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Fri. Jul 19th, 2024

How long will a million dollars in retirement savings last in North Carolina?

By meerna Jun25,2024
How long will a million dollars in retirement savings last in North Carolina?

A million dollars in savings is a significant amount of money, but how much time could you really buy in retirement in North Carolina?

GOBankingRates released a report revealing how long $1 million in retirement savings will last in every state in the US. In North Carolina? It wouldn’t even last 20 years.

Retirement costs of living in North Carolina of $1 million

A $1 million retirement account in North Carolina would be enough, according to the report 17 years, 11 months, 23 days: :

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  • Annual cost of groceries: $4,711

  • Annual housing cost: $10,792

  • Annual utility cost: $3,914

  • Annual transportation cost: $4,548

  • Annual health care cost: 8060 dollars

  • Total annual expenses: $55,621

To calculate how long $1 million would last in each state, GOBankingRates found the average annual national spending for people 65 and older, then created state-level estimates of annual spending by multiplying the national number by each state’s total cost of living index score, and then dividing the resulting amount by 1 million.

By comparison, $1 million in savings would last the longest in West Virginia and run out the fastest in Hawaii.

10 states where a $1 million pension will last the longest:

  1. West Virginia: 20 years, 3 months, 19 days

  2. Mississippi: 19 years, 11 months, 12 days

  3. Oklahoma: 19 years, 11 months, 5 days

  4. Kansas: 19 years, 9 months, 15 days

  5. Alabama: 19 years, 7 months, 11 days

  6. Missouri: 19 years, 7 months, 3 days

  7. Arkansas: 19 years, 6 months, 15 days

  8. Iowa: 19 years, 2 months, 26 days

  9. Tennessee: 19 years, 1 month, 17 days

  10. Louisiana: 19 years, 0 months, 26 days

The 10 states where $1 million pensions expire the fastest:

  1. Hawaii: 9 years, 7 months, 25 days

  2. Massachusetts: 11 years, 8 months, 9 days

  3. District of Columbia: 11 years, 10 months, 25 days

  4. California: 12 years, 8 months, 5 days

  5. New York: 13 years, 8 months, 1 day

  6. Alaska: 13 years, 8 months, 5 days

  7. Washington: 14 years, 11 months, 12 days

  8. New Hampshire: 14 years, 11 months, 16 days

  9. Vermont: 15 years, 0 months, 19 days

  10. Maryland: 15 years, 0 months, 26 days

More information can be found in the full report online at gobankingrates.com.

Chyna Blackmon's profile picture

Chyna Blackmon is a services journalism reporter at The Charlotte Observer. A native of the Carolinas, she grew up in Columbia, South Carolina and graduated from Queens University of Charlotte. She also worked in local television news in Charlotte, North Carolina and Richmond, Virginia.
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