Ten states where $ 1 million in retirement savings will last for a long time - ForumDaily
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Ten states with $1 million in retirement savings to last

Now more and more Americans think they need at least $1 million to safely retire. In which states can you live longer on this amount, reports Insider.

Photo: IStock

A study by Northwestern Mutual that surveyed 2022 American adults in February 2381 found that most of them believe they will need $1,25 million in savings to get out of work.

Meanwhile, a 2021 Charles Schwab survey of American workers found that the average respondent said they needed $1,9 million to retire.

But this assessment is far from the reality of most Americans.

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Few US retirees have $1 million in savings. The latest data from the Federal Reserve shows that Americans of retirement age had just $2019 in their retirement accounts in 164.

According to an analysis published on February 20 by GoBankingRates, in some US states, savings of $1 million will only last a little over 10 years for a retiree. For example, according to a financial analysis report, $1 million is only enough for a retiree for 10 years and three months in Hawaii, largely due to the high cost of housing. This amount of savings is enough for about 14 years in New York.

But retiring in the right place can more than double the length of a quiet, carefree life, the report says. Here are the top 10 US states where $1 million in retirement savings will last you the longest.

10. Arkansas

Arkansas has some of the lowest healthcare costs in the US. Housing costs here are relatively high in GoBankingRates, even among states outside the top XNUMX.

  • How much savings of $1 million will last: 21 years, 1 month and 23 days.
  • The cost of living for a pensioner for one year: $ 47 291.
  • Grocery spending per year: $ 4159.
  • Housing expenses for the year: $ 8 143.
  • Healthcare spending per year: $ 5 919.

9. Tennessee

Housing costs in Tennessee are relatively high, around $8 a year, but like Arkansas, the state has some of the lowest health care costs on the GoBankingRates list.

  • How much savings of $1 million will last: 21 years, 2 months and 27 days.
  • The cost of living a pensioner here for one year: $ 47 083.
  • Grocery spending per year: $ 4 245.
  • Housing expenses for the year: $ 8 725.
  • Healthcare spending per year: $6.

8. Indiana

Utilities in Indiana are more expensive and cost about $300-$700 more than other states on the list. But the products here are some of the cheapest, according to GoBankingRates.

  • How much savings of $1 million will last: 21 years, 3 months, 4 days.
  • The cost of living a pensioner here for one year: $47
  • Grocery spending per year: $ 4249.
  • Housing expenses for the year: $ 7 977.
  • Healthcare spending per year: $6.

7. Ohio

The annual cost of groceries is Ohio's highest on the list, but the state has one of the lowest annual housing costs among the cheapest states to retire.

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  • How much savings of $1 million will last: 21 years, 5 months and 12 days.
  • The cost of living a pensioner here for one year: $ 46 614.
  • Grocery spending per year: $ 4532.
  • Housing expenses for the year: $ 7 385.
  • Healthcare spending per year: $6.

6. Georgia

Georgia's utility bills are the lowest on the list, according to GoBankingRates, and retirees are most likely to save on transportation annually.

  • How much savings of $1 million will last: 21 years, 6 months and 26 days.
  • The cost of living a pensioner here for one year: $ 6 353.
  • Grocery spending per year: $ 4335.
  • Housing expenses for the year: $ 8 070.
  • Healthcare spending per year: $6.

5. Iowa

The annual cost of housing in Iowa is one of the highest on this list.

  • How much savings of $1 million will last: 21 years, 8 months and 26 days.
  • The cost of living a pensioner here for one year: $ 45 988.
  • Grocery spending per year: $ 4407.
  • Housing expenses for the year: $7.
  • Healthcare spending per year: $6.

4. Kansas

The cost of health care in Kansas is lower than the average of the top 10 states.

  • How much savings of $1 million will last: 21 years, 11 months and 19 days.
  • The cost of living a pensioner here for one year: $ 45 519.
  • Grocery spending per year: $ 4240.
  • Housing expenses for the year: $7.
  • Healthcare spending per year: $7.

3. Alabama

Alabama offers some of the lowest healthcare and housing costs in the US. Transportation costs here are also the cheapest in the country.

  • How much savings of $1 million will last: 22 years and 6 days.
  • The cost of living a pensioner here for one year: $ 5 414.
  • Grocery spending per year: $ 4416.
  • Housing expenses for the year: $7.
  • Healthcare spending per year: $6.

2. Oklahoma

Oklahoma's annual transportation, housing and utility costs are among the lowest in the US, according to GoBankingRates.

  • How much savings of $1 million will last: 22 years, 1 month and 12 days.
  • The cost of living a pensioner here for one year: $ 45 206.
  • Grocery spending per year: $4258.
  • Housing expenses for the year: $ 7520.
  • Healthcare spending per year: $6.

1. Mississippi

Health care costs in Mississippi are slightly higher than in states like Alabama, Oklahoma and Tennessee, but according to GoBankingRates, Mississippi has some of the lowest spending on food, housing and utilities in the US.

A retiree can hold his savings the longest in Mississippi, which has been ranked number one since at least 2019, according to GoBankingRates.

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At the time, the financial analysis website estimated that a retiree would spend about $31 a year, compared to $039 a year in its 44 report.

  • How much savings of $1 million will last: 22 years, 8 months and 12 days.
  • The cost of living a pensioner here for one year: $ 44 059.
  • Grocery spending per year: $4132.
  • Housing expenses for the year: $7.
  • Healthcare spending per year: $6.

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