Have you started planning for your retirement? Do you know how much savings you need to live a comfortable retirement?
According to a recent survey by Northwestern Mutual, it's widely accepted that they need at least $1 million to retire comfortably, even if the average American saves is less than $100,000.
Now it sounds like $1 million is a lot of money, enough for you to retire. But is this really the case? It also depends on where you choose to live your retirement life. Recently, goBankingRates published a list of how long a $1 million retirement deposit can live in various states?
The site first calculates the average annual living expenses of people aged 65 and older, including the cost of food, rent, medical care, travel, etc., multiplied by each state's cost of living index, and subtracts the annual social security that retirees can receive from Social Security. Then, dividing the $1 million by the state's total annual net living expenses, you get $1 million in retirement in each state enough for a few years.
Unfortunately, $1 million didn't last as long as we thought. If you live in high-priced states like Hawaii, New York, and California, you probably shouldn't quit your job early because $1 million won't even cover your 20-year living expenses.
✓Hawaii
• Annual food and grocery expenses: $6,427.92• Annual housing cost: $31,232.25• Annual utility bill: $6,211.69• Annual transportation cost: $4,802.50• Annual Medicare cost: $7,688.20• Total annual expense: $91,970.21 How long it can take: 11 days, October 10, 2010
✓New York
• Annual food and grocery expenses: $4,977.54• Annual housing cost: $22,814.42• Annual utility bill: $3,775.43• Annual transportation cost: $3,904.50• Annual Medicare expense: $6,834.70• Total annual expense: $70,512.08 How long it can take: 3 days, February 2014
✓California
• Annual food and grocery expenses: $4,779.95• Annual housing costs: $20,018.39• Annual utilities: $4,702.27• Annual transportation costs: $4,730.66• Annual Medicare expenses: $7,381.48• Total annual expenses: $67,657.34 How long it can take: 7 days, September 2014
✓Massachusetts
• Annual food and grocery expenses: $5,015.37• Annual housing cost: $17,609.04• Annual utility bill: $4,202.91• Annual transportation cost: $3,997.90• Annual Medicare expense: $7,921.58• Total annual expense: $64,231.65 How long it can take: June 22, 2015
✓Alaska
• Annual food and grocery expenses: $5,654.38• Annual housing costs: $12,582.14• Annual utilities: $5,856.08$3,947.61• Annual transportation costs: $10,282.06• Annual Medicare expenses: $10,282.06• Total annual expenses: $60,472.91 How long it can take: 9 days, June 2016
✓Maryland
• Annual Food & Grocery Expenses: $4,641.22• Annual Housing Cost: $16,448.99• Annual Utility Bill: $3,975.93• Annual Transportation Cost: $3,864.99• Annual Medicare Expense: $5,521.10• Total Annual Expense: $58,997.96 How Long It Can Take: 7 days, November 2016
✓Connecticut
• Annual Food & Grocery Expenses: $4,473.06• Annual Housing Cost: $13,345.59• Annual Utilities: $5,008.69• Annual Transportation Cost: $3,990.71• Annual Medicare Expense: $7,421.48• Total Annual Expense: $57,856.06 How Long It Can Take: 8 days, March 2017
✓Rhode Island
• Annual food and grocery expenses: $4,527.71• Annual housing costs: $12,066.56• Annual utilities: $4,827.11• Annual transportation costs: $3,864.99• Annual Medicare expenses: $7,054.74• Total annual expenses: $55,762.59 How long it can take: 1 day, November 2017
✓Vermont
• Annual food and grocery expenses: $4,590.77• Annual housing cost: $13,504.23• Annual utility bill: $4,501.77• Annual transportation cost: $4,102.06• Annual Medicare expense: $6,621.32• Total annual expense: $55,667.43 How long it can take: 12 days, November 2017
