More Americans now think they need at least $1 million to retire. Here are the 10 US states where that amount will last the longest.
Studies show more Americans are starting to expect needing $1 million to retire comfortably.
A new analysis by GoBankingRates compared how long those savings will last a retiree in each state.
The longest that $1 million can last in savings is around 22 years and 8 months, the analysis said.
10. Arkansas
Arkansas has some of the lowest healthcare costs in the US. Housing costs here are relatively high on GoBankingRates' rankings, even among states not in the top 10 category.
How long $1 million will last in savings: 21 years, 1 month, and 23 days
Retiree's cost of living here for one year: $47,291
Annual groceries cost: $4,159
Annual housing cost: $8,143
Annual healthcare cost: $5,919
9. Tennessee
Housing costs in Tennessee are relatively high, at around $8,725 a year, but like Arkansas, the state has some of the lowest healthcare costs on GoBankingRates' list.
How long $1 million will last in savings: 21 years, 2 months, and 27 days
Retiree's cost of living here for one year: $47,083
Annual groceries cost: $4,245.17
Annual housing cost: $8,725.08
Annual healthcare cost: $6,172.34
8. Indiana
Utilities are more expensive in Indiana, and cost around $300 to $700 higher than other states on the list. But groceries are some of the cheapest here, per GoBankingRates.
How long $1 million will last in savings: 21 years, 3 months, 4 days
Retiree's cost of living here for one year: $47,031
Annual groceries cost: $4,249
Annual housing cost: $7,977
Annual healthcare cost: $6,854
7. Ohio
The annual cost of groceries is the highest in Ohio on the list, but the state has one of the lowest yearly housing costs among the cheapest states to retire.
How long $1 million will last in savings: 21 years, 5 months, and 12 days
Retiree's cost of living here for one year: $46,614
Annual groceries cost: $4,532
Annual housing cost: $7,385
Annual healthcare cost: $6,636
6. Georgia
Utilities costs in Georgia are the lowest on the list, and retirees are likely to save on transportation per year, according to GoBankingRates' data.
How long $1 million will last in savings: 21 years, 6 months, and 26 days
Retiree's cost of living here for one year: $46,353
Annual groceries cost: $4,335
Annual housing cost: $8,070
Annual healthcare cost: $6,783
5. Iowa
Iowa's annual housing cost is among the highest on this list.
How long $1 million will last in savings: 21 years, 8 months, and 26 days
Retiree's cost of living here for one year: $45,988
Annual groceries cost: $4,407
Annual housing cost: $7,333
Annual healthcare cost: $6,952
4. Kansas
Healthcare cost in Kansas are lower than the average among the top 10 states.
How long $1 million will last in savings: 21 years, 11 months, and 19 days
Retiree's cost of living here for one year: $45,519
Annual groceries cost: $4,240
Annual housing cost: $7,478
Annual healthcare cost: $7,107
3. Alabama
Alabama offers some of the lowest healthcare and housing costs in the US. Transportation costs here are also the cheapest in the country.
How long $1 million will last in savings: 22 years and 6 days
Retiree's cost of living here for one year: $45,414
Annual groceries cost: $4,416
Annual housing cost: $7,083
Annual healthcare cost: $6,291
2. Oklahoma
Oklahoma's annual transportation, housing, and utilities costs are some of the lowest in the US, according to GoBankingRates.
How long $1 million will last in savings: 22 years, 1 month, and 12 days
Retiree's cost of living here for one year: $45,206
Annual groceries cost: $4,258
Annual housing cost: $7,520
Annual healthcare cost: $6,432
1. Mississippi
Healthcare costs in Mississippi are slightly higher than states like Alabama, Oklahoma, and Tennessee, but Mississippi has some of the lowest groceries, housing, and utilities costs in the US, per GoBankingRates.
A retiree can make their savings last the longest in Mississippi, which has taken the top spot since at least 2019, per GoBankingRates' data.
Back then, the financial analysis site estimated that a retiree would spend about $31,039 per year, compared to an annual $44,059 in its 2023 report.
How long $1 million will last in savings: 22 years, 8 months, and 12 days
Retiree's cost of living here for one year: $44,059
Annual groceries cost: $4,132
Annual housing cost: $7,115
Annual healthcare cost: $6,994
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