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
iStockHow long $500,000 will last: 11 years, 7 months, and 25 days
2 | Alaska
ShutterstockHow long $500,000 will last: 8 years, 1 month, and 27 days
3 | Arizona
iStockHow long $500,000 will last: 10 years, 3 months, and 4 days
4 | Arkansas
iStockHow long $500,000 will last: 11 years, 9months, and 18 days
5 | California
iStockHow long $500,000 will last: 7 years, 3 months and 19 days
6 | Colorado
iStockHow long $500,000 will last: 9 years, 11 months, and 19 days
7 | Connecticut
Wendell Guy / ShutterstockHow long $500,000 will last: 8 years, 5 months, and 12 days
8 | Delaware
iStockHow long $500,000 will last: 9 years, 7 months, and 24 days
9 | Florida
mginley / ShutterstockHow 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
f11photo / ShutterstockHow long $500,000 will last: 11 years, 7 months, and 3 days
11 | Hawaii
iStockHow long $500,000 will last: 5 years, 2 months, and 24 days
12 | Idaho
ShutterstockHow long $500,000 will last: 11 years and 25 days
13 | Illinois
ShutterstockHow long $500,000 will last: 10 years, 11 months, and 8 days
14 | Indiana
ShutterstockHow long $500,000 will last: 11 years, 6 months, and 26 days
15 | Iowa
Michael Rolands/ShutterstockHow long $500,000 will last: 11 years, 4months and 18 days
16 | Kansas
iStockHow long $500,000 will last: 11 years, 11 months, and 20 days
17 | Kentucky
iStockHow long $500,000 will last: 11 years, 1 month, and 5 days
18 | Louisiana
Sean Pavone / ShutterstockHow long $500,000 will last: 11 years, 1 month, and 23 days
19 | Maine
ShutterstockHow long $500,000 will last: 8 years, 11 months, and 11 days
20 | Maryland
ShutterstockHow long $500,000 will last: 8 years, 2 months, and 2 days
21 | Massachusetts
DenisTangneyJr / iStockHow long $500,000 will last: 7 years, 11 months, and 31 days
22 | Michigan
iStockHow long $500,000 will last: 11 years, 5 months, and 20 days
23 | Minnesota
ShutterstockHow long $500,000 will last: 10 years, 3 months, and 26 days
24 | Mississippi
ShutterstockHow long $500,000 will last: 12 years, 3 months and 18 days
25 | Missouri
ShutterstockHow long $500,000 will last: $725,261
26 | Montana
iStockHow long $500,000 will last: 10 years, 5 months, and 16 days
27 | Nebraska
iStockHow long $500,000 will last: 11 years, 2 months, and 6 days
28 | Nevada
Sean Pavone / ShutterstockHow long $500,000 will last: 9 years, 6 months, and 19 days
29 | New Hampshire
DenisTangneyJr / iStockHow long $500,000 will last: 9 years, 7 months, and 2 days
30 | New Jersey
Thierry GRUN - Aero / AlamyHow long $500,000 will last: 8 years, 10 months, and 23 days
31 | New Mexico
iStockHow long $500,000 will last:11 years, 7 months, and 21 days
32 | New York
ShutterstockHow long $500,000 will last: 7 years, 1 month, and 1 day
33 | North Carolina
ShutterstockHow long $500,000 will last: 10 years, 9 months, and 26 days
34 | North Dakota
iStockHow long $500,000 will last: 10 years, 9 months, and 7 days
35 | Ohio
iStockHow long $500,000 will last: 11 years, 3 months, and 8 days
36 | Oklahoma
YuniqueB / ShutterstockHow long $500,000 will last: 11 years, 11 months, and 1 day
37 | Oregon
iStockHow long $500,000 will last: 7 years, 9 months, and 7 days
38 | Pennsylvania
ShutterstockHow long $500,000 will last: 9 years, 11 months, and 26 days
39 | Rhode Island
iStockHow long $500,000 will last: 8 years, 8 months, and 8 days
40 | South Carolina
Rob Hainer/ShutterstockHow long $500,000 will last: 10 years, 10 months, and 2 days
41 | South Dakota
iStockHow long $500,000 will last: 10 years, 4 months, and 29 days
42 | Tennessee
Von ESB Professional / ShutterstockHow long $500,000 will last: 11 years, 7 months, and 3 days
43 | Texas
ShutterstockHow long $500,000 will last: 11 years, 3 months, and 19 days
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44 | Utah
ShutterstockHow long $500,000 will last: 10 years, 7 months, and 13 days
45 | Vermont
ShutterstockHow long $500,000 will last: 8 years, 11 months, and 4 days
46 | Virginia
iStockHow long $500,000 will last: 10 years, 2 months, and 28 days
47 | Washington
ShutterstockHow long $500,000 will last: 9 years, 2 months, and 13 days
48 | West Virginia
ShutterstockHow long $500,000 will last: 11 years, 2 months, and 17 days
49 | Wisconsin
iStockHow long $500,000 will last: 10 years, 9 months, and 26 days
50 | Wyoming
ShutterstockHow 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.
