Here’s How Long $1 Million in Retirement Lasts in All 50 States

 If you had a million dollars in the bank, how many years could you ride it out without ever working again?

A new report looked at cost-of-living, housing, healthcare, and a bunch of other stats.  And it ranked all 50 states according to how long it would take to burn through a million bucks if you retired there.

The cheapest state to retire in is Mississippi, where $1 million could last over 23 years.  And the most expensive state is Hawaii, where you could only make it about a decade.

The 10 states where $1 million goes the farthest are:  Mississippi . . . Oklahoma . . . Arkansas . . . New Mexico . . . Kansas . . . Missouri . . . Tennessee . . . Alabama . . . Georgia . . . and Michigan.  They’re all between 21 and 23 years.

The states where you’d burn through it the fastest are:  Hawaii, 10 years and three months . . . California, just over 14 years . . . New York, 14 years and three months . . . Oregon, 14 years and seven months . . . and Massachusetts, just over 15 years.

Everyone’s favorite retirement state of Florida was in the middle of the pack.  $1 million there would last 20 years, good enough for 26th place.

Iowa is ranked 14th cheapest.  $1,000,000 would last you 21 years, 4 months, 18 days

Minnesota is 30th.  $1,000,000 would last you 19 years, 4 months, 10 days.

(You can check out the rankings for all 50 states at GoBankingRates.com.)

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