Got $1 million to retire? Here’s how long it will last, by U.S. state
If your vision for retirement was basking in a tropical paradise, let’s hope your vision of tropical paradise resembles something more like Mississippi and less like Hawaii.
Either that, or let’s hope you were planning on a short retirement.
Data analysis site HowMuch analyzed how far $ 1 million goes in retirement in every U.S. state. And it turns out, you can stretch $ 1 million about twice as far in Mississippi as you can in Hawaii. HowMuch crunched the numbers based on the Cost of Living Index for Q2 of 2017 as well as average annual expenditure of persons with 65 years and above.
$ 1 million would allow the average retired person in Mississippi to live for 25 years and 6 months. $ 1 million only gets you 13 years and 1 month of retirement in Hawaii.
These are the top 5 states for stretching your $ 1 million as long as possible in retirement:
And these are the 5 worst states:
Feeling blue about having a short retirement after seeing these numbers? It gets worse. Here’s proof that you shouldn’t count on Social Security either. But there is good news. Seniors who are currently collecting Social Security checks are getting a boost in their payments, and it’s the biggest increase in six years.