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