Here's how long that $1M nest egg will last in every state - Hawaii News Now - KGMB and KHNL

Here's how long that $1M nest egg will last in every state

(Image: Cameron Brooks/Facebook) (Image: Cameron Brooks/Facebook)
HONOLULU (HawaiiNewsNow) -

AARP says Americans should try to accrue a retirement nest egg of $1 million — enough savings to cover about 22 years on average.

But that nest egg won't go as far in every state.

So GOBankingRates.com took at look at the buying power of $1 million nationwide — and their results aren't encouraging for those in the islands.

In fact, the site said, your $1 million nest egg will only last 11 years and 11 months in Hawaii.

That's the lowest buying power in the nation, the analysis found.

The site said groceries in Hawaii will set you back about $5,626 a year, while housing and related costs would gobble up $46,478 annually. 

"In all, annual expenditures are nearly $23,000 more in Hawaii than the next-priciest state," the analysis concluded.

That next-priciest state is California, where $1 million will last 16 years and five months.

In Alaska, it will cover costs for 17 years.

So where will it last the longest? Mississippi — 26 years and four months.

"In total, you'll spend just $37,964 to get through a whole year in Mississippi, where retirees can stretch their money farther than anywhere else," the analysis.

Arkansas took the no. 2 cheapest spot on the list, and Oklahoma rounded out the top 3.


FULL LISTING:

50. Hawaii
$1 million will last: 11 years, 11 months

49. California
$1 million will last: 16 years, 5 months

48. Alaska
$1 million will last: 17 years, 0 months

47. New York
$1 million will last: 17 years, 1 month

46. Massachusetts
$1 million will last: 17 years, 4 months

45. Connecticut
$1 million will last: 17 years, 4 months

44. Maryland
$1 million will last: 17 years, 4 months

43. Oregon
$1 million will last: 17 years, 7 months

42. Rhode Island
$1 million will last: 18 years, 2 months

41. New Jersey
$1 million will last: 18 years, 6 months

40. Vermont
$1 million will last: 18 years, 7 months

39. New Hampshire
$1 million will last: 19 years

38. Maine
$1 million will last: 19 years, 6 months

37. Washington
$1 million will last: 21 years, 1 month

36. Delaware
$1 million will last: 21 years, 10 months

35. Pennsylvania
$1 million will last: 21 years, 11 months

34. Virginia
$1 million will last: 22 years

33. Colorado
$1 million will last: 22 years

32. Nevada
$1 million will last: 22 years

31. South Carolina
$1 million will last: 22 years, 3 months

30. Florida
$1 million will last: 22 years, 4 months

29. South Dakota
$1 million will last: 22 years, 4 months

28. Minnesota
$1 million will last: 22 years, 6 months

27. North Dakota
$22 million will last: 22 years, 7 months

26. Montana
$1 million will last: 22 years, 10 months

25. Illinois
$1 million will last: 23 years, 1 month

24. Arizona
$1 million will last: 23 years, 2 months

23. Wisconsin
$1 million will last: 23 years, 3 months

22. New Mexico
$1 million will last: 23 years, 3 months

21. West Virginia
$1 million will last: 23 years, 6 months

20. Wyoming
$1 million will last: 23 years, 8 months

19. Kentucky
$1 million will last: 23 years, 8 months

18. North Carolina
$1 million will last: 23 years, 8 months

17. Utah
$1 million will last: 23 years, 10 months

16. Nebraska
$1 million will last: 23 years, 10 months

15. Louisiana
$1 million will last: 23 years, 10 months

14. Ohio
$1 million will last: 24 years, 2 months

13. Iowa
$1 million will last: 24 years, 3 months

12. Kansas
$1 million will last: 24 years, 7 months

11. Idaho
$1 million will last: 24 years, 8 months

10. Alabama
$1 million will last: 24 years, 9 months

9. Indiana
$1 million will last: 24 years, 9 months

8. Texas
$1 million will last: 24 years, 9 months

7. Missouri
$1 million will last: 24 years, 10 months

6. Georgia
$1 million will last: 24 years, 11 months

5. Tennessee
$1 million will last: 25 years

4. Michigan
$1 million will last: 25 years

3. Oklahoma
$1 million will last: 25 years, 2 months

2. Arkansas
$1 million will last: 25 years, 6 months

1. Mississippi
$1 million will last: 26 years, 4 months

For more information, click here.

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