Savings of $1 million could last retirees for a while, depending on location

A brand new report reveals the states where retirees can expect a larger return on their investment after saving a million dollars.

As Americans enter what many are calling their “golden years,” a study is being conducted led in response to GoBankingRates, it was revealed that retirees may fall on hard times in some states within the US faster than others. A brand new report calculated how long it might take retirees to spend $1 million in savings depending on their location within the country.

Hawaii tops the list of states where a $1 million nest egg won’t last a retiree for long. In the Aloha State, it’s estimated to take about nine years, seven months, and 25 days to deplete that quantity of savings. The next place where retirees are prone to gobble up that quantity of savings in a short period of time is the District of Columbia. In the nation’s capital, retirees can expect a $1 million nest egg to vanish in 11 years, 10 months, and 25 days. That estimate closely matches Massachusetts.

Taking under consideration medical and living costs, California residents could see that quantity drop in about 12 years. Behind these top candidates, where retirees won’t see $1 million in savings in the long term, is New York, where that quantity is projected to drop in 13 years, eight months and in the future.

The best place for retirees to see their savings take them far is West Virginia, which has the best rating. Seniors in that area of ​​the country are expected to have $1 million in savings, which is able to last them about 20 years, three months and 19 days.

What’s more, in states like Texas, $1 million in retirement savings would last the common person 18 years, seven months, and 7 days. Some states, like Alabama, Florida, Georgia, Mississippi, Tennessee, and North Carolina, say that quantity could last a minimum of 17 years. The study found that some of those states could even provide $1 million to retirees for almost 20 years, and the identical is true for places like Arkansas, Missouri, Iowa, Nebraska, Illinois, Indiana, and Kansas, that are positioned within the Midwest region of the country.