How Long $100K in Retirement Will Last in Every State
From GoBankingRates (excerpt)
Stretching your nest egg as far as possible is something that’s most likely front of mind for retirees who aren’t very wealthy. With no new sources of income aside from Social Security or possibly a pension, it’s important to find a place to retire that won’t drain your savings.
However, getting a clear sense of exactly how long your retirement savings will last requires understanding how much it costs to live in the state you’re calling home. As anyone trying to get by somewhere with a high cost of living can attest, even basic necessities can quickly start to winnow down your retirement account. And it only gets more complicated if you decide you don’t want to spend your entire retirement in the same place, as your costs won’t be consistent throughout your retirement.
That’s why GOBankingRates performed a study to compare the cost of living in every state and determine how long you can survive off of $100,000. Granted, $100,000 won’t buy you a lot of time in any state. But, these results will give you a sense of just how much you need to save.
Last updated: Nov. 26, 2019.
Annual Expenditure: $85,243
$100,000 Will Last: 1 year, 2 months, 3 days
To say that Hawaii is the most expensive state to live in is something of an understatement: Hawaiians pay over $20,000 more per year than the second-most expensive state, California. You’ll need over $2 million to survive retirement in this state — the most in the country.
read … Retirement
PBN: Analysis: Hawaii is the worst state for retirees to stretch $100,000