The Northwest Mutual study has shown that a magical number for repetition or number that American adults think they will have to save to remove themselves to $ 1.46 million in 2024, out of $ 951,000 in 2019.
On average, the Americans said they saved $ 88,400 for the same study in 2024, with a gap of $ 1.37 million between the targets and reality.
Now the new Gobankingrates analysis released at the beginning of this month has been investigating how far, in combination with social security benefits, hypothetical savings of $ 1 million will be prolonged.
Gobankingrates used data from the US US Community US Census, the US Consumer Labor Office in consumer expenditure survey and the Missouri Economic and Research Information Research Information Center to find out how long the eggs in the $ 1 million nest will endure each state.
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The study calculated the cost of living by looking at the prices of needs such as housing, food, transport and usefulness in every state. Scientists did not include federal and state installation taxes in their estimates. The average monthly pension check in January was $ 1,976 to manage social security.
The states in which the retirement funds run out of the fastest are usually the highest living costs and the largest average monthly expenses.
Hawaii is the tip of the list; $ 1 million in the selection of savings, more social security benefits, would take less than 13 years in the state. One of the causes could be high housing costs due to limiting land use, allowing only 4% of the state land for residential purposes. The resulting lack of land means high house prices – the middle price of a house in Hawaii is 2.7 times the national average with an average price of $ 850,000.
California and Massachusetts are also states where $ 1 million in less than 20 years. Gobankingrates estimates that the monthly exits in these countries are higher than $ 2,200, while the Californians spend more on food in a month than any other population. Housing in Massachusetts is worth 108% higher than the national average.
Related: Savings of $ 1 million no longer last in the US for 25 years – but in these 6 countries it will go the farthest
On the other hand, nesting eggs of $ 1 million could take more than 70 years in five countries where the cost of living is low: Oklahoma (71 years), Louisiana (76 years), Arkansas (76 years), Mississippi (87) and West Virginia (88 years). Social security factoring, monthly expenses are based on less than $ 1 in these countries, Gobankingrates.
West Virginia has a living cost of 9% lower than the national average, with housing 21% lower than the average, according to the back. The world’s overview of the population estimated in the 2024 ranking that Mississippi had the lowest living costs of the lowest housing prices in the US.
Here are states where $ 1 million in selection savings will last the longest and where it happens quickly.
States where saving $ 1 million will run out faster
1. Hawaii
- Average Monthly Expenditure Cost: $ 2,761
- Annual total living costs for one person after social security benefits: $ 80,125
- How many years 1 million and social security benefits last: 12.48
2. California
- Average Monthly Expenditure Cost: $ 2,269
- Annual total living costs for one person after the benefits of social security: $ 61.406
- How many years will take $ 1 million and social security benefits: 16.29
3. Massachusetts
- Average monthly advantageous costs: $ 2,340
- Annual total living costs for one person after the benefits of social security: $ 51.686
- How many years 1 million $ and social security benefits last: 19.35
4. Washington
- Average Monthly Expenditure Cost: $ 2.096
- Annual total living costs for one person after social security benefits: $ 45.629
- How many years will take $ 1 million and social security benefits: 21.92
5. New Jersey
- Average Monthly Expenditure Cost: $ 2,001
- Annual total living costs for one person after social security benefits: $ 41.315
- How many years 1 million and social security benefits last: 24.20
6. Colorado
- Average Monthly Expenditure Cost: $ 1,899
- Annual total living costs for one person after social security benefits: $ 39,759
- How many years 1 million and social security benefits last: 25.15
7. New Hampshire
- Average monthly advantageous costs: $ 2.081
- Annual total living costs for one person after social security benefits: $ 38.052
- How many years will take $ 1 million and social security benefits: 26.28
8. Utah
- Average Monthly Expenditure Cost: $ 1,893
- Annual total living costs for one person after social security benefits: $ 37,797
- How many years will take $ 1 million and social security benefits: 26.46
9. Oregon
- Average Monthly Expenditure Cost: $ 2,017
- Annual total living costs for one person after social security benefits: $ 37,346
- How many years will take $ 1 million and social security benefits: 26.78
10. Iceland Rhode Island
- Average Monthly Expenditure Cost: $ 2,113
- Annual total living costs for one person after social security benefits: $ 36.920
- How many years 1 million and social security benefits last: 27.09
States where $ 1 million in savings savings lasts long -term
1. West Virginia
- Average Monthly Expenditure Cost: $ 1,833
- Annual total living costs for one person after social security benefits: $ 11,263
- How many years 1 million and social security benefits last: 88.79
2. Mississippi
- Average monthly advantageous costs: $ 1.784
- Annual total living costs for one person after the benefits of social security: $ 11,473
- How many years 1 million and social security benefits last: 87.16
3. Arkansas
- Average Monthly Expenditure Cost: $ 1,725
- Annual living costs for one person after social security benefits: $ 13,000
- How many years will take $ 1 million and social security benefits: 76.93
4. Louisiana
- Average Monthly Expenditure Cost: $ 1,785
- Annual total living costs for one person after social security benefits: $ 13,065
- How many years will take $ 1 million and social security benefits: 76.54
5. Oklahoma
- Average Monthly Expenditure Cost: $ 1,832
- Annual total living costs for one person after the benefits of social security: $ 14.048
- How many years will take $ 1 million and social security benefits: 71.18
6. Kentucky
- Average Monthly Expenditure Cost: $ 1,864
- Annual total living costs for one person after the benefits of social security: $ 14,456
- How many years 1 million and social security benefits last: 69.17
7. Alabama
- Average Monthly Expenditure Cost: $ 1,794
- Annual total living costs for one person after social security benefits: $ 14,874
- How many years will take $ 1 million and social security benefits: 67.23
8. Iowa
- Average Monthly Expenditure Cost: $ 1,836
- Annual total living costs for one person after social security benefits: $ 15,158
- How many years will take $ 1 million and social security benefits: 65.97
9. Kansas
- Average Monthly Expenditure Cost: $ 1.801
- Annual total living costs for one person after the benefits of social security: $ 15,315
- How many years will take $ 1 million and social security benefits: 65.29
10. Ohio
- Average Monthly Expenditure Cost: $ 1,853
- Annual total living costs for one person after the benefits of social security: $ 16,099
- How many years 1 million and social security benefits last: 62.12
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