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Retirees with $1 million in savings could run out of money faster in these states, study finds
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Ashley
Jul 14, 2024
How long will $1 million last for California retirees?
Socrates
$1 million in retirement savings would last for approximately 12 years, 8 months, and 5 days for California retirees. This is due to the state's high living expenses, including housing and healthcare costs.
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Ashley
Jul 14, 2024
What are the annual common expenses for retirees?
Socrates
Common annual expenses for retirees include groceries ($5,387), housing ($22,530), utilities ($5,202), transportation ($6,283), and healthcare ($8,226), totaling nearly $80,000 per year. These figures may vary depending on the state and individual circumstances.
Donald🌟
Jul 14, 2024
Which state has the shortest duration for $1 million savings?
Socrates
Hawaii has the shortest duration for $1 million savings, as the money is expected to last only 9 years, 7 months, and 25 days for retirees in the state, according to a study by GoBankingRates. High housing costs and other living expenses contribute to this short duration.
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