The duration $1 million will last during retirement varies widely across states due to differences in cost of living. Here's a summary of key states ranked by how long $1 million will last, along with insights on factors influencing these differences.

States Where $1 Million Lasts the Longest

• Mississippi
• Annual Expenses: $44,059.15
• Duration: 22 years, 8 months, 12 days

• Low housing and utility costs contribute to the longest duration.

• Oklahoma

• Annual Expenses: $45,206.25

• Duration: 22 years, 1 month, 12 days

• Alabama

• Annual Expenses: $45,414.81

• Duration: 22 years, 0 months, 6 days

• Iowa

• Annual Expenses: $45,988.36

• Duration: 21 years, 8 months, 26 days

• Georgia

• Annual Expenses: $46,353.35
• Duration: 21 years, 6 months, 26 days

States Where $1 Million Lasts the Shortest

• Hawaii
• Annual Expenses: $96,982.26
• Duration: 10 years, 3 months, 22 days

• High housing and grocery costs significantly shorten the duration.

• Massachusetts

• Annual Expenses: $78,159.36

• Duration: 12 years, 9 months, 14 days

• California

• Annual Expenses: $72,319.57

• Duration: 13 years, 9 months, 29 days

• New York

• Annual Expenses: $70,755.34

• Duration: 14 years, 1 month, 15 days

• Alaska

• Annual Expenses: $65,436.96
• Duration: 15 years, 3 months, 12 days

Key Factors Influencing Duration

• Cost of Living
• States with lower housing, utility, and healthcare costs allow retirees to stretch their savings further.

• Southern and Midwestern states tend to have lower living costs.

• Housing Costs

• States like Hawaii and California have significantly higher housing expenses, which quickly deplete savings.

• Healthcare Costs

• Healthcare inflation varies; states with lower costs (e.g., Mississippi) help prolong retirement savings.

• Taxes

• Tax-friendly states with no retirement income tax (e.g., Florida, Texas) also extend savings.

• Lifestyle Choices

• Retirees opting for frugal lifestyles in low-cost states can stretch their savings for decades.

Remember

• If you plan to retire with $1 million, consider relocating to states like Mississippi, Oklahoma, or Alabama, where your savings will last over 22 years.
• Conversely, retirees in states like Hawaii or New York will need supplemental income or larger nest eggs due to high expenses.

Planning for retirement should involve careful evaluation of your desired lifestyle, location, and cost of living to maximize your savings.

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