These Are The States Where $1 Million In Retirement Savings Lasts The Longest (and Where You'll Be Broke In No Time)

A Northwestern Mutual study showed that nan magic number for retirement, aliases nan number that U.S. adults deliberation they will petition to prevention to discontinue comfortably, leaped to $1.46 cardinal successful 2024, up from $951,000 successful 2019.

Americans, connected average, reported having saved $88,400 for position successful 2024, per nan aforesaid study, leaving a $1.37 cardinal dispersed betwixt goals and reality.

Now, a caller study from GoBankingRates released earlier this play examined conscionable really acold a hypothetical $1 cardinal successful position savings will agelong successful each authorities erstwhile mixed pinch Social Security benefits.

GoBankingRates utilized accusation from nan U.S. Census American Community Survey, nan U.S. Bureau of Labor Statistics Consumer Expenditure Survey, and Missouri's Economic and Research Information Center to find really agelong a $1 cardinal position nest ovum will past fixed each state's costs of living.

Related: Where Do You Have nan Most Buying Power? In These 4 Cities, Your Paycheck Is Worth More Than It Seems.

The study calculated nan costs of surviving by looking astatine nan prices of necessities for illustration housing, food, transportation, and utilities successful each state. The researchers did not spot nationalist and authorities income taxes successful their estimates. The mean monthly Social Security position cheque successful January was $1,976, per nan Social Security Administration.

The states wherever position costs tally retired nan fastest usually personification nan highest costs of surviving and nan apical mean monthly expenditures.

Hawaii tops nan list; $1 cardinal successful position savings, affirmative Social Security benefits, would past small than 13 years successful nan state. One root could beryllium precocious lodging costs owed to restrictive onshore usage regulations that only fto for 4% of nan state's onshore to beryllium utilized for residential purposes. The resulting onshore scarcity intends precocious location prices — nan median worth of a location successful Hawaii is 2.7 times nan nationalist mean pinch a median worth of $850,000.

California and Massachusetts are too states wherever $1 cardinal successful position savings runs retired successful small than 20 years. GoBankingRates estimates that monthly expenses successful those states are higher than $2,200, pinch Californians spending much connected groceries per period than immoderate different state's residents. Housing successful Massachusetts is priced 108% higher than nan nationalist average.

Related: $1 Million Retirement Savings Won't Last 25 Years Anywhere successful nan U.S. — But It Will Go nan Furthest successful These 6 States

On nan flip side, a $1 cardinal position nest ovum could past for complete 70 years successful 5 states wherever nan costs of surviving is low: Oklahoma (71 years), Louisiana (76 years), Arkansas (76 years), Mississippi (87 years) and West Virginia (88 years). Factoring successful Social Security, monthly expenses recreation retired to small than $1,200 successful these states, per GoBankingRates.

West Virginia has a costs of surviving 9% small than nan nationalist average, pinch lodging 21% small than average, according to RentCafe. The World Population Review estimated successful a 2024 ranking that Mississippi had nan lowest costs of surviving successful nan U.S. pinch nan lowest lodging prices overall.

Here are nan states wherever $1 cardinal successful position savings will past nan longest, and wherever it will tally retired fast.

States Where $1 Million successful Retirement Savings Will Run Out More Quickly

1. Hawaii

• Average monthly expenditure cost: $2,761
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $80,125
• How galore years $1M and Social Security benefits will last: 12.48

2. California

• Average monthly expenditure cost: $2,269
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $61,406
• How galore years $1M and Social Security benefits will last: 16.29

3. Massachusetts

• Average monthly expenditure cost: $2,340
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $51,686
• How galore years $1M and Social Security benefits will last: 19.35

4. Washington

• Average monthly expenditure cost: $2,096
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $45,629
• How galore years $1M and Social Security benefits will last: 21.92

5. New Jersey

• Average monthly expenditure cost: $2,001
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $41,315
• How galore years $1M and Social Security benefits will last: 24.20

6. Colorado

• Average monthly expenditure cost: $1,899
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $39,759
• How galore years $1M and Social Security benefits will last: 25.15

7. New Hampshire

• Average monthly expenditure cost: $2,081
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $38,052
• How galore years $1M and Social Security benefits will last: 26.28

8. Utah

• Average monthly expenditure cost: $1,893
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $37,797
• How galore years $1M and Social Security benefits will last: 26.46

9. Oregon

• Average monthly expenditure cost: $2,017
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $37,346
• How galore years $1M and Social Security benefits will last: 26.78

10. Rhode Island

• Average monthly expenditure cost: $2,113
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $36,920
• How galore years $1M and Social Security benefits will last: 27.09

States Where $1 Million successful Retirement Savings Lasts nan Longest

1. West Virginia

• Average monthly expenditure cost: $1,833
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $11,263
• How galore years $1M and Social Security benefits will last: 88.79

2. Mississippi

• Average monthly expenditure cost: $1,784
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $11,473
• How galore years $1M and Social Security benefits will last: 87.16

3. Arkansas

• Average monthly expenditure cost: $1,725
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $13,000
• How galore years $1M and Social Security benefits will last: 76.93

4. Louisiana

• Average monthly expenditure cost: $1,785
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $13,065
• How galore years $1M and Social Security benefits will last: 76.54

5. Oklahoma

• Average monthly expenditure cost: $1,832
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $14,048
• How galore years $1M and Social Security benefits will last: 71.18

6. Kentucky

• Average monthly expenditure cost: $1,864
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $14,456
• How galore years $1M and Social Security benefits will last: 69.17

7. Alabama

• Average monthly expenditure cost: $1,794
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $14,874
• How galore years $1M and Social Security benefits will last: 67.23

8. Iowa

• Average monthly expenditure cost: $1,836
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $15,158
• How galore years $1M and Social Security benefits will last: 65.97

9. Kansas

• Average monthly expenditure cost: $1,801
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $15,315
• How galore years $1M and Social Security benefits will last: 65.29

10. Ohio

• Average monthly expenditure cost: $1,853
• Annual afloat costs of surviving for 1 personification aft Social Security benefits: $16,099
• How galore years $1M and Social Security benefits will last: 62.12

Click present for nan afloat report.