How long $ 1.5 million in retirement savings last in each American state

Many people consider about 1.5 million dollars “magic number” for retirement savings, according to a northwest mutual survey among 4,588 Americans. But how long is so much money depends on where you live.

In addition to social security payments, $ 1.5 million would only last only 17 years in Hawaii, probably not exceeding a complete retirement for a person leaving the labor market at 65, according to a new gobankingrate analysis. On the other hand, retirees in Virginia-Western could extend the same amount for 54 years the longest of all states.

GoBankingrates has based its analysis on data survey on Consumer Expenditure of the Bureau of Labor Statistics, which examines the amount that retirees generally pass each year on essential elements such as grocery, housing, public services, transport and health care. The data was then adjusted for each state using the Missouri Economic Research and Information Center cost of living index.

Taking into account average expenses rather than the simple minimum necessary to survive, the data aims to offer a more realistic image of the affordability of retirement across the country.

Unsurprisingly, states with the highest housing costs, including California, New York and Massachusetts, are among the most expensive places to retire.

The difference in average annual housing costs can vary up to $ 30,000 between states, with similar disparities found in public services and health costs, although they represent a smaller part of the household budget.

Here is an overview of the duration of 1.5 million dollars, the more social security payments would last on average in each state, listed in alphabetical order, according to Gobankingrates.

Alabamaanal cost after social security: 30,207 years 1.5 million dollars lasts: 50alaska annulual after social security: $ 50,997 1.5 million dollars lasts: 29arizonaannal cost after social security: $ 44,628 after social security: 63,795 years 1.5 million dollars hard: 24coloradoannal cost after social security: 38 559 years 1.5 million dollars lasts: 39 Connecticannual Cost after social security: $ 43,967 $ 1.5 million hard dollars: 34delaware Cost after social security: 37,057 million dollars 40 Floridanal Cost after social security: 38,379 years 1.5 million dollars lasts: 39 years Cosorgianal after social security: 31,1829 $ 1.5 million hard dollars: 47hawaiiannual cost after social security: $ 87,770 39illinosannual cost after social security: 34,233 years 1.5 million dollars lasts: 44 Indiana Annal Cost After social security: $ 3,09 $ 1.5 million hard dollars: 47Iowannal Cost after social security: $ 31168 52 Kentuckyyannu Cost after social security: $ 32,670 1.5 million dollars lasts: 46lisianaanal Cost after social security: $ 33,031 1.5 million dollars lasts: 45 maïnans 41 Massachusetts Sanal Coss After social security: 65,117 years 1.5 million dollars lasts: 23 Michiganal Cost: 232 $ 310 $ 1.5 million hard dollars: 46 minnesotanneaux Distre: 51 Missouriannual COSS After social security: $ 30,327 1.5 million dollars lasts: 49mountan Cost after social security: $ 33,331 1.5 million dollars lasts: 45 Nebraskanal Cost after social security: 32.610 years 41 New Hamp Cost after social security: 43,847 years 1.5 million dollars lasts: 34 New Coseynual After social security: 45,829 years 1.5 million dollars lasts: 33 Nine Mexico Cost After Social Security: $ 32,670 Million lasts: 29 North Carolinanual Cost Social Security: 35,495 years 1.5 million dollars lasts: 42 North Dakotaannal Cost Social: $ 3,2190 1.5 million dollars lasts: 47Ioanoano-Annuals After social security: 33,872 years Million lasts: 51 above the annal cost after social security: 42,945 years 1.5 million dollars lasts: 35pennsylvaniaannal cost after social security: 33,872 years 1.5 million dollars: Social Security: $ 44,387 $ 1.5 million lasts: 44 South Dakotaannal Cost Social Security: $ 32,310 $ 1.5 million lasts: 46 tennseseannual after social security: $ 30,928 1.5 million dollars lasts: 35 vermontannual cost after social security: 45,409 years 1.5 million dollars: 33 Virginiaannal Cost after social security: $ 37,237 $ 1.5 million dollars lasts: 54 Wisconsonal Cost after social security: 36,516 years 1.5 million dollars lasts: 41 Wyominganal Cost Social Security: $ 34,173 1.5 million dollars lasts: 44

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