On a state-by-state basis, this is exactly how far a million dollars goes in retirement
If your retirement plan was basking in a tropical paradise, let’s hope your vision of a tropical paradise resembles something more like Mississippi and less like Hawaii.
Either that, or let’s hope you were planning on a short retirement.
Data analysis site HowMuch analyzed how far $1 million goes in retirement in every U.S. state. And it turns out you can stretch $1 million about twice as far in Mississippi as you can in Hawaii. HowMuch crunched the numbers based on the cost-of-living Index for the second quarter of 2017 as well as average annual expenditure of people 65 years old and above.
That $1 million would allow the average retired person in Mississippi to live for 25 years and six months, while $1 million only gets you 13 years and one month of retirement in Hawaii.
These are the top five states for stretching your $1 million as far as it can possible go in your retirement years:
State How long $1 million lasts in retirement
Mississippi 25 years, 6 months
Arkansas 25 years
Tennessee 24 years, 5 months
Kansas 24 years, 5 months
Oklahoma 24 years, 4 months
And these are the 5 worst states:
State How long $1 million lasts in retirement
Hawaii 13 years, 1 month
District of Columbia 14 years, 2 months
California 15 years
Oregon 16 years, 7 months
New York 16 years, 7 months
Feeling blue after seeing these numbers? It gets worse. Here’s proof that you shouldn’t count on Social Security, either. But there is good news. Seniors who are currently collecting Social Security checks are getting a boost in their payments, and it’s the biggest increase in six years.