How Long $1 Million Will Last You In All 50 States

How much do you need to retire?

The conventional wisdom, as delivered by the media and many financial experts, seems to have settled on $1 million. Even AARP recently weighed in on the debate, claiming that everyone needs between $1.0 million and $1.5 million saved before they step away from the office. Their logic is that we can expect to live for 22 years after we call it a career, and around one million bucks is the golden number for comfortable living during that time. But is it really that simple? Is a one-size-fits-all approach to retirement realistic?

My answer is no. Every retiree’s budget and financial needs are different. I’ve written a lot about how you can retire comfortably with just half a million dollars stashed away.

Geography plays a huge role in determining how much you need to retire. America is a big country. And where you choose to live during retirement can make or break almost any budget.

Sure, if you’re independently wealthy and don’t have a care in the world, you can afford live in a sprawling, posh New York apartment. But what about the rest of us? Real estate is the great equalizer when it comes to planning for a comfortable, happy retirement, so it pays to choose your retirement home state carefully.

Check Out: The 10 Best And Most Affordable Cities To Retire On Just Social Security Income

For instance, the average cost of housing in California is $700,000. Compare that to a state like, say, Ohio, where the average cost of a house is only $190,000, and you see what I mean.

So where should you settle down as you move into the post-career portion of your life? Well, that all depends on your geographic preferences and, of course, your budget.

Clark.com recently reported on research done by Gobankingrates.com. The site released a state-by-state analysis that shows just how far your cool million will stretch in each state in the US for 22 years. According to Gobankingrates.com, researchers used a methodology that took into account average spending of folks age 65 and older once they retire. These expenditures included groceries, utilities, transportation, healthcare, and housing.

Take a look at this list of how long $1 million will last you in all 50 states to see where you may like to call home.

50. Hawaii

$1 million will last: 11 years, 11 months

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

Check Out: Why Millions Of Americans Are Falling Behind On Retirement Savings

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