New Report Reveals Best And Worst States For Retirees To Stretch $1M In Savings

A new study conducted by GoBankingRates reveals the best and worst states for retirees to live off of $1 million in savings.

A new report reveals the states where retirees can see more bang for their buck after saving $1 million.

As Americans engage in what many dub the “Golden Years,” a study led by GoBankingRates revealed that retirees may fall on tough times in certain states across the U.S. more quickly than others. The new report calculated how long it would take retirees to spend $1 million in savings based on their location within the country.

Topping the list of states where $1 million in savings won’t last long for a retiree is Hawaii. It is estimated that it will take about nine years, seven months, and 25 days to blow through that savings amount in the Aloha state. The next place where those retired persons will likely eat up that amount in savings in a short amount of time is the District of Columbia. In the nation’s capital, retirees can expect to see $1 million in savings go in 11 years, 10 months, and 25 days. This estimate aligns closely with the state of Massachusetts.

When factoring in medical and regular living expenses, those living in the state of California could see that amount go in roughly 12 years. Trailing those top contenders where retirees won’t see $1 million in savings lasting for the long haul is New York, where it is anticipated that this amount will diminish in 13 years, eight months, and one day.

The best place for retirees to see their savings carry them far is West Virginia, which had the best ranking. Seniors in that area of the nation are expected to have $1 million in savings to last them for an estimated 20 years, three months, and 19 days.

Moreover, in states like Texas, that $1 million in retirement savings will last the average person 18 years, seven months, and seven days. Some states like Alabama, Florida, Georgia, Mississippi, Tennessee, and the Carolinas report that this amount could last for at least 17 years. The study found that some of those states could even see the $1 million seeing retirees through almost 20 years, and the same rings true in places like Arkansas, Missouri, Iowa, Nebraska, Illinois, Indiana, and Kansas, which fall within the country’s Midwest region.