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Is $1 million enough for retirement in your state?

GOBankingRates Logo By Joel Anderson of GOBankingRates | Slide 1 of 53

Is $1 million enough for retirement in your state?

About 10,000 people turn 65 in the U.S. every single day. The average American retirement age is 63, and the life expectancy for retirees is about 79. That means Americans should plan to spend 16 years in retirement. However, many Americans lack the savings needed to survive retirement.

Conventional wisdom suggests a retirement income nest egg of at least $1 million, but the buying power of $1 million varies wildly depending on where you live. So if you’re asking “how long will my money last in retirement,” the answer is “it depends on your state.”

In order to determine how long $1 million will last the average retiree in every state, GOBankingRates found the average total expenditures for people 65 and older, which includes groceries, housing, utilities, transportation and healthcare, then factored in the cost of living index in each state to find the average budget for a retiree.

Dividing a theoretical $1 million by the costs per state reveals the number of years $1 million will last retirees in every state. Click through to learn just how long that is, and see if $1 million is enough for retirement in your state.

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