✓New Jersey
• Annual food and grocery expenses: $4,510.89• Annual housing cost: $13,543.89• Annual utility bill: $3,957.02• Annual transportation cost: $3,789.56• Annual Medicare cost: $6,481.30• Total annual expense: $54,811.01 How long it can take: 25 days, February 2018
✓Maine
• Annual food and grocery expenses: $4,296.49• Annual housing costs: $13,543.89• Annual utilities: $3,870.01• Annual transportation costs: $3,757.23• Annual Medicare expenses: $7,521.50• Total annual expenses: $54,715.85 How long it can take: 5 days, March 2018
✓Washington
• Annual food and grocery expenses: $4,557.14• Annual housing costs: $11,798.85• Annual utilities: $3,434.96• Annual transportation costs: $4,217.01• Annual Medicare expenses: $8,081.62• Total annual expenses: $53,098.16 How long it can take: 26 days, September 2018
✓New Hampshire
• Annual food and grocery expenses: $4,355.34• Annual housing cost: $10,718.12• Annual utility bill: $4,297.49• Annual transportation cost: $3,491.42• Annual Medicare expense: $7,721.54• Total annual expense: $52,289.32 How long it can take: 9 days, January 19
✓Delaware
• Annual food and grocery expenses: $4,792.56• Annual housing costs: $10,222.37• Annual utilities: $3,650.60• Annual transportation costs: $4,058.96• Annual Medicare expenses: $7,101.42• Total annual expenses: $51,337.74 How long it can take: May 18, 2019
✓Nevada
• Annual food and grocery expenses: $4,498.28• Annual housing cost: $11,689.79• Annual utility bill: $3,344.17• Annual transportation cost: $4,299.62• Annual Medicare expense: $6,748.02• Total annual expense: $50,576.48 How long it can take: 3 days, September 2019
✓Colorado
• Annual food and grocery expenses: $4,124.12• Annual housing cost: $11,541.06• Annual utility bill: $3,344.17• Annual transportation cost: $3,793.15• Annual Medicare expense: $6,527.97• Total annual expense: $50,100.69 How long it can take: 11 days, November 2019
✓Arizona
• Annual food and grocery expenses: $4,267.06 • Annual housing costs: $10,678.46 • Annual utilities: $3,964.58• Annual transportation costs: $3,548.90• Annual Medicare expenses: $6,527.97• Total annual expenses: $49,101.53 How long it can take: 7 days, 4/20
✓Pennsylvania
• Annual food and grocery expenses: $4,531.91• Annual housing cost: $9,716.70• Annual utility bill: $4,149.95• Annual transportation cost: $3,793.15• Annual Medicare expense: $6,361.27• Total annual expense: $48,768.48 How long it can take: 27 days, May 2020
✓Idaho
• Annual food and grocery expenses: $3,943.35• Annual housing costs: $10,946.16• Annual utilities: $3,113.41• Annual transportation costs: $4,012.26• Annual Medicare expenses: $6,854.70• Total annual expenses: $48,578.16 How long it can take: 26 days, June 2020
✓Virginia
• Annual food and grocery expenses: $4,002.21• Annual housing costs: $11,055.23• Annual utilities: $3,658.16• Annual transportation costs: $3,247.17• Annual Medicare expenses: $6,728.01• Total annual expenses: $48,435.42 How long it can take: 17 days, July 20
✓South Dakota
• Annual food and grocery expenses: $4,292.28• Annual housing costs: $11,184.12• Annual utilities: $3,472.79• Annual transportation costs: $3,222.02• Annual Medicare expenses: $6,494.63• Total annual expenses: $48,054.79 How long it can take: 16 days, September 2020
✓Montana
• Annual food and grocery expenses: $4,346.94• Annual housing costs: $10,539.65• Annual utilities: $3,329.04• Annual transportation costs: $3,401.62• Annual Medicare expenses: $6,728.01• Total annual expenses: $47,912.05 How long it can take: 8 days, October 20
✓Florida
