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How Long a Million Dollars Will Last You in Retirement

According to the data information website HowMuch, assuming an average income after age 65*, here is how long a million dollars will last if you live in the five best and five worst states:

State How long $1 million lasts in retirement
Mississippi 25 years, 6 months
Arkansas 25 years
Tennessee 24 years, 5 months
Kansas 24 years, 5 months
Oklahoma 24 years, 4 months

 

And these are the 5 worst states:

State How long $1 million lasts in retirement
Hawaii 13 years, 1 month
District of Columbia 14 years, 2 months
California 15 years
Oregon 16 years, 7 months
New York 16 years, 7 months

 

*The average annual income for someone age 65 or older is $48,035 according to the Consumer Expenditure Survey from the U.S. Bureau of Labor Statistics published in August 2017.

Check out the HowMuch article to see how the state in which you plan to retire ranks. Then, ask yourself how much do you plan to have saved by the time you retire and how much do you plan to spend each year? The above table might mean you need to re-think your retirement plans.

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