Where $1.5 Million In Retirement Plus Social Security Will Last the Longest. And The Shortest.

Planning for retirement involves more than just building up savings — where you choose to live can significantly affect how far your money will go. 

A recent study from GOBankingRates analyzed how far $1.5 million in retirement savings, combined with Social Security benefits, would last retirees in each U.S. state. While $1.5 million may seem like a comfortable nest egg, the cost of living widely varies from state to state, making some locations much friendlier for retirees' wallets than others. 

Don't Miss:

• Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die." Here’s how you can earn passive income with just $100.
• Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to grab 4,000 of its pre-IPO shares for just $0.26/share!

Top 5 States Where Retirement Savings Last the Longest

If you want to stretch your retirement savings as long as possible, the study shows that these states offer the lowest cost of living, allowing your funds to last decades. 

1. West Virginia – With an annual cost of living after Social Security of $27,803, $1.5 million would last about 54 years — the longest of any state.
2. Kansas – The annual cost of living after Social Security is $28,945, which means $1.5 million would last approximately 52 years.
3. Mississippi – Retirees can expect their savings to last about 51 years, thanks to a modest annual cost of living of $29,426 after Social Security.
4. Oklahoma – With an annual cost of living of $29,666 after Social Security, $1.5 million would last roughly 51 years.
5. Alabama – Retirees in Alabama would see their savings last about 50 years due to an annual post-Social Security cost of living of $30,207.

Trending: Can you guess how many retire with a $5,000,000 nest egg? The percentage may shock you.

Top 5 States Where Retirement Savings Run Out Fastest

At the other end of the spectrum, certain states see much higher living costs, meaning that even a larger retirement fund will be depleted more quickly. 

1. Hawaii – The annual cost of living after Social Security is $87,770, meaning $1.5 million would last only 17 years — the shortest of any state.
2. Massachusetts – Retirees face an annual cost of living of $65,117, which would stretch $1.5 million for about 23 years.
3. California – With an annual cost of living of $63,795, retirement funds would last around 24 years.
4. New York – The annual cost of living after Social Security is $50,997, which would deplete $1.5 million in about 29 years.
5. Alaska – With similar costs to New York, retirees in Alaska would see their savings last about 29 years as well.

See Also: This startup is on the brink of a huge disruption to a $654 billion industry – invest in it for under $10 before it's too late.

Factors That Affect Retirement Costs

Several factors can determine just how long your retirement savings will last across each state. 

• Housing costs tend to be the largest expense for retirees. 
• Healthcare expenses also come into play, and these vary widely across the country – particularly as some states offer more affordable Medicare plans and senior care. 
• State income taxes, property taxes, and sales tax can impact your savings and increase the cost of living in certain places. 
• Climate and lifestyle habits come into play as well. Warmer climates and coastal living may attract retirees, but desirable locations like this often cost more. 

Planning for a Comfortable Retirement

While $1.5 million in savings might seem like enough, where you retire plays a big role in just how far those funds will go. Retirees looking for a lower cost of living and longer financial security may find states like West Virginia, Kansas, and Mississippi more appealing. On the other hand, those drawn to coastal or metropolitan areas should be prepared for higher expenses and a shorter financial runway. 

As you consider how much you need for your retirement and where you want to go for the best long-term financial security, consider talking to a trusted financial advisor to help you navigate your options. 

Read Next:

• If You're Age 35, 50, or 60: Here’s How Much You Should Have Saved Vs. Invested By Now
• Many are using retirement income calculators to check if they’re on pace — here’s a breakdown on what’s behind this formula.