How Long Can You Live On $500 000

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How Long $500K Will Terminal in Retirement in Each State

When pondering the question, "How much practise I need to retire?" there is never a one-size-fits-all answer. What 1 person could happily live on, another might find crimps their fashion. Although conventional wisdom suggests having a retirement nest egg of at least $1 million, that's a difficult number to achieve for many Americans.

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To paint a more realistic motion picture of retirement finances, GOBankingRates determined how long $500,000 volition last in every state. To do this, the written report analyzed average spending data -- including groceries, housing, utilities, transportation and health care -- for people ages 65 and older.

Get a clear idea of the cost of living across America.

Hawaii

$500,000 will last:

Years, Months, and Days: 5 years 5 months 8 days
Annual expenditure: $91,970.21

New York

$500,000 will last:

Years, Months, and Days: 7 years ane calendar month 1 24-hour interval
Almanac Expenditure: $70,512.08

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California

$500,000 will last:

Years, Months, and Days: 7 years 4 months 22 days
Annual Expenditure: $67,657.34

Massachusetts

$500,000 will last:

Years, Months, and Days: 7 years 9 months 11 days
Annual Expenditure: $64,231.65

Oregon

$500,000 will terminal:

Years, Months, and Days: 8 years 0 months 29 days
Annual Expenditure: $61,900.28

Alaska

$500,000 will last:

Years, Months, and Days: viii years 3 months 7 days
Annual Expenditure: $60,472.91

Maryland

$500,000 will final:

Years, Months, and Days: 8 years v months nineteen days
Almanac Expenditure: $58,997.96

Connecticut

$500,000 will terminal:

Years, Months, and Days: 8 years vii months 20 days
Annual Expenditure: $57,856.06

Rhode Island

$500,000 volition last:

Years, Months, and Days: 8 years 11 months 19 days
Annual Expenditure: $55,762.59

Vermont

$500,000 will last:

Years, Months, and Days: eight years 11 months and 4 days
Annual Expenditure: $55,667.43

New Jersey

$500,000 will terminal:

Years, Months, and Days: 9 years 1 month 12 days
Annual Expenditure: $54,811.01

Maine

$500,000 will last:

Years, Months, and Days: ix years i calendar month 19 days
Almanac Expenditure: $54,715.85

Washington

$500,000 will terminal:

Years, Months, and Days: ix years 5 months 1 mean solar day
Almanac Expenditure: $53,098.16

DenisTangneyJr / Getty Images/iStockphoto

New Hampshire

$500,000 will concluding:

Years, Months, and Days: 9 years 6 months 22 days
Annual Expenditure: $52,289.32

Delaware

$500,000 will last:

Years, Months, and Days: ix years 8 months 26 days
Annual Expenditure: $51,337.74

Nevada

$500,000 will final:

Years, Months, and Days: 9 years 10 months 20 days
Annual Expenditure: $l,576.48

Colorado

$500,000 will last:

Years, Months, and Days: ix years 11 months 23 days
Annual Expenditure: $l,100.69

Arizona

$500,000 will last:

Years, Months, and Days: 10 years 2 months six days
Annual Expenditure: $49,101.53

Pennsylvania

$500,000 will last:

Years, Months, and Days: 10 years 2 months 31 days
Annual Expenditure: $48,768.48

Idaho

$500,000 will terminal:

Years, Months, and Days: 10 years three months xv days
Annual Expenditure: $48,578.sixteen

Virginia

$500,000 will last:

Years, Months, and Days: ten years 3 months 26 days
Almanac Expenditure: $48,435.42

South Dakota

$500,000 volition final:

Years, Months, and Days: 10 years 4 months 25 days
Almanac Expenditure: $48,054.79

Montana

$500,000 will last:

Years, Months, and Days: x years 5 months nine days
Almanac Expenditure: $47,912.05

Florida

$500,000 will last:

Years, Months, and Days: 10 years five months 23 days
Annual Expenditure: $47,721.74

Minnesota

$500,000 will last:

Years, Months, and Days: 10 years vi months iv days
Annual Expenditure: $47,579.00

Utah

$500,000 volition last:

Years, Months, and Days: 10 years 7 months 10 days
Annual Expenditure: $47,103.21

Due north Dakota

$500,000 will terminal:

Years, Months, and Days: 10 years eight months 12 days
Annual Expenditure: $46,722.58

Wisconsin

$500,000 will last:

Years, Months, and Days: ten years x months 24 days
Annual Expenditure: $45,866.xvi

North Carolina

$500,000 will last:

Years, Months, and Days: x years xi months 23 days
Almanac Expenditure: $45,533.10

Illinois

$500,000 will concluding:

Years, Months, and Days: 11 years 1 month 19 days
Annual Expenditure: $44,867.00

Wyoming

$500,000 will last:

Years, Months, and Days: 11 years 1 month nineteen days
Almanac Expenditure: $44,867.00

Nebraska

$500,000 will last:

Years, Months, and Days: 11 years ii months 21 days
Annual Expenditure: $44,581.52

South Carolina

$500,000 volition last:

Years, Months, and Days: eleven years 2 months 24 days
Annual Expenditure: $44,533.94

Kentucky

$500,000 will last:

Years, Months, and Days: 11 years iii months 15 days
Annual Expenditure: $44,296.05

Louisiana

$500,000 volition last:

Years, Months, and Days: 11 years 3 months 19 days
Annual Expenditure: $44,248.47

