Many people think that if they had $1 million saved for retirement, then they would be living large. Sadly, that is not the case. It seems $1 million doesn’t go as far as you would think.
According to a USA Today article, the average American retiree will spend $1 million in less time than 20 years, and most people live longer than that after retirement.
A new study by GOBankingRates examined how long $1 million would last in every state. Nowhere does it last even 20 years. Oklahoma came closest, with $1 million lasting 19.3 years. That’s followed by Mississippi, Alabama, West Virginia, and Kansas.
The most expensive states are Hawaii — where $1 million will last only 9.3 years—followed by Massachusetts, California, Alaska, and New York.
Council of Seniors is Here to Help Older Americans
The Council of Seniors wants to improve retirement life – and that starts with Congress enacting The SAVE Benefits Act. The passage of this bill will improve retirees’ finances by making up for Social Security cost-of-living adjustments (COLAs) that have let them down in recent years. If it passes, $581 will be returned to eligible seniors.
Sign our petition right now to show you’re on board with our effort.