• Annual food and grocery expenses: $4,439.42• Annual housing costs: $9,815.85• Annual utilities: $3,983.50• Annual transportation costs: $3,548.90• Annual Medicare expenses: $6,514.64• Total annual expenses: $47,721.74 How long it can take: 8 days, November 2020
✓Minnesota
• Annual food and grocery expenses: $4,367.96• Annual housing cost: $8,943.33• Annual utility bill: $3,650.60• Annual transportation cost: $3,570.45• Annual Medicare expense: $7,128.09• Total annual expense: $47,579.00 How long it can take: 31 days, November 2020
✓Utah
• Annual food and grocery expenses: $4,090.49• Annual housing cost: $9,756.36• Annual utility bill: $3,438.75• Annual transportation cost: $3,947.61• Annual Medicare expense: $6,261.25• Total annual expense: $47,103.21 How long it can take: 18 days, February 21
✓North Dakota
• Annual food and grocery expenses: $4,246.04• Annual housing costs: $9,458.91• Annual utilities: $3,601.42• Annual transportation costs: $3,742.86• Annual Medicare expenses: $7,554.84• Total annual expenses: $46,722.58 How long it can take: 21 days, April 21, 21
✓Wisconsin
• Annual food and grocery expenses: • Annual housing costs: • Annual utility bills: • Annual transportation costs: • Annual medicare expenses: • Annual total expenses: How long it can take: 13 days, September 21
✓North Carolina
• Annual food and grocery expenses: $4,103.10 • Annual housing cost: $8,784.69• Annual utility bill: $3,695.99• Annual transportation cost: $3,333.38• Annual Medicare expense: $7,268.12• Total annual expense: $45,533.10 How long it can take: 11 days, November 21
✓Illinois
• Annual food and grocery expenses: $4,136.74• Annual housing cost: $8,586.39• Annual utility bill: $3,650.60• Annual transportation cost: $3,800.34• Annual Medicare expense: $6,434.62• Total annual expense: $44,867.00 How long it can take: March 9, 222
✓Wyoming
• Annual food and grocery expenses: $4,317.51• Annual housing cost: $8,060.90• Annual utility bill: $3,223.12• Annual transportation cost: $3,588.41• Annual Medicare expense: $6,654.66• Total annual expense: $44,867.00 How long it can take: March 9, 222
✓Nebraska
• Annual food and grocery expenses: $4,145.14• Annual housing cost: $8,586.39• Annual utility bill: $3,378.22• Annual transportation cost: $3,599.18• Annual Medicare expense: $6,721.34• Total annual expense: $44,581.52 How long it can take: April 31, 222
✓South Carolina
• Annual food and grocery expenses: $4,182.98• Annual housing cost: $7,892.34• Annual utility bill: $3,979.72• Annual transportation cost: $3,419.58• Annual Medicare expense: $6,381.28• Total annual expense: $44,533.94 How long it can take: 8 days, May 22
✓Kentucky
• Annual food and grocery expenses: $3,871.88• Annual housing cost: $7,922.09• Annual utility bill: $3,960.80• Annual transportation cost: $3,699.76• Annual Medicare expense: $5,441.09• Total annual expense: $44,296.05 How long it can take: June 23, 222
✓Louisiana
• Annual food and grocery expenses: $4,069.47• Annual housing cost: $8,526.90• Annual utility bill: $3,291.21• Annual transportation cost: $3,466.28• Annual Medicare expense: $6,627.99• Total annual expense: $44,248.47 How long it can take: June 31, 222
✓Texas
• Annual food and grocery expenses: $3,817.23 • Annual housing cost: $8,308.77• Annual utility bill: $3,904.06• Annual transportation cost: $3,380.07• Annual Medicare expense: $6,347.94• Total annual expense: $43,820.26 How long it can take: 20 days, September 22
✓Michigan
• Annual food and grocery expenses: $3,787.80 • Annual housing costs: $8,001.41 • Annual utilities: $3,771.65• Annual transportation costs: $3,706.94• Annual Medicare expenses: $6,421.28• Total annual expenses: $43,439.63 How long it can take: 1 day, 023
✓Ohio
