By Joel Anderson
August 14, 2020
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: Dec. 9, 2019
Are You Retirement Ready?
Sponsors of 50. Hawaii
49. California
Are You Retirement Ready?
Sponsors of
xavierarnau / iStock.com48. New York
See: 10 Best Retirement Plan Options
47. Alaska
Are You Retirement Ready?
Sponsors of 46. Maryland
45. Oregon
Are You Retirement Ready?
Sponsors of 44. Massachusetts
43. Connecticut
Are You Retirement Ready?
Sponsors of 42. Rhode Island
41. New Jersey
Are You Retirement Ready?
Sponsors of 40. Vermont
39. Maine
Are You Retirement Ready?
Sponsors of 38. New Hampshire
37. Nevada
Are You Retirement Ready?
Sponsors of 36. Washington
35. Delaware
Are You Retirement Ready?
Sponsors of 34. Colorado
33. Montana
Are You Retirement Ready?
Sponsors of 32. Virginia
31. Pennsylvania
Are You Retirement Ready?
Sponsors of 30. South Dakota
29. Minnesota
Are You Retirement Ready?
Sponsors of 28. North Dakota
27. Florida
Take Action Now: How To Protect Your Retirement Savings During the Coronavirus Pandemic
26. South Carolina
25. West Virginia
24. Illinois
23. Utah
22. Wisconsin
21. Arizona
20. North Carolina
19. Louisiana
18. Nebraska
17. New Mexico
16. Ohio
15. Idaho
Read: How To Roll Over Your 401(k)
14. Kentucky
13. Iowa
12. Indiana
11. Wyoming
10. Texas
9. Georgia
8. Kansas
7. Tennessee
6. Missouri
5. Alabama
4. Arkansas
3. Michigan
2. Oklahoma
1. Mississippi
How Long $100K in Retirement Will Last in Every StateStates on either coast might offer a lot in terms of great weather and loads of culture, but they certainly ask a lot in terms of your pocketbook. The 15 states where $100,000 stretches the least in retirement include all five states on the Pacific Ocean (Hawaii, California, Oregon, Washington and Alaska). On the East Coast, the worst states for your retirement nest egg are New York, Maryland, New Jersey and all six of the states that make up New England.
On the other end of the list, it’s hard to miss that states from the South and the Midwest have the lowest costs by far. Of the 15 states where your $100,000 in retirement savings goes the furthest, all but two (Idaho and Wyoming) are in one of those two regions.
August 14, 2020
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: Dec. 9, 2019
Are You Retirement Ready?
Sponsors of 50. Hawaii
- Annual Expenditure: $85,243
- $100,000 Will Last: 1 year, 2 months, 3 days
49. California
- Annual Expenditure: $64,516
- $100,000 Will Last: 1 year, 6 months, 18 days
Are You Retirement Ready?
Sponsors of
xavierarnau / iStock.com48. New York
- Annual Expenditure: $61,267
- $100,000 Will Last: 1 year, 7 months, 17 days
See: 10 Best Retirement Plan Options
47. Alaska
- Annual Expenditure: $59,895
- $100,000 Will Last: 1 year, 8 months
Are You Retirement Ready?
Sponsors of 46. Maryland
- Annual Expenditure: $59,666
- $100,000 Will Last: 1 year, 8 months, 2 days
45. Oregon
- Annual Expenditure: $59,483
- $100,000 Will Last: 1 year, 8 months
Are You Retirement Ready?
Sponsors of 44. Massachusetts
- Annual Expenditure: $58,385
- $100,000 Will Last: 1 year, 8 months, 16 days
43. Connecticut
- Annual Expenditure: $58,156
- $100,000 Will Last: 1 year, 8 months, 18 days
Are You Retirement Ready?
Sponsors of 42. Rhode Island
- Annual Expenditure: $55,914
- $100,000 Will Last: 1 year, 9 months, 13 days
41. New Jersey
- Annual Expenditure: $54,175
- $100,000 Will Last: 1 year, 10 months, 3 days
Are You Retirement Ready?
Sponsors of 40. Vermont
- Annual Expenditure: $53,718
- $100,000 Will Last: 1 year, 10 months, 9 days
39. Maine
- Annual Expenditure: $53,214
- $100,000 Will Last: 1 year, 10 months, 15 days
Are You Retirement Ready?
Sponsors of 38. New Hampshire
- Annual Expenditure: $51,247
- $100,000 Will Last: $1 year, 11 months, 12 days
37. Nevada
- Annual Expenditure: $50,469
- $100,000 Will Last: $1 year, 11 months, 23 days
Are You Retirement Ready?
Sponsors of 36. Washington
- Annual Expenditure: $49,554
- $100,000 Will Last: 2 years, 5 days
35. Delaware
- Annual Expenditure: $48,227
- $100,000 Will Last: 2 years, 25 days
Are You Retirement Ready?
Sponsors of 34. Colorado
- Annual Expenditure: $47,540
- $100,000 Will Last: 2 years, 1 month, 5 days
33. Montana
- Annual Expenditure: $47,540
- $100,000 Will Last: 2 years, 1 month, 5 days
Are You Retirement Ready?
