By Leada Gore
al.com
(TNS)
The average retirement age in the U.S. is around 62, the same age you can start drawing—albeit at a reduced amount—Social Security. But with life expectancy at 79 and costs for things like food, fuel and healthcare continuing to rise, having enough money put aside for retirement can be a challenge.
Financial website MoneyLion recently looked at that issue to determine which states were the best for retirees who have a nest egg of $1.2 million. That’s a sizeable amount but how long it lasts largely depends on where you live, the analysis showed.
Based on the national average, $1.2 million in retirement savings will last you 32.39 years with Social Security, 19.53 years without those benefit checks.
10 states where $1.2 million will last the longest
Here are the 10 states where the $1.2 million in retirement savings will last you the longest:
1. Oklahoma
- How many years $1.2 million will last with Social Security: 44.59 years
- How many years $1.2 million will last without Social Security: 23.39 years
- Average annual expenditures: $51,295
- Annual expenditure cost after Social Security: $26,914
2. Alabama
- How many years $1.2 million will last with Social Security: 43.11 years
- How many years $1.2 million will last without Social Security: 22.98 years
- Average annual expenditures: $52,217
- Annual expenditure cost after Social Security: $27,836
3. Mississippi
- How many years $1.2 million will last with Social Security: 42.00 years
- How many years $1.2 million will last without Social Security: 22.66 years
- Average annual expenditures: $52,954
- Annual expenditure cost after Social Security: $28,573
4. Kansas
- How many years $1.2 million will last with Social Security: 40.77 years
- How many years $1.2 million will last without Social Security: 22.30 years
- Average annual expenditures: $53,814
- Annual expenditure cost after Social Security: $29,433
5. West Virginia
- How many years $1.2 million will last with Social Security: 40.52 years
- How many years $1.2 million will last without Social Security: 22.22 years
- Average annual expenditures: $53,998
- Annual expenditure cost after Social Security: $29,617
6. Indiana
- How many years $1.2 million will last with Social Security: 40.18 years
- How many years $1.2 million will last without Social Security: 22.12 years
- Average annual expenditures: $54,244
- Annual expenditure cost after Social Security: $29,863
7. Iowa
- How many years $1.2 million will last with Social Security: 39.94 years
- How many years $1.2 million will last without Social Security: 22.05 years
- Average annual expenditures: $54,428
- Annual expenditure cost after Social Security: $30,047
8. Missouri
- How many years $1.2 million will last with Social Security: 39.85 years
- How many years $1.2 million will last without Social Security: 22.02 years
- Average annual expenditures: $54,490
- Annual expenditure cost after Social Security: $30,109
9. Tennessee
- How many years $1.2 million will last with Social Security: 39.69 years
- How many years $1.2 million will last without Social Security: 21.97 years
- Average annual expenditures: $54,613
- Annual expenditure cost after Social Security: $30,232
10. Arkansas
- How many years $1.2 million will last with Social Security: 39.53 years
- How many years $1.2 million will last without Social Security: 21.92 years
- Average annual expenditures: $54,735
- Annual expenditure cost after Social Security: $30,355
The rankings were determined by looking at the national average annual expenditures for people 65 and older, each state’s cost-of-living index. Things like annual cost of groceries, housing, utilities, transportation and healthcare were also factored in.
Don’t see your state? You can go here to see the complete state rankings.
Photo credit: atlascompany/Freepik
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Tags: retirees, retirement, retirement savings, states