• Annual food and grocery expenses: $4,170.37• Annual housing costs: $7,584.98• Annual utilities: $3,480.36• Annual transportation costs: $3,541.71• Annual Medicare expenses: $6,481.30• Total annual expenses: $43,439.63 How long it can take: 1 day, 023
✓New Mexico
• Annual food and grocery expenses: $4,014.82• Annual housing costs: $8,358.35• Annual utilities: $3,389.57• Annual transportation costs: $3,523.75• Annual Medicare expenses: $6,581.32• Total annual expenses: $43,296.89 How long it can take: 29 days, 023
✓Arkansas
• Annual food and grocery expenses: $3,913.92• Annual housing costs: $7,842.77• Annual utilities: $3,491.71• Annual transportation costs: $3,315.42• Annual Medicare expenses: $5,661.13• Total annual expenses: $43,249.31 How long it can take: 7 days, January 23
✓Indiana
• Annual food and grocery expenses: $3,897.11• Annual housing costs: $7,763.45• Annual utility bills: $3,745.17• Annual transportation costs: $3,530.94• Annual Medicare expenses: $6,307.93• Total annual expenses: $43,106.57 How long it can take: 7 days, February 23
✓West Virginia
• Annual food and grocery expenses: $4,056.86• Annual housing cost: $7,793.19• Annual utilities: $3,382.00• Annual transportation cost: $3,311.82• Annual Medicare expenses: $5,874.51• Total annual expenses: $43,059.00 How long it can take: February 16, 2023
✓Iowa
• Annual food and grocery expenses: $4,136.74• Annual housing costs: $7,535.40• Annual utilities: $3,590.07• Annual transportation costs: $3,509.38• Annual Medicare expenses: $6,661.33• Total annual expenses: $42,773.52 How long it can take: 12 days, April 23
✓Missouri
• Annual food and grocery expenses: $3,993.80 • Annual housing cost: $7,961.75 • Annual utility bill: $3,608.98 • Annual transportation cost: $3,319.01• Annual Medicare expense: $6,307.93 • Total annual expense: $42,725.94 How long it can take: 21 days, April 23
✓Tennessee
• Annual food and grocery expenses: $3,981.19• Annual housing cost: $7,862.60• Annual utility bill: $3,499.28• Annual transportation cost: $3,189.70• Annual Medicare expense: $6,081.22• Total annual expense: $42,345.31 How long it can take: 6 days, July 23
✓Georgia
• Annual food and grocery expenses: $4,031.64• Annual housing costs: $7,376.76• Annual utilities: $3,423.62• Annual transportation costs: $3,326.19• Annual Medicare expenses: $6,447.96• Total annual expenses: $42,250.15 How long it can take: 26 days, July 23
✓Alabama
• Annual food and grocery expenses: $4,128.33• Annual housing costs: $6,950.42• Annual utilities: $3,809.48• Annual transportation costs: $3,329.78• Annual Medicare expenses: $6,081.22• Total annual expenses: $41,821.94 How long it can take: 22 days, October 23
✓Oklahoma
• Annual food and grocery expenses: $3,972.78• Annual housing cost: $7,406.51• Annual utility bill: $3,597.63• Annual transportation cost: $3,405.22• Annual Medicare expense: $6,301.26• Total annual expense: $41,821.94 How long it can take: October 22, 23
✓Kansas
• Annual food and grocery expenses: $3,855.07• Annual housing costs: $7,198.29• Annual utilities: $3,790.57• Annual transportation costs: $3,495.02• Annual Medicare expenses: $6,694.67• Total annual expenses: $41,155.84 How long it can take: March 11, 24 years
✓Mississippi
• Annual food and grocery expenses: $3,876.09• Annual housing cost: $6,573.65• Annual utility bill: $3,419.83• Annual transportation cost: $3,114.26• Annual Medicare expense: $6,314.60• Total annual expense: $39,633.31 How long it can take: February 18, 25 years
Here's how long ⬇️$1 million can be spent in california cities1. San Francisco: 8.3 Years 2. San Jose: 10.8 Years 3. Auckland: 13.8 Years 4. Los Angeles: 13.9 Years 5. Long Beach: 15.3 years 6. Santiago: 15.4 Years 7. Sacramento: 22.9 Year 8. Fresno: 28.1 years
Dear friends, have you saved enough money to retire?