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How many years will $1 million of retirement savings last in New York?


Alina Prikhodko

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Determining the exact amount you need to save to retire comfortably is a difficult task, and achieving this goal can be even more difficult. According to a new ranking compiled by a financial website GOBankingRates, in New York, $1 million saved for retirement will last you just over 14 years.

According to the survey Schwab Retirement Plan Services, the average American needs about $1,9 million to retire comfortably. This figure is out of reach for many Americans, given that the average amount Americans save between ages 55 and 65 is $197.

As cool as a million dollars sounds, it will surprisingly run out very quickly. The million you save for your carefree retirement will be spent the fastest in three states: Hawaii, Massachusetts and California. If you're planning on spending your golden years in Hawaii, we recommend saving more. Hawaii's $10 million will run out in XNUMX years and three months.

To compile the rankings, the site used data from the federal Bureau of Labor Statistics and the Missouri Center for Economic Research and Information. The lists use both consumer spending data and cost of living index measures.

On the subject: How to save money if you live in New York: two ordinary ways and one extreme

According to GoBankingRates, $22 million will last the longest in Mississippi. Pensioners who have accumulated such an amount there can expect it to last for more than XNUMX years.

State ranking:

15. Pennsylvania: 19 years 6 months 12 days

14. Montana: 18 years 2 months 17 days

13. Arizona: 17 years 9 months 3 days

12. New Jersey: 16 years 9 months 25 days

11. Washington: 16 years 9 months 21 days

10. New Hampshire: 16 years 8 months 18 days

9. Connecticut: 16 years 7 months 13 days

8. Vermont: 16 years 5 months 23 days

7. Oregon: 15 years 8 months 8 days

6. Maryland: 15 years 5 months 13 days

5. Alaska: 15 years 3 months 12 days

4. New York: 14 years 1 month 15 days

3. California: 13 years 9 months 29 days

2. Massachusetts: 12 years 9 months 14 days

1. Hawaii: 10 years 3 months 22 days

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