Article
Worried About Making Your Retirement Savings Last?
A retirement nest egg of $1M would be completely drained in less than 20 years in three states but the same could last longer than 70 years in five.
By Mary Helen Gillespie
Not too long ago, it was considered bold to claim that people need $1 million for a comfortable retirement. As the cost of living continues to rise and more retirees lead longer lifespans, those approaching retirement will either need to start saving more money or relocate to a state where their savings and Social Security benefits can last longer.
To determine how long $1 million along with Social Security benefits lasts in every state, GOBankingRates analyzed data from the U.S. Census American Community Survey, Missouri’s Economic and Research Information Center and the Bureau of Labor Statistics Consumer Expenditure Survey.
See how long it will last in your state.