Here’s how long a $1 million nest egg will last you in the 17 most populated states in the US, but beware – it may not last as long as you expect.
Thinking About Retirement?
With the cost of living ramping up throughout the US, figuring out how much savings you’ll need for retirement can seem like a minefield. New information suggests that even a “comfortable” amount of savings won’t last as long as you expect, but your money can stretch a lot further depending on the state you choose to retire in.
NASDAQ Publish Retirement Statistics
Recently NASDAQ and GoBanking rates have released a report analyzing data from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center, showing how long $1 million in retirement savings will last for the average retiree in each state.
The 17 Most Populated States
We’ve taken the results for the 17 most populated US states from the report to show you how long $1 million will likely last you in retirement.
1. California
With a population of nearly 40 million, California is the most populated state in the country and the second most expensive to live in. According to the NASDAQ report, a $1 million nest egg will last you 13 years and 9 months in the Golden State.
2. Texas
With cities like Austin and Nashville becoming increasingly popular, it’s no surprise that Texas is one of the most populated states. If you’re considering retirement there, you’ll be pleased to know that a $1 million fund could last you 20 years and 8 months.
3. Florida
For lovers of hot summer weather, consider retiring in the Sunshine State, where a $1 million retirement fund will last 18 years and 4 months.
4. New York State
Rent and utilities can really add up if you live in New York, particularly if you’re looking to live in or close by New York City. A generous fund will stretch to around 14 years and 1 month of retirement life.
5. Pennsylvania
Drive south from New York and you’ll be in Pennsylvania, where your $1 Million retirement fund will last significantly longer – 19 years and 6 months.
6. Illinois
If you are based in the Midwest consider the region’s most populous state, Illinois, for your retirement. Here, $1 million will be enough to fund atleast 20 years and 10 months of an average retiree lifestyle.
7. Ohio
Things look even better if you leave Illinois and head east to Ohio. Buy a parcel of land and relax, as those retirement savings are set to last you 21 years and 5 months!
8. Georgia
The second most populated state in the South is Georgia, where you can enjoy mild weather, friendly people, and a relatively low cost of living – $1 million should have you sitting pretty for 21 years and 6 months of retirement.
9. North Carolina
That southern hospitality stays appealing if you head a little further up the country to North Carolina, where you can live comfortably for 19 years and 9 months as a retiree.
10. Michigan
With its abundant natural beauty, the Great Lakes State is well worth considering for a peaceful retirement, and it’s financially enticing too! In Michigan, a $1 million retirement fund should tide you over for around 20 years and 10 months.
11. New Jersey
Despite being just a stone’s throw from New York, tiny New Jersey will see you maintaining your budget for a few years longer, with $1 million lasting for 16 years and 9 months.
12. Virginia
Virginia is 12th in terms of population, and living in this southern state for 18 years and 9 months will cost approximately $1 million in retirement savings.
13. Washington
Head to the Pacific Northwest on the other side of the country, where retirees can live in Washington state for 16 years and 9 months on a $1 million retirement fund.
14. Arizona
If you are partial to a desert climate as well as astounding natural and cultural sights, consider Arizona. Here you can live off of a $1 million retirement fund for 17 years and 9 months.
15. Massachusetts
Some may be surprised to hear that Massachusetts ranks in the top 5 most expensive states to live in, so retirees probably won’t get as much bang for their buck in this Northeastern state. Retirees with a $1 million nest egg can expect to live comfortably here for 12 years and 9 months.
16. Tennessee
If you’re considering retirement in the south, Tennessee is hard to beat from a financial perspective. Here, $1 million in retirement savings should set you up for approximately 21 years and 2 months.
17. Indiana
Coming second to Ohio as one of the most affordable states to retire on this list is Indiana, where retirees can expect their savings to last for an impressive 21 years and 3 months.
Featured Image Credit: Shutterstock / Jacob Lund.
The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
The images used are for illustrative purposes only and may not represent the actual people or places mentioned in the article.
