Saving a nice $1 million for retirement used to be the goal for most people, but now it may not be enough depending on where you plan to live out your days. Andrew DePietro, a research and data analyst at personal finance site GoBankingRates, comments that inflation, real estate prices, and cost of living causes that once “golden standard” of a million to go a bit less each year.
States like Mississippi, Oklahoma and Arkansas appear to have the greatest length of time before the million is spent, where retirees could live a life of leisure for a quarter of a century. The state where the dollar will last the shortest? Hawaii, the island state where citizens spend roughly 30 percent more for household items and a retiree will go through that million in a bit less than a dozen years. Rounding out the short end of the time spectrum are New York, California, and Alaska.
