Business Report: : How long $1 million lasts you in retirement

Business Report: : How long $1 million lasts you in retirement

HONOLULU (HawaiiNewsNow) - For a long time there was a saying in the personal investment business – that $1 million was the gold standard for retirement savings. But GoBankingRates.com calculated how long $1 million will last and found it varies a lot, depending on where you live. They didn't count future investment income, only average costs for housing, groceries, healthcare, transportation and utilities. Where will $1 million last the longest?

1. Mississippi: 26 years.
2. Oklahoma: 25 years.
3. Michigan, Arkansas, Alabama: 24 ½ years.

And where will $1 million last the shortest amount of time?

1. Hawaii: 11 years, 8 months, 20 days.
2. California: 15 years.
3. New York: 16 years.
4. Alaska and Maryland: Almost 17 years.

Which reminds me of a joke, "My financial planner says I have plenty of money for retirement, provided I die in six months."

Copyright 2018. Hawaii News Now. All Rights Reserved.