This Is How Long Your Retirement Money Will Last in Your State, Data Shows
Here's how long $500,000 in savings will last in your state.
According to some financial experts, in order to retire comfortably in the United States, a person needs to have about $1 million dollars in savings. And while of course that figure can vary from state to state, no matter where you live, saving $1 million is just not an achievable goal for many U.S. adults. That's why the wealth planning experts at GOBankingRates took it upon themselves to paint a more realistic picture of retirement. Starting with a nest egg of $500,000, the site analyzed the spending data—including groceries, housing, utilities, transportation, and health care—for people ages 65 and older in all 50 states. Read on to discover how long $500,00 in retirement money will last in your state.
RELATED: This Is How Much Money You Need to Retire in Your State, According to Data.
1
Alabama
How long $500,000 will last: 11 years, 7 months, and 25 days
2
Alaska
How long $500,000 will last: 8 years, 1 month, and 27 days
3
Arizona
How long $500,000 will last: 10 years, 3 months, and 4 days
4
Arkansas
How long $500,000 will last: 11 years, 9months, and 18 days
5
California
How long $500,000 will last: 7 years, 3 months and 19 days
RELATED: This Is the Best State to Retire to in America.
6
Colorado
How long $500,000 will last: 9 years, 11 months, and 19 days
7
Connecticut
How long $500,000 will last: 8 years, 5 months, and 12 days
8
Delaware
How long $500,000 will last: 9 years, 7 months, and 24 days
9
Florida
How long $500,000 will last: 10 years, 4 months, and 29 days
RELATED: This Is the Average Retirement Age in Your State, According to Data.
10
Georgia
How long $500,000 will last: 11 years, 7 months, and 3 days
11
Hawaii
How long $500,000 will last: 5 years, 2 months, and 24 days
12
Idaho
How long $500,000 will last: 11 years and 25 days
13
Illinois
How long $500,000 will last: 10 years, 11 months, and 8 days
14
Indiana
How long $500,000 will last: 11 years, 6 months, and 26 days
15
Iowa
How long $500,000 will last: 11 years, 4months and 18 days
16
Kansas
How long $500,000 will last: 11 years, 11 months, and 20 days
17
Kentucky
How long $500,000 will last: 11 years, 1 month, and 5 days
18
Louisiana
How long $500,000 will last: 11 years, 1 month, and 23 days
19
Maine
How long $500,000 will last: 8 years, 11 months, and 11 days
20
Maryland
How long $500,000 will last: 8 years, 2 months, and 2 days
21
Massachusetts
How long $500,000 will last: 7 years, 11 months, and 31 days
22
Michigan
How long $500,000 will last: 11 years, 5 months, and 20 days
23
Minnesota
How long $500,000 will last: 10 years, 3 months, and 26 days
24
Mississippi
How long $500,000 will last: 12 years, 3 months and 18 days
25
Missouri
How long $500,000 will last: $725,261
26
Montana
How long $500,000 will last: 10 years, 5 months, and 16 days
27
Nebraska
How long $500,000 will last: 11 years, 2 months, and 6 days
28
Nevada
How long $500,000 will last: 9 years, 6 months, and 19 days
29
New Hampshire
How long $500,000 will last: 9 years, 7 months, and 2 days
30
New Jersey
How long $500,000 will last: 8 years, 10 months, and 23 days
31
New Mexico
How long $500,000 will last:11 years, 7 months, and 21 days
32
New York
How long $500,000 will last: 7 years, 1 month, and 1 day
33
North Carolina
How long $500,000 will last: 10 years, 9 months, and 26 days
34
North Dakota
How long $500,000 will last: 10 years, 9 months, and 7 days
35
Ohio
How long $500,000 will last: 11 years, 3 months, and 8 days
36
Oklahoma
How long $500,000 will last: 11 years, 11 months, and 1 day
37
Oregon
How long $500,000 will last: 7 years, 9 months, and 7 days
38
Pennsylvania
How long $500,000 will last: 9 years, 11 months, and 26 days
39
Rhode Island
How long $500,000 will last: 8 years, 8 months, and 8 days
40
South Carolina
How long $500,000 will last: 10 years, 10 months, and 2 days
41
South Dakota
How long $500,000 will last: 10 years, 4 months, and 29 days
42
Tennessee
How long $500,000 will last: 11 years, 7 months, and 3 days
43
Texas
How long $500,000 will last: 11 years, 3 months, and 19 days
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44
Utah
How long $500,000 will last: 10 years, 7 months, and 13 days
45
Vermont
How long $500,000 will last: 8 years, 11 months, and 4 days
46
Virginia
How long $500,000 will last: 10 years, 2 months, and 28 days
47
Washington
How long $500,000 will last: 9 years, 2 months, and 13 days
48
West Virginia
How long $500,000 will last: 11 years, 2 months, and 17 days
49
Wisconsin
How long $500,000 will last: 10 years, 9 months, and 26 days
50
Wyoming
How long $500,000 will last: 11 years and 7 days
RELATED: This Is How Much Money Makes You Rich in Your State, According to Data.