Texas

$500,000 volition final:

Years, Months, and Days: 11 years 4 months 29 days
Annual Expenditure: $43,820.26

Ohio

$500,000 will last:

Years, Months, and Days: 11 years 6 months 5 days
Annual Expenditure: $43,439.63

Michigan

$500,000 volition last:

Years, Months, and Days: 11 years 6 months 5 days
Annual Expenditure: $43,439.63

New Mexico

$500,000 will final:

Years, Months, and Days: 11 years 6 months nineteen days
Annual Expenditure: $43,296.89

Arkansas

$500,000 will last:

Years, Months, and Days: 11 years six months 23 days
Annual Expenditure: $43,249.31

Indiana

$500,000 volition last:

Years, Months, and Days: 11 years 7 months six days
Almanac Expenditure: $43,106.57

W Virginia

$500,000 will last:

Years, Months, and Days: 11 years 7 months 10 days
Annual Expenditure: $43,059.00

Iowa

$500,000 will last:

Years, Months, and Days: 11 years 8 months 8 days
Annual Expenditure: $42,773.52

Missouri

$500,000 will concluding:

Years, Months, and Days: eleven years 8 months 12 days
Annual Expenditure: $42,725.94

Tennessee

$500,000 will last:

Years, Months, and Days: eleven years 9 months 22 days
Annual Expenditure: $42,345.31

Georgia

$500,000 will terminal:

Years, Months, and Days: 11 years 9 months 29 days
Annual Expenditure: $42,250.fifteen

Alabama

$500,000 will last:

Years, Months, and Days: eleven years 11 months 16 days
Annual Expenditure: $41,821.94

Oklahoma

$500,000 will concluding:

Years, Months, and Days: eleven years xi months sixteen days
Annual Expenditure: $41,821.94

Kansas

$500,000 will concluding:

Years, Months, and Days: 12 years ane month 23 days
Almanac Expenditure: $41,155.84

SeanPavonePhoto / Getty Images/iStockphoto

Mississippi

$500,000 will last:

Years, Months, and Days: 12 years 7 months 13 days
Annual Expenditure: $39,633.31

How Long Volition a $500K Retirement Nest Egg Terminal?

When you lot're trying to gauge how long $500,000 will last you, where you choose to alive is crucial due to the difference in cost-of-living expenses across the nation.

For instance, as far as location goes, Mississippi ranks as the elevation option for making $500,000 concluding equally long equally possible. According to the data, however, $500,000 in Mississippi will last only near iv months longer than it would in Kansas, which is the second-best place to retire with $500,000.

If Hawaii, California or New York are your dream retirement destinations, $500,000 won't last nigh as long. These states are considered some of the worst choices to retire in with that size of a nest egg equally savings. For instance, if you were to motility to Hawaii instead of Mississippi, you lot would get nearly seven fewer years, on average, out of your retirement savings.

Just location isn't the only affair to consider. You also demand to decide how you'll spend your money, and counterbalance that against the average cost-of-living expenses in your called state. Perhaps you plan on sharing a home with someone else who can beget to pay half of the expenses. Or maybe transportation costs aren't an issue for you because you lot programme to use a free or depression-cost transit system.

Any the case, to brand your $500,000 nest egg go the altitude, information technology's important to choose a retirement destination that volition best serve your specific needs at the near affordable cost.

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Jordan Rosenfeld and Jami Farkas contributed to the reporting for this article.

Methodology: In order to observe how long $500,000 will last across the country, GOBankingRates first found (1) the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics' 2020 Consumer Expenditure Survey data. Then, GOBankingRates created (ii) state-level almanac expenditure estimates by multiplying the national figure by each state's overall cost of living alphabetize score for 2021 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $500,000 volition last in each state past dividing $500,000 past each state'due south boilerplate annual expenditures judge. All l states and the District of Columbia were and then ranked with No. i being the country where $500,000 will last the longest and No. 51 being the state where information technology will run out most rapidly. GOBankingRates provided supplemental information on the average annual cost of groceries, housing, utilities, transportation, and healthcare for people 65 and older in each land by again using MERIC'southward price of living indices for each category to factor out national estimates from the CES. All data was collected on and up to date as of May 20, 2022.

This commodity originally appeared on GOBankingRates.com: How Long $500K Will Last in Retirement in Each State

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Source: https://finance.yahoo.com/news/long-500k-last-retirement-state-143015919.html

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How Long Can You Live On $500 000

S&P Futures

Dow Futures

Nasdaq Futures

Russell 2000 Futures

Crude Oil

Gold

Argent

EUR/USD

x-Yr Bail

Vix

GBP/USD

USD/JPY

BTC-USD

CMC Crypto 200

FTSE 100

Nikkei 225

Hawaii

New York

California

Massachusetts

Oregon

Alaska

Maryland

Connecticut

Rhode Island

Vermont

New Jersey

Maine

Washington

New Hampshire

Delaware

Nevada

Colorado

Arizona

Pennsylvania

Idaho

Virginia

South Dakota

Montana

Florida

Minnesota

Utah

Due north Dakota

Wisconsin

North Carolina

Illinois

Wyoming

Nebraska

South Carolina

Kentucky

Louisiana

Texas

Ohio

Michigan

New Mexico

Arkansas

Indiana

W Virginia

Iowa

Missouri

Tennessee

Georgia

Alabama

Oklahoma

Kansas

Mississippi

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Hither's Why Nanox Stock Soared on Midweek

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