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The Water Cooler
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This is how long $1 million in retirement savings will last in your state
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<blockquote data-quote="SlugSlinger" data-source="post: 3059163" data-attributes="member: 7248"><p>December 1, 2017 2:00 pm</p><p></p><p>Home Money & Credit </p><p></p><p>This is how long $1 million in retirement savings will last in your state</p><p></p><p>When you close your eyes and think about the day when you no longer will have to clock in at work, or perhaps you’re there now, no doubt one of the primary concerns is how much money you’re going to have to live off of. You’d be surprised how tight things could get while paying the bills with just a pension.</p><p></p><p>But what if you had $1 million? Surely you could make ends meet and then some in retirement — but for how long? The AARP figures that a $1 million nest egg is enough for most Americans, who are expected to live for around 22 years after retirement. But is $1 million really enough? Turns out, a lot has to do with what state you live in.</p><p></p><p>Stretch your retirement savings by retiring to the right state</p><p></p><p>Gobankingrates.com has put together a state-by-state analysis that shows how far $1 million in retirement will go — and if it will take you to that 22-year threshold.</p><p></p><p>The website used a methodology that takes into account the average spending for senior citizens once they hit retirement age.</p><p></p><p>“In order to determine how long $1 million will last the average retiree in each state, GOBankingRates found the average total expenditures for people 65 and older, which includes groceries, housing, utilities, transportation and healthcare,” the website says. “Then, we multiplied that by the cost of living index in each state to find the average expenditure cost for each state.”</p><p></p><p>50. Hawaii - $1 million will last: 11 years, 11 months: “At $5,626 a year, the cost of groceries is by far the highest in the nation, and housing is no picnic, either,” the site says.</p><p></p><p>49. California - $1 million will last: 16 years, 5 months</p><p></p><p>48. Alaska - $1 million will last: 17 years, 0 months</p><p></p><p>47. New York - $1 million will last: 17 years, 1 month</p><p></p><p>46. Massachusetts - $1 million will last: 17 years, 4 months</p><p></p><p>45. Connecticut - $1 million will last: 17 years, 4 months</p><p></p><p>44. Maryland - $1 million will last: 17 years, 4 months</p><p></p><p>43. Oregon - $1 million will last: 17 years, 7 months</p><p></p><p>42. Rhode Island - $1 million will last: 18 years, 2 months</p><p></p><p>41. New Jersey - $1 million will last: 18 years, 6 months</p><p></p><p>40. Vermont - $1 million will last: 18 years, 7 months</p><p></p><p>39. New Hampshire - $1 million will last: 19 years</p><p></p><p>38. Maine - $1 million will last: 19 years, 6 months</p><p></p><p>37. Washington - $1 million will last 21 years, 1 month</p><p></p><p>36. Delaware - $1 million will last: 21 years, 10 months</p><p></p><p>35. Pennsylvania - $1 million will last: 21 years, 11 months</p><p></p><p>34. Virginia - $1 million will last: 22 years</p><p></p><p>33. Colorado - $1 million will last: 22 years</p><p></p><p>32. Nevada - $1 million will last: 22 years</p><p></p><p>31. South Carolina - $1 million will last: 22 years, 3 months</p><p></p><p>30. Florida - $1 million will last: 22 years, 4 months</p><p></p><p>29. South Dakota - $1 million will last: 22 years, 4 months</p><p></p><p>28. Minnesota - $1 million will last: 22 years, 6 months</p><p></p><p>27. North Dakota - $22 million will last: 22 years, 7 months</p><p></p><p>26. Montana - $1 million will last: 22 years, 10 months</p><p></p><p>25. Illinois - $1 million will last: 23 years, 1 month</p><p></p><p>24. Arizona - $1 million will last: 23 years, 2 months</p><p></p><p>23. Wisconsin - $1 million will last: 23 years, 3 months</p><p></p><p>22. New Mexico - $1 million will last: 23 years, 3 months</p><p></p><p>21. West Virginia - $1 million will last: 23 years, 6 months</p><p></p><p>20. Wyoming - $1 million will last: 23 years, 8 months</p><p></p><p>19. Kentucky - $1 million will last: 23 years, 8 months</p><p></p><p>18. North Carolina - $1 million will last: 23 years, 8 months</p><p></p><p>17. Utah - $1 million will last: 23 years, 10 months</p><p></p><p>16. Nebraska - $1 million will last: 23 years, 10 months</p><p></p><p>15. Louisiana - $1 million will last: 23 years, 10 months</p><p></p><p>14. Ohio - $1 million will last: 24 years, 2 months</p><p></p><p>13. Iowa - $1 million will last: 24 years, 3 months</p><p></p><p>12. Kansas - $1 million will last: 24 years, 7 months</p><p></p><p>11. Idaho - $1 million will last: 24 years, 8 months</p><p></p><p>10. Alabama - $1 million will last: 24 years, 9 months</p><p></p><p>9. Indiana - $1 million will last: 24 years, 9 months</p><p></p><p>8. Texas - $1 million will last: 24 years, 9 months</p><p></p><p>7. Missouri - $1 million will last: 24 years, 10 months</p><p></p><p>6. Georgia - $1 million will last: 24 years, 11 months</p><p></p><p>5. Tennessee - $1 million will last: 25 years</p><p></p><p>4. Michigan - $1 million will last: 25 years</p><p></p><p>3. Oklahoma - $1 million will last: 25 years, 2 months</p><p></p><p>2. Arkansas - $1 million will last: 25 years, 6 months</p><p></p><p>1. Mississippi - $1 million will last: 26 years, 4 months</p></blockquote><p></p>
[QUOTE="SlugSlinger, post: 3059163, member: 7248"] December 1, 2017 2:00 pm Home Money & Credit This is how long $1 million in retirement savings will last in your state When you close your eyes and think about the day when you no longer will have to clock in at work, or perhaps you’re there now, no doubt one of the primary concerns is how much money you’re going to have to live off of. You’d be surprised how tight things could get while paying the bills with just a pension. But what if you had $1 million? Surely you could make ends meet and then some in retirement — but for how long? The AARP figures that a $1 million nest egg is enough for most Americans, who are expected to live for around 22 years after retirement. But is $1 million really enough? Turns out, a lot has to do with what state you live in. Stretch your retirement savings by retiring to the right state Gobankingrates.com has put together a state-by-state analysis that shows how far $1 million in retirement will go — and if it will take you to that 22-year threshold. The website used a methodology that takes into account the average spending for senior citizens once they hit retirement age. “In order to determine how long $1 million will last the average retiree in each state, GOBankingRates found the average total expenditures for people 65 and older, which includes groceries, housing, utilities, transportation and healthcare,” the website says. “Then, we multiplied that by the cost of living index in each state to find the average expenditure cost for each state.” 50. Hawaii - $1 million will last: 11 years, 11 months: “At $5,626 a year, the cost of groceries is by far the highest in the nation, and housing is no picnic, either,” the site says. 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 [/QUOTE]
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