Here’s how long that $1M nest egg lasts in Hawaii

Here’s how long that $1M nest egg lasts in Hawaii
Hawaii has the highest cost of living in the nation. (Image: Hawaii News Now)

HONOLULU (HawaiiNewsNow) - Saving for retirement isn't easy, especially in the state with the nation's highest cost of living.

And that retirement savings doesn't go as far in Hawaii either.

Just how far is the subject of a new analysis from GOBankingRates.com, which looked at how many years $1 million in retirement savings will last in each state.

The online firm found that Hawaii retirees would spend that $1 million nest egg in just 11.7 years.

That's accounting for annual expenditures of $85,243, the yearly cost of living for someone 65 or older in the islands.

Perhaps not surprisingly, Hawaii retirees zip through their $1 million in retirement savings faster than retirees in any other state.

In California, the savings would be spent in 15.5 years. In Alaska, 16.7 years. In New York, 16.3 years.

Nationally, the cost of living for someone 65 or older is $47,788 a year.

If you want your nest egg to last the longest, move to Mississippi, where it will last for 26 years.

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