How long $1 million will last in retirement in every U.S. state—the difference between Hawaii and West Virginia is 77 years

 

A recent GOBankingRates analysis found that the longevity of $1 million in retirement savings varies dramatically across the U.S., lasting as little as 12 years in Hawaii but up to 89 years in West Virginia. 

The study considered basic cost-of-living expenses, including housing, utilities, transportation, and health care, using data from the Missouri Economic Research and Information Center and the Bureau of Labor Statistics. 

High-cost states like California and Massachusetts see savings deplete faster, primarily due to expensive housing and essential goods. 

Meanwhile, lower-cost states such as Mississippi and West Virginia offer significantly longer financial sustainability for retirees.

The study also factored in home prices using Zillow data, assuming a 10% down payment and a 6.91% mortgage rate.

 Results showed that in high-cost states like Hawaii and California, retirees would need substantial additional savings beyond $1 million to maintain their lifestyles. 

On the other hand, states with lower living costs, such as Mississippi and Arkansas, allow retirees to stretch their savings for several decades. 

The findings highlight the importance of location when planning for retirement, as even a sizable nest egg can be insufficient in expensive areas while lasting a lifetime in more affordable states.

You can read the full article here:

https://www.cnbc.com/2025/02/19/how-long-retirement-savings-last-in-every-us-state.html