12. Maine

$500,000 will last: 8 years, 6 months and 19 days

11. Vermont

$500,000 will last: 8 years, 5 months and 9 days
(Photo: AP)

10. Rhode Island

$500,000 will last: 8 years, 3 months and 21 days

9. New Jersey

$500,000 will last: 8 years, 0 months and 18 days
(Photo: AP)

8. Connecticut

$500,000 will last: 7 years, 11 months and 6 days
(Photo: AP)

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7. Maryland

$500,000 will last: 7 years, 8 months and 11 days

6. Alaska

$500,000 will last: 7 years, 8 months and 2 days

5. Massachusetts

$500,000 will last: 7 years, 7 months and 5 days

4. Oregon

$500,000 will last: 7 years, 4 months and 2 days
(Photo: Wikimedia Commons)

3. California

$500,000 will last: 6 years, 10 months and 25 days

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2. New York

$500,000 will last: 6 years, 3 months and 26 days

1. Hawaii

$500,000 will last: 4 years, 11 months and 25 days

 

(Related: 12 States Where $500K in Retirement Savings Lasts Longest)

Conventional wisdom says that Americans need $1 million or more in order to enjoy a comfortable retirement, but that’s a big stretch for many people.

In a recent study, GoBankingRates explored how long $500,000, which it said was a more realistic retirement nest egg, would last in every state.

The personal finance site’s researchers analyzed average spending of people 65 and older on housing, groceries, utilities, transportation and health care as well as the cost of living across the country.

See the gallery to find out how long half a million dollars will last in the 12 states with the lowest cost of living for retirees.

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