Will $1 million be enough for you to retire comfortably on in your golden years? It turns out that depends heavily on where you live in the United States!
RELATED: See the Top 10 things money expert Clark Howard does to save money
Would you move to make your retirement money last longer?
What would you say if we said that you could get another 14 years out of your retirement money depending on where you lived in the USA?
GoBankingRates.com took a close look at monthly expenses for senior citizens — including groceries, housing, utilities, transportation and healthcare — and developed a monthly budget for the average person over age 65.
Then, accounting for cost-of-living expenses by state, they divided a hypothetical $1 million portfolio by the monthly budget they worked up. That determined the number of years $1 million would last in each state during retirement.
The net result is that while you could live for less than 12 years on a $1 million portfolio in Hawaii, you would get almost 26 years out of the same money in Mississippi!
Ever heard the saying, “All real estate is local”? Maybe we should say that “All retirement is local, too”!
Without further ado, here’s a look at how far your retirement money goes in each state of the Union:
50. Hawaii
- $1 million will last: 11 years, 8 months, 20 days
49. California
- $1 million will last: 15 years, 5 months, 27 days
48. New York
- $1 million will last: 16 years, 3 months, 22 days
47. Alaska
- $1 million will last: 16 years, 8 months, 6 days
46. Maryland
- $1 million will last: 16 years, 8 months, 29 days
45. Oregon
- $1 million will last: 16 years, 9 months, 18 days
44. Massachusetts
- $1 million will last: 17 years, 1 month, 10 days
43. Connecticut
- $1 million will last: 17 years, 2 months, 7 days
42. Rhode Island
- $1 million will last: 17 years, 10 months, 13 days
41. New Jersey
- $1 million will last: 18 years, 5 months, 11 days
40. Vermont
- $1 million will last: 18 years, 7 months, 7 days
39. Maine
- $1 million will last: 18 years, 9 months, 11 days
38. New Hampshire
- $1 million will last: 19 years, 6 months, 1 days
37. Nevada
- $1 million will last: 19 years, 9 months, 19 days
36. Washington
- $1 million will last: 20 years, 1 month, 29 days
35. Delaware
- $1 million will last: 20 years, 8 months, 19 days
34. Colorado
- $1 million will last: 21 years, 6 days
33. Montana
- $1 million will last: 21 years, 6 days
32. Virginia
- $1 million will last: 21 years, 4 months, 22 days
31. Pennsylvania
- $1 million will last: 21 years, 6 months, 30 days
30. South Dakota
- $1 million will last: 21 years, 6 months, 30 days
29. Minnesota
- $1 million will last: 21 years, 9 months, 17 days
28. North Dakota
- $1 million will last: 22 years, 21 days
27. Florida
- $22 million will last: 22 years, 29 months
26. South Carolina
- $1 million will last: 22 years, 2 months, 20 days
25. West Virginia
- $1 million will last: 22 years, 6 months, 23 days
24. Illinois
- $1 million will last: 22 years, 7 months, 1 day
23. Utah
- $1 million will last: 22 years, 7 months, 9 days
22. Wisconsin
- $1 million will last: 22 years, 8 months, 4 days
21. Arizona
- $1 million will last: 23 years, 1 month
20. North Carolina
- $1 million will last: 23 years, 3 months, 4 days
19. Louisiana
- $1 million will last: 23 years, 4 months, 19 days
18. Nebraska
- $1 million will last: 23 years, 4 months, 19 days
17. New Mexico
- $1 million will last: 23 years, 6 months, 4 days
16. Idaho
- $1 million will last: 23 years, 6 months, 23 days
15. Ohio
- $1 million will last: 23 years, 6 months, 23 days
14. Kentucky
- $1 million will last: 23 years, 7 months, 1 day
13. Iowa
- $1 million will last: 23 years, 9 months, 6 days
12. Indiana
- $1 million will last: 23 years, 10 months, 13 days
11. Wyoming
- $1 million will last: 23 years, 10 months, 22 days
10. Texas
- $1 million will last: 23 years, 11 months, 2 days
9. Georgia
- $1 million will last: 24 years, 19 days
8. Kansas
- $1 million will last: 24 years, 4 months, 25 days
7. Tennessee
- $1 million will last: 24 years, 5 months, 4 days
6. Missouri
- $1 million will last: 24 years, 6 months, 25 days
5. Alabama
- $1 million will last: 24 years, 7 months, 4 days
4. Arkansas
- $1 million will last: 24 years, 7 months, 4 days
3. Michigan
- $1 million will last: 24 years, 7 months, 14 days
2. Oklahoma
- $1 million will last: 24 years, 8 months, 24 days
1. Mississippi
- $1 million will last: 25 years, 11 months, 30 days
Meanwhile, let’s not forget that some retirees will decide to abandon the question of which state will give them the most bang for their buck in retirement.
They’ll just opt to move overseas, where their money goes a lot further!
Countries like Canada, Japan, Mexico, Germany and the United Kingdom are historically among the most popular spots for expatriate retirees. But Central American nations like Costa Rica are becoming increasingly sought out, too.
If you’re considering leaving the United States in your retirement years, you’ve got a lot more to consider than just cost and weather.
Money expert Clark Howard says you should also think about less-considered factors like the cost of medical evacuation insurance and the state of the rental market in whichever foreign country you're eyeing. Get the full rundown on his thoughts here.
More money & retirement stories on Clark.com
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- How I lowered my cable bill by $50 a month
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