Home » Reference Section » How Long Will $1 Million In Retirement Savings Last In Your State?
A 65-year-old retiree living in California can expect $1 million in savings to last under 14 years, while that amount will last almost 21 years in Texas.
By the numbers: A state-by-state analysis was conducted by GOBankingRates using data from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center.
The bottom line: If you live in one of the more expensive states, such as Hawaii or New York, you’ll want to work as long as you can and save as much money as possible, because $1 million won’t even cover your living expenses for 15 years.
- There is a bit more cushion in many Midwestern and Southern states, though, if you live there or plan on making a move.
Published by
Darryl Hicks
Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.
