How Far Will $1 Million Take You? It Depends . . .

If you’ve ever heard the riddle, “what weighs more—a pound of feathers or a pound of rocks?” obviously, you know they’re both a pound. However, when it comes to retirement, “what lasts longer—a million dollars in Mississippi or a million dollars in Hawaii?” unfortunately, it doesn’t work quite the same.

According to AARP, those planning for retirement should save approximately $1 million considering the average American retirement age is 63 and life expectancy for retirees is 85. However, depending on where buyers live could change how much they should save. Research from GOBankingRates based on total expenditures for individuals’ aged 65 and older, including housing, utilities, transportation, and health care, found that in places like Hawaii, money will only last you about half of retirement.

The cost of living in Hawaii averages about $5,626 a year with groceries alone being the highest in the nation—it also comes in at number 50 on this most economical places to retire list. Housing costs in Hawaii are approximately $46,478 a year, which is $16,000 more than the next most-expensive state. According to GOBankingRates, Hawaii all in all is nearly $23,000 more than the next-priciest state and will only get you 11 years and 11 months of retirement on a $1 million budget.

In the middle of the road (25^th) of places to retire is Illinois, which sports slightly lower than average housing, health care, and grocery costs, but high transportation and utilities. Per year, retirees would have to pay about $43,369 to cover the cost of living. $1 million in Illinois would last 23 years and one month.

The most economical state will last buyers 26 years and four months of retirement. Mississippi is the not only the only state that will allow for more than 26 years, but it’s also the lowest when it comes to housing costs. To get through a whole year, retirees would need $37,964.

From Hawaii to Mississippi, there is a 14-year, five-month gap in the length of time $1 million will last retirees.

To see the full list, click here.