Sponsors of 32. Virginia
- Annual Expenditure: $46,717
- $100,000 Will Last: 2 years, 1 month, 19 days
31. Pennsylvania
- Annual Expenditure: $46,305
- $100,000 Will Last: 2 years, 1 month, 26 days
Are You Retirement Ready?
Sponsors of 30. South Dakota
- Annual Expenditure: $46,305
- $100,000 Will Last: 2 years, 1 month, 26 days
29. Minnesota
- Annual Expenditure: $45,848
- $100,000 Will Last: $2 years, 2 months, 6 days
Are You Retirement Ready?
Sponsors of 28. North Dakota
- Annual Expenditure: $45,298
- $100,000 Will Last: 2 years, 2 months, 15 days
27. Florida
- Annual Expenditure: $45,253
- $100,000 Will Last: 2 years, 2 months, 16 days
Take Action Now: How To Protect Your Retirement Savings During the Coronavirus Pandemic
26. South Carolina
- Annual Expenditure: $44,978
- $100,000 Will Last: 2 years, 2 months, 21 days
25. West Virginia
- Annual Expenditure: $44,292
- $100,000 Will Last: 2 years, 3 months, 3 days
24. Illinois
- Annual Expenditure: $44,246
- $100,000 Will Last: 2 years, 3 months, 3 days
23. Utah
- Annual Expenditure: $44,200
- $100,000 Will Last: 2 years, 3 months, 4 days
22. Wisconsin
- Annual Expenditure: $44,063
- $100,000 Will Last: 2 years, 3 months, 7 days
21. Arizona
- Annual Expenditure: $43,285
- $100,000 Will Last: 2 years, 3 months, 22 days
20. North Carolina
- Annual Expenditure: $42,965
- $100,000 Will Last: 2 years, 3 months, 28 days
19. Louisiana
- Annual Expenditure: $42,736
- $100,000 Will Last: 2 years, 4 months, 3 days
18. Nebraska
- Annual Expenditure: $42,736
- $100,000 Will Last: 2 years, 4 months, 3 days
17. New Mexico
- Annual Expenditure: $42,507
- $100,000 Will Last: 2 years, 4 months, 7 days
16. Ohio
- Annual Expenditure: $42,416
- $100,000 Will Last: 2 years, 4 months, 9 days
15. Idaho
- Annual Expenditure: $42,416
- $100,000 Will Last: 2 years, 4 months, 9 days
Read: How To Roll Over Your 401(k)
14. Kentucky
- Annual Expenditure: $42,370
- $100,000 Will Last: 2 years, 4 months, 10 days
13. Iowa
- Annual Expenditure: $42,050
- $100,000 Will Last: 2 years, 4 months, 17 days
12. Indiana
- Annual Expenditure: $41,867
- $100,000 Will Last: 2 years, 4 months, 20 days
11. Wyoming
- Annual Expenditure: $41,821
- $100,000 Will Last: 2 years, 4 months, 21 days
10. Texas
- Annual Expenditure: $41,775
- $100,000 Will Last: 2 years, 4 months, 22 days
9. Georgia
- Annual Expenditure: $41,546
- $100,000 Will Last: 2 years, 4 months, 27 days
8. Kansas
- Annual Expenditure: $40,952
- $100,000 Will Last: 2 years, 5 months, 9 days
7. Tennessee
- Annual Expenditure: $40,906
- $100,000 Will Last: 2 years, 5 months, 10 days
6. Missouri
- Annual Expenditure: $40,677
- $100,000 Will Last: 2 years, 5 months, 15 days
5. Alabama
- Annual Expenditure: $40,631
- $100,000 Will Last: 2 years, 5 months, 16 days
4. Arkansas
- Annual Expenditure: $40,631
- $100,000 Will Last: 2 years, 5 months, 16 days
3. Michigan
- Annual Expenditure: $40,586
- $100,000 Will Last: 2 years, 5 months, 17 days
2. Oklahoma
- Annual Expenditure: $40,403
- $100,000 Will Last: 2 years, 5 months, 21 days
1. Mississippi
- Annual Expenditure: $38,435
- $100,000 Will Last: 2 years, 7 months, 6 days
How Long $100K in Retirement Will Last in Every StateStates on either coast might offer a lot in terms of great weather and loads of culture, but they certainly ask a lot in terms of your pocketbook. The 15 states where $100,000 stretches the least in retirement include all five states on the Pacific Ocean (Hawaii, California, Oregon, Washington and Alaska). On the East Coast, the worst states for your retirement nest egg are New York, Maryland, New Jersey and all six of the states that make up New England.
On the other end of the list, it’s hard to miss that states from the South and the Midwest have the lowest costs by far. Of the 15 states where your $100,000 in retirement savings goes the furthest, all but two (Idaho and Wyoming) are in one of those two regions.
https://www.gobankingrates.com/retirement/planning/how-long-100k-lasts-retirement-state/?utm_campaign=981221&utm_source=yahoo.com&utm_content=15