You’ve reached the golden milestone of $1 million in retirement savings.
Time to kick back and relax, right? But wait, before you kick off your work shoes and sail off into the sunset, let’s talk geography.
Where you live in retirement will determine whether your golden years and new studies begin. go banking charges Let me clarify some details.
In the much-talked-about paradise of Hawaii, a $1 million retirement allowance disappears in just 10 years, 3 months, and 22 days.
A glamorous New York life? Your $1 million will be gone in just over 14 years.
Sunny California isn’t faring much better either. Your one million years lasts approximately 13 years and 9 months.
| A million dollars won’t get you there. | Where a million dollars can go the furthest | ||
|---|---|---|---|
| Hawaii | 10.9 years | mississippi | 25.3 years |
| new york | 13.8 years | oklahoma | 24.8 years |
| California | 15 years | Kansas | 24.6 years |
| Massachusetts | 16.2 years | Alabama | 24 years |
| alaska | 16.5 years | iowa | 23.8 years |
| maryland | 16.6 years | georgia | 23.8 years |
| Oregon | 16.8 years | Indiana | 23.5 years |
| connecticut | 17.7 years | tennessee | 23.5 years |
| new hampshire | 17.9 years | arkansas | 23.4 years |
| vermont state | 18 years | michigan | 23.4 years |
But if you’re thinking about a more balanced retirement, states like Virginia, Colorado, and Florida may catch your eye.
In Virginia, the lifespan of a $1 million nest egg is almost 19 years, while in Colorado and Florida it’s just over 18 years. That way, you’ll have plenty of time to spend time at the beach, go hiking, and spoil your grandchildren.
Now, where will your million go? Say hello to the south! Mississippi State took the crown, earning her $1 million in a staggering 22 years and eight months. Oklahoma, Alabama, and Kansas are not far behind, all of which allow her to enjoy more than 21 years of retirement.
Why is there such a big gap? The answer lies in a variety of living costs, including housing, groceries, and medical costs. States like Mississippi and Alabama have some of the lowest costs of living in the country, allowing retirees to grow their savings for up to many years.
Experts recommend a steady savings rate of 12 to 15 percent of your income, including employer contributions, for a comfortable retirement. Also, if you’re still in the early stages of your career, make sure you at least match your employer contributions to maximize your retirement savings.
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David Bakke is a personal finance expert and author of the book Don’t Be A Mule. He earned his bachelor’s degree in creative writing from the University of South Florida, specializing in money management, investing, retirement, income generation, and entrepreneurship. David started his own blog YourFinances101 in 2009. His work has been featured in Investopedia, Business Insider, US News, and Money Crashers.
