When you’re try to gauge how much you need to save for a comfortable retirement, a million dollars probably sounds like a pretty reasonable number to shoot for.
But will a million dollars fund your retirement well into your dotage—or just over a decade?
One major factor in how long your money lasts, of course, is your lifestyle: If you’ve got a taste for cruises and caviar, you’ll need to save a lot more than someone who is perfectly content with road trips and ramen.
But where you live is a crucial element too.
The website GOBankingRates calculated how long $1 million would last you in every state, taking into account what the average person 65 and older spends on groceries, housing, utilities, transportation, and healthcare each year. They then factored in the cost of living for each state to assume an average annual budget for a retiree.
GOBankingRates did not, however, take into account a retirees’ earnings from Social Security, a major factor in their total income. A 67-year-old retiree today would get, on average, $34,334 per year from Social Security, which means that their theoretical $1 million in savings could potentially be spread over many more years.
Here’s how long your money will last in every state, from the longest amount of time to the shortest…
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1. Mississippi
25 years, 11 months, 30 days
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2. Oklahoma
24 years, 8 months, 24 days
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3. Michigan
24 years, 7 months, 14 days
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4. Arkansas
24 years, 7 months, 4 days
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5. Alabama
24 years, 7 months, 4 days
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6. Missouri
24 years, 6 months, 25 days
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7. Tennessee
24 years, 5 months, 4 days
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8. Kansas
24 years, 4 months, 25 days
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9. Georgia
24 years, 19 days
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10. Texas
23 years, 11 months, 2 days
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11. Wyoming
23 years, 10 months, 22 days
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12. Indiana
23 years, 10 months, 13 days
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13. Iowa
23 years, 9 months, 6 days
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14. Kentucky
23 years, 7 months, 1 day
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15. Ohio
23 years, 6 months, 23 days
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16. Idaho
23 years, 6 months, 23 days
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17. New Mexico
23 years, 6 months, 4 days
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18. Nebraska
23 years, 4 months, 19 days
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19. Louisiana
23 years, 4 months, 19 days
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20. North Carolina
23 years, 3 months, 4 days
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21. Arizona
23 years, 1 month
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22. Wisconsin
22 years, 8 months, 4 days
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23. Utah
22 years, 7 months, 9 days
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24. Illinois
22 years, 7 months, 1 day
Image Credit: Sean Pavone/istockphoto.
25. West Virginia
22 years, 6 months, 23 days
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26. South Carolina
22 years, 2 months, 20 days
Image Credit: Susanne Neumann/istockphoto.
27. Florida
22 years, 29 days
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28. North Dakota
22 years, 21 days
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29. Minnesota
21 years, 9 months, 17 days
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30. South Dakota
21 years, 6 months, 30 days
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31. Pennsylvania
21 years, 6 months, 30 days
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32. Virginia
21 years, 4 months, 22 days
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33. Montana
21 years, 6 days
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34. Colorado
21 years, 6 days
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35. Delaware
20 years, 8 months, 19 days
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36. Washington
20 years, 1 month, 29 days
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37. Nevada
19 years, 9 months, 19 days
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38. New Hampshire
19 years, 6 months, 1 day
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39. Maine
18 years, 9 months, 11 days
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40. Vermont
18 years, 7 months, 7 days
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41. New Jersey
18 years, 5 months, 11 days
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42. Rhode Island
17 years, 10 months, 13 days
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43. Connecticut
17 years, 2 months, 7 days
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44. Massachusetts
17 years, 1 month, 10 days
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45. Oregon
16 years, 9 months, 18 days
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46. Maryland
16 years, 8 months, 29 days
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47. Alaska
16 years, 8 months, 6 days
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48. New York
16 years, 3 months, 22 day
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49. California
15 years, 5 months, 27 days
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50. Hawaii
11 years, 8 months, 20 days
This article originally appeared on Considerable.com and was syndicated by MediaFeed.org.
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