Seniors could be struggling in retirement, as a new study shows that even $1 million in retirement savings wouldn’t last long in some states.
A survey published by personal finance site GoBankingRates Earlier this year, found, For example, seniors in California could exhaust their supply in about 12 years, 8 months and 5 days due to medical expenses and ordinary living costs, and face financial hardship.
The estimate was calculated by adding up typical annual expenses, including $5,387 for groceries, $22,530 for housing, $5,202 for utilities, $6,283 for transportation and $8,226 for health care, which add up to about $80,000 a year.
Other populous states didn’t fare much better.
For example, New York residents are expected to spend that $1 million in 13 years, 8 months and 1 day.
The District of Columbia’s situation is even worse, with its funds projected to last just 11 years, 10 months and 25 days, roughly the same as Massachusetts’.
Meanwhile, Hawaii retirees face the worst outlook, with the study finding they could burn through $1 million in retirement savings in just nine years, seven months and 25 days.
While there is bad news for seniors in some states, there is good news in others.
Texas, one of the largest states in the US, had the highest number of positive cases at 18 years, 7 months and 7 days.
Southeast states including Tennessee, Georgia, Alabama, Mississippi, the Carolinas and Florida have indicated the amounts will last for at least 17 years, with some of those states reaching nearly 20 years.
The same is true in the Midwest, including states like Iowa, Arkansas, Missouri, Kansas, Nebraska, Illinois and Indiana.
West Virginia players received the highest ranking, giving Mountain State seniors an estimated time of 20 years, three months and 19 days to burn through their $1 million savings.
