A new study from Go Banking Rates analyzed how long a $1 million retirement fund will last nationwide.
The study assumed a retirement age of 65 or older and examined the annual cost of living expenses, such as housing, utilities, and food, in all 50 states. Researchers used the latest data from the Bureau of Labor Statistics’ 2020 Consumer Expenditure Survey and the Missouri Economic Research and Information Center.
In some states, like Mississippi and Oklahoma, a $1 million retirement fund would last about 22 years.
In other states like New York and Hawaii, which already have high cost of living expenses, the $1 million retirement fund would last less than 15 years.
For retirees in California, the annual cost of living expenses would be $72,319.57, meaning a $1 million retirement fund would last for about 14 years.
California
Annual groceries cost: $5,050.13
Annual housing cost: $20,150.78
Annual utilities cost: $4,799.30
Annual transportation cost: $5,104.13
Annual healthcare cost: $7,711.91
Total annual expenditures: $72,319.57
How long $1 million will last in savings: 13 years 9 months 29 days
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