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How long $1 million in savings will last in each state

GOBankingRates Logo By Gabrielle Olya of GOBankingRates | Slide 1 of 52: If you're wondering, "How long will my savings last?" the answer depends on which state you call home. Depending on where you live, $1 million in savings could last you less than 10 years or over two decades.To determine how long a million will last, GOBankingRates calculated how much a million-dollar windfall would grow over time, assuming a 20 percent deposit in savings based on the annual median income and the average savings account annual percentage yield (APY) for each state. Then, we calculated how long $1 million would cover the average annual expenses — including groceries, housing, utilities, healthcare and transportation — for each state.Are you living in a state where your money goes far? Click through to see how long $1 million will last in your state.

How Long $1 Million in Savings Will Last in Every State

If you're wondering, "How long will my savings last?" the answer depends on which state you call home. Depending on where you live, $1 million in savings could last you less than 10 years or over two decades.

To determine how long a million will last, GOBankingRates calculated how much a million-dollar windfall would grow over time, assuming a 20 percent deposit in savings based on the annual median income and the average savings account annual percentage yield (APY) for each state. Then, we calculated how long $1 million would cover the average annual expenses — including groceries, housing, utilities, healthcare and transportation — for each state.

Are you living in a state where your money goes far? Click through to see how long $1 million will last in your state.

© Luciano Mortula - LGM / Shutterstock.com

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