How far $1 million goes depends where you live and your standard of living, and that regions affordability. As the expression goes, it’s not always what you make that counts, but what you save.
GoBankingRates, a personal finance site, conducted an analysis to determine how far the purchasing power of $1 million will go in various states by determining the cost of groceries, housing, utilities, transportation and healthcare for typical retirees 65 or older.
The current average life expectancy for America’s retirees is 85 years old and the average retirement age is 63, therefore GoBankingRates looked at whether $1 million is enough for the projected average age of 22 years of retirement.
It found that the best affordable place to settle down was Mississippi and the least affordable was Hawaii.