To most people, $1 million seems like a nice retirement cushion. That’s not the case in some states, according to a recent report by GOBankingRates. The service compiled how much $1 million would last in each state and the District of Columbia and found vastly different time frames.
To estimate the cost of retirement in each state, 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. GOBankingRates then divided $1 million by each state’s average annual expenditures estimates.
Here are the 12 states where a retire can expect to use up their $1 million the fastest.