Do you want to live like a millionaire when you retire? Well, $1 million may not last as long as you think, according to GOBankingRates. The service recently estimated how long a $1 million nest egg might last in every U.S. state.
To estimate retirement costs, GOBankingRates used the Bureau of Labor Statistics’ 2020 Consumer Expenditure Survey and factored in the state’s 2021 cost of living score for 2021 from the Missouri Economic Research and Information Center. The researchers then divided $1million by each state’s average annual expenditure estimates.
In the gallery above are the states where $1 million would last the longest.