Location, location, location…
Did you know that where you live has a HUGE impact on your finances? But exactly how much of an impact does location play when you’re trying to save your money? Gabrielle Olya, examined this question by investigating how many years $1 million would last in each state.
Ranking of States that Save you the Most Money
Why $1 million? Many financial experts are now advising that you need at least one million dollars to retire comfortably. So, exactly how long would that much money last in each state? Mississippi ranked the highest with one million dollars lasting approximately 20.92 years (20 years and 9 months) while Hawaii, on-the-other-hand, was ranked last with one million dollars lasting approximately 9.41 years (9 years and 4 months). Scroll below to see where your state ranks.
How Does this Information Help You?
The above chart can be used as a guide for your future financial planning. For example, let’s say you want to retire in Florida (common destination) you can use the above chart as an estimate to determine how long you could survive before you finances ran out. At the end of the day, even though overall affordability, interest rates, and median income were considered when making this list-everything depends on you and the lifestyle you choose to live.
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