The 11 States Where $1 Million Lasts Retirees at Least 24 Years

Jackson, Mississippi
Photo by Sean Pavone / Shutterstock.com

Many folks choose their retirement destination primarily based on nonfinancial factors, such as climate or proximity to family.

Lest you outlive your savings, however, you must also consider cost of living. A recent analysis by HowMuch.net shows that your retirement location can significantly impact how long retirement savings last.

The analysis is based on federal data showing how much folks age 65 and older spend in a year and the Council for Community and Economic Research’s data on costs of living.

HowMuch.net found that a savings of $1 million would last you anywhere from 13 years to 25.5 years in retirement, depending on the state in which you spend your golden years.

The 11 states in which $1 million would last at least 24 years are:

  • Mississippi: 25 years, six months
  • Arkansas: 25 years
  • Tennessee: 24 years, five months
  • Kansas: 24 years, five months
  • Oklahoma: 24 years, four months
  • Missouri: 24 years, four months
  • Michigan: 24 years, two months
  • Texas: 24 years, one month
  • Georgia: 24 years, one month
  • Alabama: 24 years, one month
  • Indiana: 24 years, one month

At the other end of the spectrum is Hawaii, where $1 million would last just 13 years and one month. The Aloha State is followed by the District of Columbia and California, where the same sum would also last 15 years or less.

HowMuch.net is not the first to calculate how long $1 million will last retirees in each state. Other sites have come up with similar results.

For example, last year, GOBankingRates found that $1 million would also last retirees the longest in Mississippi and be exhausted fastest in Hawaii. The states that GOBankingRates ranked highest were also similar to those in HowMuch.net’s top 11 listed above.

Of course, your cost of living in retirement depends on more than just the state where you live. Even among big cities, costs of living can vary dramatically, with $1 million lasting anywhere from fewer than 18 years to as long as 26 years, as we reported in April.

And then there are other countries to consider if you really want to make your retirement savings last as long as possible.

What’s your take on the states where $1 million lasts retirees the longest or the least? Share your thoughts below or on our Facebook page.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
7 Hidden Sections of Amazon Every Shopper Should Know
7 Hidden Sections of Amazon Every Shopper Should Know

These little-known departments of Amazon are gold mines for deal-seekers and impulse shoppers alike.

It’s Worth Paying More for These 7 Things
It’s Worth Paying More for These 7 Things

Sometimes, the difference in quality makes it worthwhile to open your wallet a little wider.

The 14 Most Deadly Car Models
The 14 Most Deadly Car Models

These vehicles are involved in fatal accidents at least twice as often as the average car.

The 5 Worst Home Upgrades for the Money
The 5 Worst Home Upgrades for the Money

These home improvement projects basically never pay off.

7 Surprising Features That Boost Your Home Value
7 Surprising Features That Boost Your Home Value

You can add value to your home without hiring a contractor to do expensive renovations.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
10 Things Frugal People Never Buy
10 Things Frugal People Never Buy

If you’re a true tightwad, the mere thought of spending money on these items gives you the willies.

10 Useless Purchases You Need to Stop Making
10 Useless Purchases You Need to Stop Making

You might as well flush your money down the loo if you spend it on these things.

7 Social Security Rules Everyone Should Know by Now
7 Social Security Rules Everyone Should Know by Now

Confusion over Social Security is a shame, considering how many of us will need this money badly.

9 Shopping Mistakes to Avoid at Costco
9 Shopping Mistakes to Avoid at Costco

Are you missing out on serious savings at your favorite warehouse club?

If You Find This Thrift Shopping, Buy It
If You Find This Thrift Shopping, Buy It

They don’t make coffee makers like this anymore.

7 Social Security Benefits You May Be Overlooking
7 Social Security Benefits You May Be Overlooking

There’s more to Social Security than retirement benefits.

3 Ways to Get Microsoft Office for Free
3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

14 Things You Should Stop Buying in 2021
14 Things You Should Stop Buying in 2021

These convenient household products come with hidden costs that you might not have considered.

Is Writing a Check Still Safe?
Is Writing a Check Still Safe?

Every time you pay by check, you hand your bank account numbers to a stranger.

6 Ways to Protect Your Retirement Accounts From Hackers
6 Ways to Protect Your Retirement Accounts From Hackers

Imagine having $245,000 stolen from your retirement account — and not being reimbursed.

8 Things You Should Replace to Improve Your Life Today
8 Things You Should Replace to Improve Your Life Today

Being frugal isn’t smart if you put off replacing these items.

This Is the Most Dependable Car Brand in the U.S.
This Is the Most Dependable Car Brand in the U.S.

This brand’s vehicles are least likely to give drivers repair headaches, according to J.D. Power.

The 6 Best Investing Apps for Beginners
The 6 Best Investing Apps for Beginners

If you’re looking to ease into investing in the coronavirus economy with just a little money, check out these easy-to-use tools.

7 Kirkland Signature Items to Avoid at Costco
7 Kirkland Signature Items to Avoid at Costco

Even if it seems you save a bundle buying Costco’s Kirkland Signature brand products, they may not be the bargain they appear to be.

13 Amazon Purchases We Are Loving Right Now
13 Amazon Purchases We Are Loving Right Now

These practical products make everyday life a little easier.

7 Income Tax Breaks That Retirees Often Overlook
7 Income Tax Breaks That Retirees Often Overlook

Did you realize all these tax credits and deductions exist — or that they apply to retirees?

Homeowners Say These 2 Kitchen Appliance Brands Are Best
Homeowners Say These 2 Kitchen Appliance Brands Are Best

One brand takes five of the top honors, while another ranks highest in three categories.

The 10 Worst States for Retirees in 2021
The 10 Worst States for Retirees in 2021

Based on factors like affordability, quality of life and health care, these are not ideal places to spend retirement.

8 Ways You Are Wrecking Your Major Appliances
8 Ways You Are Wrecking Your Major Appliances

Some appliance failures are beyond our control, but plenty are self-inflicted.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.