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How long $500,000 will last in retirement in each state

GOBankingRates Logo By Gabrielle Olya of GOBankingRates | Slide 1 of 52: If you’re wondering, “How much do I need to retire?” the answer could depend on a number of variables. Conventional wisdom suggests having a retirement nest egg of at least $1 million, but not everyone will have $1 million saved for retirement — in fact, very few people will. To paint a more realistic picture of retirement finances, GOBankingRates determined how long $500,000 will last in retirement in every state. To do this, we analyzed the average spending data for people ages 65 and older, as well as the cost of living in each state. The study assumes you are only spending from your savings and doesn’t account for Social Security income.

How long $500,000 will last in retirement in each state

If you’re wondering how much you need to retire, the answer could depend on a number of variables. Conventional wisdom suggests having a retirement nest egg of at least $1 million, but not everyone will have $1 million saved for retirement — in fact, very few people will.

To paint a more realistic picture of retirement finances, GOBankingRates determined how long $500,000 will last in retirement in each state. To do this, we analyzed the average spending data for people ages 65 and older, as well as the cost of living in each state. The study assumes you are only spending from your savings and doesn’t account for Social Security income.

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