13 US states where a $1 million cash nest egg won't last you more than 20 years in retirement

Depending on how much money you plan to spend each year in retirement, a seven-figure net worth may be all you need to retire comfortably.

But unfortunately for those living in high-price states, like California and New York, it may not be wise to depend on a million-dollar nest egg. Especially if you keep your money out of the stock market completely.

In a new report, GOBankingRates calculated how long $1 million in cash would last the average retiree in each US state, assuming a retirement age of 65.

To determine the length of time, GOBankingRates found the national average for annual expenditures — groceries, housing, utilities, transportation, and healthcare — for a person 65 and older, then multiplied that amount by the cost of living index for each state. The report did not account for inflation, which averages 3% a year, and would eat even further into your savings if it wasn't invested.

In 13 states, retiring at 65 with $1 million in cash will last the average person fewer than 20 years. In Hawaii, the state with the highest cost of living index, the average retiree could support themselves for only 12 years before running out of money.

Cash is the key word here, however. These estimates assume you keep your million dollars in a checking account that pays nothing in interest. If you invest your nest egg instead, and manage your withdrawals strategically, a million dollars will last much longer than the estimates below.

That's important, considering that the full retirement age today is 67, and the average 30-year-old is expected to live to age 82 for a man and 86 for a woman. That's 15 to 19 years of retirement — or more if longevity runs in your family — so stretching your savings by investing and spending wisely is a necessity.

Still, considering the increasing interest in early retirement, the data underscores that those planning to retire before their 60s should be armed with far more than a million-dollar nest egg.

Read on for the full list of 13 states where $1 million will last the average retiree fewer than 20 years:

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13 states where $1M nest egg won't cut it
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13 states where $1M nest egg won't cut it

13. Maine

Average annual spending: $51,364

How long $1 million will last: 19 years, 6 months

(edella via Getty Images)

12. New Hampshire

Average annual spending: $52,704

How long $1 million will last: 19 years

(DenisTangneyJr via Getty Images)

11. Vermont

Average annual spending: $53,909

How long $1 million will last: 18 years, 7 months

(SeanPavonePhoto via Getty Images)

10. New Jersey

Average annual spending: $54,133

How long $1 million will last: 18 years, 6 months

(jsmith via Getty Images)

9. Rhode Island

Average annual spending: $55,026

How long $1 million will last: 18 years, 2 months

(SeanPavonePhoto)

8. Oregon

Average annual spending: $56,857

How long $1 million will last: 17 years, 7 months

(DaveAlan via Getty Images)

6 (TIE). Maryland

Average annual spending: $57,661

How long $1 million will last: 17 years, 4 months

(SeanPavonePhoto via Getty Images)

6 (TIE). Connecticut

Average annual spending: $57,661

How long $1 million will last: 17 years, 4 months

(lucky-photographer via Getty Images)

5. Massachusetts

Average annual spending: $57,795

How long $1 million will last: 17 years, 4 months

(SunnyXplorer via Getty Images)

4. New York

Average annual spending: $58,555

How long $1 million will last: 17 years, 1 month

(winstonwolf89 via Getty Images)

3. Alaska

Average annual spending: $58,733

How long $1 million will last: 17 years

(filo via Getty Images)

2. California

Average annual spending: $60,877

How long $1 million will last: 16 years, 5 months

(GerardoBrucker via Getty Images)

1. Hawaii

Average annual spending: $83,834

How long $1 million will last: 11 years, 11 months

(voshadhi via Getty Images)
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SEE ALSO: Experts' favorite retirement savings account comes with a huge catch

DON'T MISS: How much money you need to be happy varies wildly depending on where in America you live

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