A northwestern mutual study showed that Magic number per pensionOr the number that US adults think they will have to save for a quiet retirement was launched at $ 1.46 million in 2024, from $ 951,000 in 2019.
Americans, on average, reported to have saved $ 88,400 per pension in 2024 for the same study, leaving a gap of $ 1.37 million between goals and reality.
Now, a New analysis by GOBANKINGRATES Released earlier this month, he examined how far a $ 1 million hypothetical will extend to pension savings in each country when combined with social security benefits.
Gobankingrates used data from the US Consignment Community Survey, US Consumer Consumer Customer Survey and Missouri Information Center to find out how much a $ 1 million pension nesting will last, given the cost of living each state.
The study calculated the cost of living by looking at the prices of needs such as housing, food, transportation and services in each country. Researchers did not include federal and state income taxes in their estimates. Average monthly social security pension control in January was $ 1,976, for Social Security Administration.
States where pension funds end faster usually have the highest living cost and the highest average monthly expense.
Hawaii tops the list; $ 1 million in pension savings, plus social security benefits, will last less than 13 years in the state. A cause may be high costs of housing due to Land use restrictive regulations This only allows 4% of the land of the state to be used for residential purposes. The resulting land deficiency means high prices of houses – the average price of a Hawaii home is 2.7 times The national average with an average price of $ 850,000.
California and Massachusetts are also states where $ 1 million in retirement ends ends in less than 20 years. GOBANKINGRATES estimates that monthly expenses in those countries are higher than $ 2,200, at Californian expenses More for food items per month than the inhabitants of any other state. Housing in Massachusetts is at the price of 108% higher rather than national average.
On the rolling side, a $ 1 million pension nest can last for over 70 years in five countries where the cost of living is low: Oklahoma (71 years), Luiziana (76 years), Arkansas (76 years), Mississippi (87 years) and Western Virginia (88 years). Factoring in social security, monthly expenses are less than $ 1,200 in these countries, for gobanking.
Western Virginia has a 9% lower living cost than the national average, with accommodation 21% lower than the average, according to tenant. World population review estimated in a 2024 ranking that Mississippi had The lowest cost of living in the US with the lowest prices of housing in general.
Here are the countries where $ 1 million in pension savings will last longer, and where it will end quickly.
States where $ 1 million in pension savings will end faster
1. Hawaii
- Average cost of monthly expenses: $ 2,761
- Total annual living cost per person after social security benefits: $ 80,125
- How many years of $ 1 million and social security benefits will last: 12.48
2. California
- The average cost of monthly expenses: $ 2,269
- Total annual living cost per person after social security benefits: $ 61,406
- How many years of $ 1 million and social security benefits will last: 16.29
3. Massachusetts
- Average cost of monthly expenses: $ 2,340
- Total annual living cost per person after social security benefits: $ 51,686
- How many years of $ 1 million and social security benefits will last: 19.35
4. Washington
- Average cost of monthly expenses: $ 2,096
- Total annual living cost per person after social security benefits: $ 45,629
- How many years of $ 1 million and social security benefits will last: 21.92
5. New Jersey
- Average cost of monthly expenses: $ 2,001
- Total annual living cost per person after social security benefits: $ 41,315
- How many years of $ 1 million and social security benefits will last: 24.20
6. Colorado
- Average cost of monthly expenses: $ 1,899
- Total annual living cost per person after social security benefits: $ 39,759
- How many years of $ 1 million and social security benefits will last: 25.15
7. New Hampshire
- Average cost of monthly expenses: $ 2,081
- Total annual living cost per person after social security benefits: $ 38,052
- How many years of $ 1 million and social security benefits will last: 26.28
8. Utah
- Average cost of monthly expenses: $ 1,893
- Total annual living cost per person after social security benefits: $ 37,797
- How many years of $ 1 million and social security benefits will last: 26.46
9. Oregon
- Average cost of monthly expenses: $ 2,017
- Total annual living cost per person after social security benefits: $ 37,346
- How many years of $ 1 million and social security benefits will last: 26.78
10. Rhode Island
- Average cost of monthly expenses: $ 2,113
- Total annual living cost per person after social security benefits: $ 36.920
- How many years of $ 1 million and social security benefits will last: 27.09
States where $ 1 million in pension savings lasts longer
1. Western Virginia
- Average cost of monthly expenses: $ 1,833
- Total annual living cost per person after social security benefits: $ 11,263
- How many years of $ 1 million and social security benefits will last: 88.79
2. Mississippi
- The average cost of monthly expenses: $ 1,784
- Total annual living cost per person after social security benefits: $ 11,473
- How many years of $ 1 million and social security benefits will last: 87.16
3. Arksa
- Average cost of monthly expenses: $ 1,725
- Total annual living cost per person after social security benefits: $ 13,000
- How many years of $ 1 million and social security benefits will last: 76.93
4. Luiziana
- Average cost of monthly expenses: $ 1,785
- Total annual living cost per person after social security benefits: $ 13,065
- How many years of $ 1 million and social security benefits will last: 76.54
5 .27
- Average cost of monthly expenses: $ 1,832
- Total annual living cost per person after social security benefits: $ 14,048
- How many years of $ 1 million and social security benefits will last: 71.18
6. Kentucky
- Average cost of monthly expenses: $ 1,864
- Total annual living cost per person after social security benefits: $ 14,456
- How many years of $ 1 million and social security benefits will last: 69.17
7. Alabama
- Average cost of monthly expenses: $ 1,794
- Total annual living cost per person after social security benefits: $ 14,874
- How many years of $ 1 million and social security benefits will last: 67.23
8. Iowa
- Average cost of monthly expenses: $ 1,836
- Total annual living cost per person after social security benefits: $ 15,158
- How many years of $ 1 million and social security benefits will last: 65.97
9. Kansas
- Average cost of monthly expenses: $ 1,801
- Total annual living cost per person after social security benefits: $ 15,315
- How many years of $ 1 million and social security benefits will last: 65.29
10. Ohio
- Average cost of monthly expenses: $ 1,853
- Total annual living cost per person after social security benefits: $ 16,099
- How many years of $ 1 million and social security benefits will last: 62.12
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