Here’s how long $1 million will last in retirement in all 50 states

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Will $1 million be enough for you to retire comfortably on in your golden years? It turns out that depends heavily on where you live in the United States!

RELATED: See the Top 10 things money expert Clark Howard does to save money

Would you move to make your retirement money last longer?

What would you say if we said that you could get another 14 years out of your retirement money depending on where you lived in the USA?

GoBankingRates.com took a close look at monthly expenses for senior citizens — including groceries, housing, utilities, transportation and healthcare — and developed a monthly budget for the average person over age 65.

Then, accounting for cost-of-living expenses by state, they divided a hypothetical $1 million portfolio by the monthly budget they worked up. That determined the number of years $1 million would last in each state during retirement.

The net result is that while you could live for less than 12 years on a $1 million portfolio in Hawaii, you would get almost 26 years out of the same money in Mississippi!

Ever heard the saying, “All real estate is local”? Maybe we should say that “All retirement is local, too”!

Without further ado, here’s a look at how far your retirement money goes in each state of the Union:

50. Hawaii

  • $1 million will last: 11 years, 8 months, 20 days

49. California

  • $1 million will last: 15 years, 5 months, 27 days

48. New York

  • $1 million will last: 16 years, 3 months, 22 days

47. Alaska

  • $1 million will last: 16 years, 8 months, 6 days

46. Maryland

  • $1 million will last: 16 years, 8 months, 29 days

45. Oregon

  • $1 million will last: 16 years, 9 months, 18 days

44. Massachusetts

  • $1 million will last: 17 years, 1 month, 10 days

43. Connecticut

  • $1 million will last: 17 years, 2 months, 7 days

42. Rhode Island

  • $1 million will last: 17 years, 10 months, 13 days

41. New Jersey

  • $1 million will last: 18 years, 5 months, 11 days

40. Vermont

  • $1 million will last: 18 years, 7 months, 7 days

39. Maine

  • $1 million will last: 18 years, 9 months, 11 days

38. New Hampshire

  • $1 million will last: 19 years, 6 months, 1 days

37. Nevada

  • $1 million will last: 19 years, 9 months, 19 days

36. Washington

  • $1 million will last: 20 years, 1 month, 29 days

35. Delaware

  • $1 million will last: 20 years, 8 months, 19 days

34. Colorado

  • $1 million will last: 21 years, 6 days

33. Montana

  • $1 million will last: 21 years, 6 days

32. Virginia

  • $1 million will last: 21 years, 4 months, 22 days

31. Pennsylvania

  • $1 million will last: 21 years, 6 months, 30 days

30. South Dakota

  • $1 million will last: 21 years, 6 months, 30 days

29. Minnesota

  • $1 million will last: 21 years, 9 months, 17 days

28. North Dakota

  • $1 million will last: 22 years, 21 days

27. Florida

  • $22 million will last: 22 years, 29 months

26. South Carolina

  • $1 million will last: 22 years, 2 months, 20 days

25. West Virginia

  • $1 million will last: 22 years, 6 months, 23 days

24. Illinois

  • $1 million will last: 22 years, 7 months, 1 day

23. Utah

  • $1 million will last: 22 years, 7 months, 9 days

22. Wisconsin

  • $1 million will last: 22 years, 8 months, 4 days

21. Arizona

  • $1 million will last: 23 years, 1 month

20. North Carolina

  • $1 million will last: 23 years, 3 months, 4 days

19. Louisiana

  • $1 million will last: 23 years, 4 months, 19 days

18. Nebraska

  • $1 million will last: 23 years, 4 months, 19 days

17. New Mexico

  • $1 million will last: 23 years, 6 months, 4 days

16. Idaho

  • $1 million will last: 23 years, 6 months, 23 days

15. Ohio

  • $1 million will last: 23 years, 6 months, 23 days

14. Kentucky

  • $1 million will last: 23 years, 7 months, 1 day

13. Iowa

  • $1 million will last: 23 years, 9 months, 6 days

12. Indiana

  • $1 million will last: 23 years, 10 months, 13 days

11. Wyoming

  • $1 million will last: 23 years, 10 months, 22 days

10. Texas

  • $1 million will last: 23 years, 11 months, 2 days

9. Georgia

  • $1 million will last: 24 years, 19 days

8. Kansas

  • $1 million will last: 24 years, 4 months, 25 days

7. Tennessee

  • $1 million will last: 24 years, 5 months, 4 days

6. Missouri

  • $1 million will last: 24 years, 6 months, 25 days

5. Alabama

  • $1 million will last: 24 years, 7 months, 4 days

4. Arkansas

  • $1 million will last: 24 years, 7 months, 4 days

3. Michigan

  • $1 million will last: 24 years, 7 months, 14 days

2. Oklahoma

  • $1 million will last: 24 years, 8 months, 24 days

1. Mississippi

  • $1 million will last: 25 years, 11 months, 30 days

Meanwhile, let’s not forget that some retirees will decide to abandon the question of which state will give them the most bang for their buck in retirement.

They’ll just opt to move overseas, where their money goes a lot further!

Countries like Canada, Japan, Mexico, Germany and the United Kingdom are historically among the most popular spots for expatriate retirees. But Central American nations like Costa Rica are becoming increasingly sought out, too.

If you’re considering leaving the United States in your retirement years, you’ve got a lot more to consider than just cost and weather.

Money expert Clark Howard says you should also think about less-considered factors like the cost of medical evacuation insurance and the state of the rental market in whichever foreign country you’re eyeing. Get the full rundown on his thoughts here.

More money & retirement stories on Clark.com





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