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A disturbing new study shows how little $1 million in retirement savings would last in every US state.
The personal finance site GOBanking Fees analyzed data from each state to show how long a person with a $1 million retirement fund could last taking into account annual expenses.
The site took into account food, housing, utilities, transportation and health care when compiling its findings.
States like Hawaii, New York and California make up the top five worst places to live, with $1 million covering less than 15 years.
Meanwhile, states in the Midwest and South offer a bit more bang for your buck: In some cases, a million dollars can last up to two decades.
States like Hawaii (seen here), New York, and California contribute to the top five worst places to live, with $1 million not even covering 15 years.
The site looked at food, housing, transportation and healthcare in compiling its findings.
Hawaii: 9 years, 7 months, 25 days
Island living can be expensive. According to the report, Hawaii’s picturesque beaches are the fastest places to lose $1 million of your retirement fund.
With annual food costs of $5,339 and housing costs of $35,813, the site estimates that $1 million would last less than a decade – just 9 years, 7 months and 25 days.
Other expensive living costs include $6,913 on utilities and another $6,328 on transportation and $9,485 on healthcare, bringing the total annual spending to $103,610.
Massachusetts: 11 years, 8 months, 9 days
It’s extremely expensive. The second worst state on the list was Massachusetts, where the $1 million saved could be used up in just over 11 years and 8 months, the site estimates.
Annual food expenditures reached $5,080 in the Bay State and annual housing expenditures for one year amounted to $26,553.
Additionally, those planning to move to Massachusetts could expect to pay $5,867 for utilities and another $5,813 for transportation and $8,694 for health care, bringing total annual spending to $85,571.
District of Columbia: 11 years, 10 months, 25 days
Close behind Massachusetts was the capital, Washington DC, which would give retirees just over two months more than the previous state.
Since local food in the state costs about $5,166 and housing nearly $27,000, GOBankingRates believes $1 million would last 11 years, 10 months and 25 days.
Other costs, such as utilities, would cost $4,664 per year, while transportation would cost $5,348.
Overall, anyone looking to retire in the state should expect to earn $84,010 a year, and health care also costs $8,784.
Washington, DC at the Tidal Basin during cherry blossom season with the Rosslyn Business District cityscape as seen here
Here you can see the skyline of downtown Riverside, located in the Los Angeles metropolitan area.
California: 12 years, 8 months, 5 days
Those who dream of retiring in the Golden State’s sunshine will have slightly better luck than those who live in DC.
Anyone with a million dollars saved should expect their fund to last 12 years and 8 months.
The site estimates that costs include an average annual grocery bill totaling $5,387, housing costing about $22,530 and utilities totaling $5,202.
Other annual transportation bills, which amount to $5,304, and medical care, which costs $8,173 – the total annual expense bill would amount to $73,140.
New York: 13 years, 8 months, 1 day
Unsurprisingly, New York State rounded out the top five on the list, with $1 million that will last 13 years and 8 months.
The site indicated that annual spending for those in the Empire State was $73,140, with the highest spending being $20,695 on housing.
Other estimated costs include an average annual grocery bill of $4,994, transportation costing about $5,304, and utilities totaling $4,363.
While health care in the state would cost retirees $8,173.
Unsurprisingly, New York State rounded out the top five on the list, with $1 million set to last 13 years and 8 months.
Midwestern and Southern states offer slightly more return on each dollar invested, with a million dollars lasting up to two decades in some states. Charleston, West Virginia, is pictured here.
West Virginia: 20 years, 3 months, 19 days
For those looking to hit the rural roads during their retirement, the best state to spend their later years was West Virginia.
With annual spending of just $49,261, $1 million in retirement funds would last more than two decades.
That broke down as $4,701 on food, another $7,284 on housing and $4,067 on utilities.
Other bills included $7,163 in medical care and another $44,528 in transportation costs.
Mississippi: 19 years, 11 months, 12 days
Second on the list was Mississippi, which the site says could last nearly 20 years on $1 million.
With an annual grocery bill of $4,644, another $8,488 on housing and $3,685 on utilities, the total annual expense was $50,128.
While other expenses such as medical care and transportation totaled $7,427 and $4,216 respectively.
Those with a million dollars saved up could expect to see it last 19 years, 11 months and 12 days.
Second on the list was Mississippi, seen here, which the site says could last just under 20 years on $1 million.
While those looking to spend their retirement in Kansas, the state capital, Topeka, can expect their savings to last nearly 20 years.
Oklahoma: 19 years, 11 months, 5 days
Third on the list was the state of Oklahoma, closely followed by Mississippi by just one week.
Annual food expenditures reached $4,519 and annual housing expenditures for one year amounted to $8,313.
While those planning to move to the Sooner State could expect to pay $4,003 for utilities and another $4,651 on transportation and $6,982 on health care, bringing total annual spending to $50,186.
In total, one million dollars should last a total of 19 years, 11 months and 5 days.
Kansas: 19 years, 9 months, 15 days
There’s no place like home? Those looking to spend their retirement in Kansas could expect their savings to last nearly 20 years.
At an annual cost of $4,629 for food and $7,974 for housing, the site estimates that $1 million would last just 19 years, 9 months and 15 days.
Other costs include $4,444 in utilities, another $4,429 in transportation and $7,382 in health care, bringing total annual spending to $50,533.
Alabama: 19 years, 7 months, 11 days
Rounding out the list of the top five states to retire is Alabama.
Anyone with a million dollars saved should expect their fund to last 19 years, 9 months and 15 days.
The site’s estimated costs include an average annual grocery bill totaling $4,596, housing costing about $8,243 and utilities totaling $4,312.
Other annual transportation bills, which amount to $4,404, and medical care, which costs $6,469 – the total annual expense bill would come to $50,995.
To arrive at these results, the site found the national average annual expenses for people age 65 and older using data from the U.S. Bureau of Labor Statistics.
The site created state-level annual spending estimates by multiplying the national figure by each state’s overall cost of living index score from the Missouri Economic Research and Information Center.
They then divided each state’s average annual spending estimates by $1 million to get the results.