Many individuals think about roughly $1.5 million the “magic number” for retirement financial savings, in line with a Northwestern Mutual survey of 4,588 People. However how lengthy that a lot cash lasts is determined by the place you reside.
Along with Social Safety funds, $1.5 million would final a family simply 17 years in Hawaii, seemingly falling wanting a full retirement for somebody leaving the workforce at 65, in line with a brand new GOBankingRates evaluation. In distinction, retirees in West Virginia might stretch the identical quantity for 54 years — the longest of any state.
GOBankingRates based mostly its evaluation on knowledge from the Bureau of Labor Statistics’ 2023 Client Expenditure Survey, which seems to be at how a lot retirees sometimes spend every year on necessities reminiscent of groceries, housing, utilities, transportation and well being care. The information was then adjusted for every state utilizing the Missouri Financial Analysis and Data Heart’s cost-of-living index.
By factoring in common bills fairly than simply the naked minimal wanted to outlive, the information goals to supply a extra lifelike image of retirement affordability throughout the nation.
Unsurprisingly, states with the very best housing prices, together with California, New York and Massachusetts, are among the many costliest locations to retire.
The distinction in common annual housing prices can range by as a lot as $30,000 between states, with comparable disparities present in utilities and health-care bills, though they make up a smaller portion of the family funds.
Here is a take a look at how lengthy $1.5 million plus Social Safety funds would final in every state on common, listed in alphabetical order, in line with GOBankingRates.
Alabama
Annual price after Social Safety: $30,207 Years $1.5 million lasts: 50
Alaska
Annual price after Social Safety: $50,997 Years $1.5 million lasts: 29
Arizona
Annual price after Social Safety: $44,628 Years $1.5 million lasts: 34
Arkansas
Annual price after Social Safety: $30,327 Years $1.5 million lasts: 49
California
Annual price after Social Safety: $63,795 Years $1.5 million lasts: 24
Colorado
Annual price after Social Safety: $38,559 Years $1.5 million lasts: 39
Connecticut
Annual price after Social Safety: $43,967 Years $1.5 million lasts: 34
Delaware
Annual price after Social Safety: $37,057 Years $1.5 million lasts: 40
Florida
Annual price after Social Safety: $38,379 Years $1.5 million lasts: 39
Georgia
Annual price after Social Safety: $31,829 Years $1.5 million lasts: 47
Hawaii
Annual price after Social Safety: $87,770 Years $1.5 million lasts: 17
Idaho
Annual price after Social Safety: $38,138 Years $1.5 million lasts: 39
Illinois
Annual price after Social Safety: $34,233 Years $1.5 million lasts: 44
Indiana
Annual price after Social Safety: $31,709 Years $1.5 million lasts: 47
Iowa
Annual price after Social Safety: $31,168 Years $1.5 million lasts: 48
Kansas
Annual price after Social Safety: $28,945 Years $1.5 million lasts: 52
Kentucky
Annual price after Social Safety: $32,670 Years $1.5 million lasts: 46
Louisiana
Annual price after Social Safety: $33,031 Years $1.5 million lasts: 45
Maine
Annual price after Social Safety: $45,048 Years $1.5 million lasts: 33
Maryland
Annual price after Social Safety: $36,276 Years $1.5 million lasts: 41
Massachusetts
Annual price after Social Safety: $65,117 Years $1.5 million lasts: 23
Michigan
Annual price after Social Safety: $32,310 Years $1.5 million lasts: 46
Minnesota
Annual price after Social Safety: $34,113 Years $1.5 million lasts: 44
Mississippi
Annual price after Social Safety: $29,426 Years $1.5 million lasts: 51
Missouri
Annual price after Social Safety: $30,327 Years $1.5 million lasts: 49
Montana
Annual price after Social Safety: $33,331 Years $1.5 million lasts: 45
Nebraska
Annual price after Social Safety: $32,610 Years $1.5 million lasts: 46
Nevada
Annual price after Social Safety: $36,997 Years $1.5 million lasts: 41
New Hampshire
Annual price after Social Safety: $43,847 Years $1.5 million lasts: 34
New Jersey
Annual price after Social Safety: $45,829 Years $1.5 million lasts: 33
New Mexico
Annual price after Social Safety: $32,670 Years $1.5 million lasts: 46
New York
Annual price after Social Safety: $50,997 Years $1.5 million lasts: 29
North Carolina
Annual price after Social Safety: $35,495 Years $1.5 million lasts: 42
North Dakota
Annual price after Social Safety: $32,190 Years $1.5 million lasts: 47
Ohio
Annual price after Social Safety: $33,872 Years $1.5 million lasts: 44
Oklahoma
Annual price after Social Safety: $29,666 Years $1.5 million lasts: 51
Oregon
Annual price after Social Safety: $42,945 Years $1.5 million lasts: 35
Pennsylvania
Annual price after Social Safety: $33,872 Years $1.5 million lasts: 44
Rhode Island
Annual price after Social Safety: $44,387 Years $1.5 million lasts: 34
South Carolina
Annual price after Social Safety: $34,052 Years $1.5 million lasts: 44
South Dakota
Annual price after Social Safety: $32,310 Years $1.5 million lasts: 46
Tennessee
Annual price after Social Safety: $30,928 Years $1.5 million lasts: 49
Texas
Annual price after Social Safety: $32,490 Years $1.5 million lasts: 46
Utah
Annual price after Social Safety: $42,645 Years $1.5 million lasts: 35
Vermont
Annual price after Social Safety: $45,409 Years $1.5 million lasts: 33
Virginia
Annual price after Social Safety: $37,237 Years $1.5 million lasts: 40
Washington
Annual price after Social Safety: $45,108 Years $1.5 million lasts: 33
West Virginia
Annual price after Social Safety: $27,803 Years $1.5 million lasts: 54
Wisconsin
Annual price after Social Safety: $36,516 Years $1.5 million lasts: 41
Wyoming
Annual price after Social Safety: $34,173 Years $1.5 million lasts: 44
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