GOBankingRates’ latest data breaks down the most and least expensive places to retire in the US, and how long $1 million would last in each state.
States on the West Coast, in New England, and outside of the mainland US probably won’t make great options, thanks to higher costs of living.
In Hawaii, California, New York, and Oregon, retirees won’t see their $1 million last 15 years.
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If you’re planning to retire in New England, on the West Coast, or outside of the mainland US, you might want to start adding extra to your retirement account.
According to GOBankingRates’ latest data, you’ll find that your retirement dollars won’t even stretch to two decades in these 15 states. Thanks to higher costs of living and overall expenses, these 15 states will deplete your retirement dollars quicker than you might expect.
GOBankingRates looked at the annual expenditures for retirees 65 and older, including things like housing, transportation, healthcare, groceries, and utilities. Then, it multiplied those expenses by the cost of living index for each state. Dividing $1 million by that cost resulted in the number of years retirement funds could last.
Here are the 15 most expensive states for retirees.
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Your retirement savings won’t stretch to two decades in Nevada. Higher costs for housing, transportation, and healthcare make retirement dollars fall short.
Time $1 million would last: 18 years and 4 months
Total cost of living for one year: $43,421
14. New Hampshire
New Hampshire may have no income or sales tax, but that doesn’t mean that you won’t have other considerable expenses.
Time $1 million …read more
Source:: Business Insider