How Long Will $1 Million in Retirement Lasts in Minnesota?
If you had a million bucks in the bank, how many years could you ride it out without ever working again?
A new report looked at cost-of-living, housing, healthcare, and a bunch of other stats. And it ranked all 50 states according to how long it would take to burn through a million bucks if you retired there.
The cheapest state to retire in is Mississippi, where $1 million could last over 23 years. And the most expensive state is Hawaii, where you could only make it about a decade.
The 10 states where $1 million goes the farthest are: Mississippi, Oklahoma, Arkansas, New Mexico, Kansas, Missouri, Tennessee, Alabama, Georgia and Michigan. They’re all between 21 and 23 years.
The states where you’d burn through it the fastest are: Hawaii (10 years and three months), California (just over 14 years), New York (14 years and three months), Oregon (14 years and seven months) and Massachusetts (just over 15 years).
Everyone’s favorite retirement state of Florida was in the middle of the pack. $1 million there would last 20 years, good enough for 26th place.
SPECIFICALLY IN MINNESOTA:
- Annual groceries cost: $4,261.57
- Annual housing cost: $8,234.16
- Annual utilities cost: $3,760.33
- Annual transportation cost: $4,658.24
- Annual healthcare cost: $7,584.23
- Total annual expenditures: $51,622.90
How long $1 million will last in savings: 19 years, 4 months, 10 days.