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How Long $1 Million in Retirement Will Last in Every State
Go Banking rates ^ | 2/7/2023 | Go banking

Posted on 02/09/2023 7:30:30 AM PST by mikelets456

Spoiler---worst state Hawaii:

Hawaii Annual groceries cost: $6,419.51 Annual housing cost: $31,797.41 Annual utilities cost: $5,470.22 Annual transportation cost: $4,461.26 Annual healthcare cost: $8,008.27 Total annual expenditures: $91,684.73 How long $1 million will last in savings: 10 years, 10 months, 24 days

Where does PA stand?(because I'm from PA) Near the best---for now:

Pennsylvania Annual groceries cost: $4,452.04 Annual housing cost: $8,477.33 Annual utilities cost: $4,127.25 Annual transportation cost: $3,785.97 Annual healthcare cost: $6,434.62 Total annual expenditures: $46,389.53 How long $1 million will last in savings: 21 years, 6 months, 16 days

Best state?

Mississippi Annual groceries cost: $3,880.29 Annual housing cost: $6,325.77 Annual utilities cost: $3,404.70 Annual transportation cost: $3,200.47 Annual healthcare cost: $6,494.63 Total annual expenditures: $39,538.15 How long $1 million will last in savings: 25 years, 3 months, 9 days

(Excerpt) Read more at gobankingrates.com ...


TOPICS: Business/Economy; Chit/Chat; Miscellaneous
KEYWORDS: 1million; retirement; state
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1 posted on 02/09/2023 7:30:30 AM PST by mikelets456
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To: mikelets456

SO I’ll last 2 weeks?........................


2 posted on 02/09/2023 7:34:15 AM PST by Red Badger (Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
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To: Red Badger

Yeah. Two weeks if those evil Republicans sunset Social Security and Medicare.
Bwaahh haa haah. They will put you back in CHAINSZZZZZ./s


3 posted on 02/09/2023 7:39:09 AM PST by Honest Nigerian
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To: mikelets456

That depends on lots of things. Property taxes? How much you drive. Are those figures for one person or multiple?
Our utilities run just over $200 a month, housing? A few hundred property taxes, Don’t see figures for insurance on house or vehicles which can vary a lot depending on driving records. Most health insurance covered by Medicare. We spend more than that on groceries.


4 posted on 02/09/2023 7:39:42 AM PST by oldasrocks (quew)
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To: Red Badger

Sounds like you’ll make it a week longer with me, as they didn’t factor in dog food, cat food, chicken food, and hay for my horse and cows, and the vet bills!


5 posted on 02/09/2023 7:40:31 AM PST by shotgun
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To: shotgun

That should read “a week longer THAN me”


6 posted on 02/09/2023 7:41:37 AM PST by shotgun
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To: Honest Nigerian

Up until Biden, I thought I was sitting pretty for retirement.

Now, it’s iffy......................


7 posted on 02/09/2023 7:45:16 AM PST by Red Badger (Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
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To: oldasrocks

You’re so right. Everything in this query depends on how much you spend. So much of that is optional.


8 posted on 02/09/2023 7:45:37 AM PST by Migraine
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To: mikelets456

Few people with a million dollars keep it under their mattress earning 0%. If the money is invested it will last much longer especially if you are receiving a pension and social security.


9 posted on 02/09/2023 7:49:15 AM PST by Brooklyn Attitude (I went to bed on November 3rd 2020 and woke up in 1984.)
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To: mikelets456

This assumes the $1 million is sitting in your checking account and not invested. It also assumes there is no inflation during the time you are retired. Assuming you are invested reasonably well, you should get at least $20/30k per year over inflation growth, so your money will actually last much much longer than what is stated.


10 posted on 02/09/2023 7:51:29 AM PST by LambSlave
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To: mikelets456

I live in a Southern state where agriculture is the number one industry. Most of the folks have no where near a million dollars and live comfortable lives. Good book: Your Money or Your Life.


11 posted on 02/09/2023 7:55:37 AM PST by Lonely Are The Brave (A man's got to know his limitations. Dirty Harry Callahan)
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To: mikelets456

If you can get $40K in dividends and $20K in SS, and own your house outright, you can do very nicely in most parts of the country.


12 posted on 02/09/2023 8:02:47 AM PST by proxy_user
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To: Brooklyn Attitude

Ding ding ding we have a winner!!!


13 posted on 02/09/2023 8:07:14 AM PST by 9422WMR (45 1. Lie, cheat, steal. It’s how the democRATS operate. )
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To: Red Badger

If you own your own home free and clear when you retire that slashes the “housing costs” in that calculation to just property taxes and property insurance plus maintenance costs.


14 posted on 02/09/2023 8:13:55 AM PST by cgbg (Claiming that laws and regs that limit “hate speech” stop freedom of speech is “hate speech”.)
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To: oldasrocks

Absolutely. Here in Dallas, our Utilities run over $1000 in the summer, property taxes are nearly $14k a year(including school taxes). While our home is paid off, expenses are high.


15 posted on 02/09/2023 8:14:17 AM PST by TexasGunLover
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To: mikelets456

Seems fairly absurd.


16 posted on 02/09/2023 8:16:05 AM PST by Sequoyah101 (Procrastination is just a form of defiance.)
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To: mikelets456

Seems fairly absurd.


17 posted on 02/09/2023 8:16:08 AM PST by Sequoyah101 (Procrastination is just a form of defiance.)
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To: cgbg

I do, plus I have a small VA pension with SS.......................


18 posted on 02/09/2023 8:16:23 AM PST by Red Badger (Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
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To: shotgun
Sounds like you’ll make it a week longer with me, as they didn’t factor in dog food

If you switch to dog food instead of human food your grocery budget will go a lot father, but you might not like the taste as much. Fortunately ground up bugs are on the way!

19 posted on 02/09/2023 8:20:47 AM PST by Sirius Lee (They intend to murder us. Prep if you want to live and live like you are prepping for eternal life)
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To: mikelets456

This doesn’t take into account social security income, which most people will receive.


20 posted on 02/09/2023 8:22:22 AM PST by Fido969 (45 is Superman! )
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