How long $1 million will last in retirement

Retirement

By Jessica Dickler

For many soon-to-be retirees, a cool $1 million sounds like substantial savings goal, yet that largely depends on where you live.

In some parts of the country, it will barely last a decade.

“It’s the benchmark everyone has in mind but it’s important to be more specific, there’s so much range across different states. Your personal situation plays a big role,” said Mark Evitt, features editor at GOBankingRates.

The personal finance site compared average expenses for people age 65 and older, including groceries, housing, utilities, transportation and health care in every state to come up with how long a nest egg of $1 million would really last.

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