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How Long $500K Will Last in Retirement in Each State

GOBankingRates Logo By Cynthia Measom of GOBankingRates | Slide 1 of 52: When pondering the question, “How much do I need to retire?” there is never a one-size-fits-all answer. What one person could happily live on, another might be dissatisfied with. Although conventional wisdom suggests having a retirement nest egg of at least $1 million, that’s a difficult number to achieve for many Americans. To paint a more realistic picture of retirement finances, GOBankingRates determined how long $500,000 will last in every state. To do this, the study analyzed average spending data — including groceries, housing, utilities, transportation and health care — for people ages 65 and older. Get a clear idea of the cost of living across America. Last updated: Jan. 14, 2021 Sponsored: What’s stopping you from having your own personal financial advisor? We can help make that happen today. Act Now!

When pondering the question, “How much do I need to retire?” there is never a one-size-fits-all answer. What one person could happily live on, another might be dissatisfied with. Although conventional wisdom suggests having a retirement nest egg of at least $1 million, that’s a difficult number to achieve for many Americans.

To paint a more realistic picture of retirement finances, GOBankingRates determined how long $500,000 will last in every state. To do this, the study analyzed average spending data — including groceries, housing, utilities, transportation and health care — for people ages 65 and older.

Get a clear idea of the cost of living across America.

Last updated: Jan. 14, 2021

Sponsored: What’s stopping you from having your own personal financial advisor? We can help make that happen today. Act Now!

© RyanJLane / Getty Images

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