How long would $1.5 million in retirement savings last in each state?
(NewsNation) — Americans may often wonder how much exactly they should have saved before retiring.
The reality is that it depends vastly on where you live and which of the 50 states you are retiring in.
A 2024 study by Northwestern Mutual said surveyed Americans believed they needed $1.5 million to retire comfortably.
This week, Go Banking Rates released a compiled study using data from the Bureau Labor of Statistics, among others, to reveal how long that total would last while living comfortably.
The $1.5 million sum would last 17 years according to the analysis by Go Banking Rates, with a cost of living after social security of $87,770.
Massachusetts (23 years), California (24), New York (29), and Alaska (29) rounded out the most expensive five states.
West Virginia was the cheapest state regarding the annual cost of living post-Social Security, and thus the $1.5 million is set to last longest among all states; 54 years.
What happens to your mortgage if your home is destroyed?
The guideline retirement sum would last a half-century in five other states; Kansas (52), Mississippi (51), Oklahoma (51), Alabama (50), and Missouri (50).
The annual cost of living after social security was the cheapest in West Virginia at $27,803. Kansas, Mississippi and Oklahoma were all under $30,000, while Alabama and Missouri's cost of living was marginally beyond $30,200.
Shaun Scott, Chief Revenue Officer of benefits administration company, Aptia Group told NewsNation that forward thinking is essential to get the most out of retirement.
'We encourage all of our employees and our clients across the country to create a plan for retirement,' Scott said.
'Through guided benefits planning and evaluation of social security, investments, personal savings and your benefits package, families and individuals can be confident in their retirement decisions,' he added.
Go Banking Rates has the full list on their website.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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