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In These 10 States, Your $1 Million for Retirement Goes Further—And the Southeast Tops the List
Oct
You’ve reached that golden milestone—$1 million within the retirement fund.
Time to relax and loosen up, right? But hold on, before you retire your work shoes and sail into the sunset, let’s talk geography.
Your retirement location could make or break your golden years, and a brand new study from GoBankingRates reveals some details.
In Hawaii, that much-talked-about paradise, a million-dollar retirement fund will fizzle out in only 10 years, 3 months, and 22 days.
The glamorous Latest York life? Your million will give out in only a bit over 14 years.
California, the land of infinite sunshine, doesn’t fare a lot better; your million will last around 13 years and 9 months.
| WHERE $1M WON’T GO THAT FAR | WHERE $1M GOES FARTHEST | ||
|---|---|---|---|
| Hawaii | 10.9 years | Mississippi | 25.3 years |
| Latest 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 |
| Latest Hampshire | 17.9 years | Arkansas | 23.4 years |
| Vermont | 18 years | Michigan | 23.4 years |
But when you’re occupied with a more balanced retirement, states like Virginia, Colorado, and Florida might catch your eye.
In Virginia, a million-dollar nest egg will last you almost 19 years, while in Colorado and Florida, you’ve got just over 18 years. That provides you ample time for beach days, mountaineering trips, and possibly even spoiling some grandkids.
Now, where does your million go the gap? Say hello to the South! Mississippi takes the crown along with your million lasting a whopping 22 years and eight months. Oklahoma, Alabama, and Kansas trail not too far behind, all letting you enjoy greater than 21 years of retirement.
Why such a large gap? The reply lies in the fee of living—housing, groceries, healthcare, you name it. States like Mississippi and Alabama have a few of the lowest costs of living within the country, allowing retirees to stretch their savings for the utmost variety of years.
To navigate your method to a snug retirement, experts recommend a gradual savings rate of 12 to fifteen% of your income, including employer contributions. And when you’re still early in your profession, be certain you’re a minimum of matching your employer’s contributions to maximise your retirement savings.
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5 Best Beach Towns To Retire in Virginia
