Americans looking to stretch their retirement savings may want to head to states in the South or the Midwest, a recent analysis suggests.
Around the U.S., a $1 million nest egg can cover an average of 18.9 years worth of living expenses, GoBankingRates found. But where you retire can have a profound impact on how far your money goes, ranging from as a little as 10 years in Hawaii to more than than 20 years in more than a dozen states.
Tapping government data, the personal finance site estimated the number of years retirees aged 65 or older could live off $1 million in savings based on the cost of housing, transportation, utilities, health care and groceries in each of the 50 U.S. states.
The key finding: Retirees can get the biggest bang for their buck in Mississippi, where the combined cost of food, utilities, housing, health care and other essentials is $44,000 per year. Saving of $1 million in the state would last you nearly 23 years, the personal finance site said.
By contrast, retirees in Hawaii — where the annual living costs are roughly $97,000, or more than double those of retirees in Mississippi — will burn through $ 1 million in just over 12 months, according to GoBankingRates.
