How much is $ 1 million retirement savings in each state

Many financial issues depend on where you live in the United States, in particular, how long a person with an average salary in the region will have to save money to buy a home or save $ 1 million of pension savings. The same is true with expenses, in each state a million has a different purchasing power due to the difference in cost of living.

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An analysis of how long you have to spend a million dollars of retirement savings in each state, conducted an edition HowMuch.net.

Experts checked how much money Americans spend each year, who have reached 65 years, in each state, the analysis included the general criteria for the cost of living: the average cost of food, housing, utilities, transportation, health care and some other traditional goods and services.

Thus, it was calculated how long the pension savings of 1 million dollars in each state would be enough for you.

The state with $39 million in retirement savings to last the longest is Mississippi. With an average cost of living of just over $000, a million dollars in this state would be enough to live for 25 years and 6 months.

Arkansas, with annual expenses of just under $40, came in second, with a million to last 000 years. Tennessee, Kansas and Oklahoma followed, all with annual costs of about $25, a million in which would ensure survival for 41 years.

The top ten “cheapest” states also include Missouri, Michigan, Texas, Georgia and Alabama. In all these regions, a million dollars of retirement savings will be enough for more than 24 years.

The states that most quickly swallow up a million dollars turned out to be:

• New York - $1 million will last 16 years and 7 months;
• Oregon - 16 years and 7 months;
• California - 15 years;
• District of Columbia - 14 years and 2 months;
• Hawaii (annual expenses $76 thousand) - 13 years and 1 month.

Illinois was in 24th place (1 is the “cheapest” state, 51 is the most “expensive”), a million in this state is enough for 22,5 years; Florida - in 26th place (22 years and 2 months); Pennsylvania - by 32 (21,5 years); New Jersey - at 43 (17 years and 10 months).

Experts noted that the bulk of pensioners' spending goes to housing, so the period of using a million savings is very dependent on housing prices in a particular region.

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