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The golden years are a little shorter in the Empire State.
A new study has determined that $1 million in retirement savings lasts less than 13 years in New York, due to the sky-high costs of housing, healthcare, and groceries.
GOBankingRates examined the average annual expenditures for people ages 65 and older in every state as reported in the Bureau of Labor Statistics 2024 Consumer Expenditure Survey. They subsequently applied those variable sums against a $1 million constant to calculate how long that amount of money would last.
New York was one of the most expensive places for retirees, with an average annual expenditure of $77,773, including $23,209 for housing and $8,805 for healthcare.
Therefore, $1 million would only last 12.9 years, GOBankingRates determined — one of the shortest timepsans in the country.
In only four other states would that seven-figure sum last less time: Alaska (12.8 years), California (11.9 years), Massachusetts (10.8 years) and Hawaii (9.1 years).
Connecticut and New Jersey fared slightly better than New York.
In the Garden State, $1 million will last a retiree 14.2 years on average. By a smidge, Connecticut was the cheapest in the tri-state area, with the same sum stretching to 14.3 years.
Those wanting more bang for their buck will have to move further south, with Oklahoma found to be the state where $1 million will last longest.
There, a retiree will be able to live on that money for an average of 19.3 years, thanks to much lower housing and food costs.
In Oklahoma, the average annual housing cost for someone 65 and older is just $8,824, while food costs are $4,973, or less than $100 per week.
Mississippi and Alabama came in second and third place for the states where $1 million lasts the longest, at 19 years and 18.5 years, respectively.
The full study can be found here.
Read the full article here
