month
  • Alabama: 24 years, one month
  • Indiana: 24 years, one month

At the other end of the spectrum is Hawaii, where $1 million would last just 13 years and one month. The Aloha State is followed by the District of Columbia and California, where the same sum would also last 15 years or less.

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In Mississippi, retirees can stretch a million dollars for more than 26 years – the longest of any US state , according to the study. Arkansas, Michigan, Tennessee, Georgia, Missouri, Texas, Indiana and Alaska are also states where a million dollars can last for longer than 24 years .

13 US states where a $ 1 million cash nest egg won't last you more than 20 years in retirement. Read on for the full list of 13 states where $ 1 million will last the average retiree fewer than 20 years : View As: One Page Slides.

It's not the usual blah, blah, blah. Click here to sign up for our free newsletter. is not the first to calculate how long $1 million will last retirees in each state. Other sites have come up with similar results.

For example, last year GOBankingRates found that $1 million would also last retirees the longest in Mississippi and be exhausted fastest in Hawaii. The states that GOBankingRates ranked highest were also similar to those in’s top 11 listed above.

Of course, your cost of living in retirement depends on more than just the state where you live. Even among big cities, costs of living can vary dramatically, with $1 million lasting anywhere from fewer than 18 years to as long as 26 years, as we reported in April.

And then there are other countries to consider if you really want to make your retirement savings last as long as possible.

How much can you spend in retirement? .
Consider using your life expectancy to calculate your retirement account withdrawals.Saving up enough money is the first step of retirement. You also need to determine how much you can spend without running out of money in your later, more vulnerable years. Other retirement income sources such as Social Security and income from a part-time job also play a major role in retirement spending decisions. Here's how to calculate a safe retirement spending rate.

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