The thought of $1 million to kick off retirement may sound quite nice, but how much would it actually stretch?
Well, it depends on where you live.
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WATCH HEREA new report by GoBankingRates examined how long $1 million would last during retirement in each state.
If you live in more expensive states, like Hawaii and New York, you will want to work as long as you can in order to save as much as possible, researchers found. One million dollars wouldn't last even 14 years in those states.
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In Florida, $1 million in savings would go a bit farther in retirement–17 years, one month and 13 days to be exact, according to GoBankingRates.
See the breakdown for the Sunshine State's retirement cost of living below:
- Annual groceries: $4,783
- Annual housing: $12,557
- Annual utilities: $4,189
- Annual transportation: $4,805
- Annual healthcare: $7,321
- Total annual expenditures: $58,396
It's not the worst, but certainly not the best. West Virginia was found to be the best in terms of getting more bang for your buck. Researchers said $1 million in savings would last about 20 years, 3 months and 19 days there.
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But what if you, like many others, specifically want to retire in Florida? The city you choose can make a major difference in how much you'll need to spend.
Miami is not the most affordable, which probably isn't very shocking. All expenses are above the national average, except for utilities, according to GoBankingRates:
- Annual cost of living: $74,107.86
- How many years $1 million will last: 13.49
Just further north in the Sunshine State, it could be significantly more affordable.
A million dollars in savings in Jacksonville would last around six more years than in Miami.
- Annual cost of living: $50,286.48
- How many years $1 million will last: 19.89
Those $1 million last less than 20 years in Jacksonville. Transportation is on the higher side there, at around $5,121 per year, but housing remains affordable at $9,295 per year, according to GoBankingRates.
The full breakdown of how far $1 million will stretch in each state can be found on the GoBankingRates website.
