How Far Will Your Money Last in Retirement in California? Not Long


If you're saving for retirement and living in California, you may want to start looking for places other than the Golden State to retire. According to a new survey from the personal finance website GOBankingRates.com, $1,000,000 will only last you around 16 and a half years - good for the second shortest amount of time in the U.S.. 

And while you may enjoy the beaches, weather, and laid back lifestyle, Hawaii was ranked as the state with the shortest amount of time $1,000,000 will last you at only 11 years and 11 months. 

Alaska, New York and Massachusetts rounded out the rest of the top five states where your retirement money will burn up. According to GOBankingRates.com, the high cost of living and healthcare costs are credited for the shortened lifespan of your retirement nest egg. 

If you want to live out your golden years on your $1,000,000, you may want to check out Mississippi. It led the nation with $1,000,000 lasting 26 years and 4 months. Arkansas, Oklahoma, Michigan and Tennessee took the rest of the top spots where your money will last the longest. 

The latest survey shows how difficult it has become for many people to live and thrive in California. Recently, another survey discovered three out of four renters plan on moving out of state, citing the high cost of living as their reason. With the cost of rent doubling over the last seventeen years, a person living in the city of Los Angeles and Orange County would need to make at least six figures in order to afford an average two bedroom apartment in the city of Los Angeles. 


Sponsored Content

Sponsored Content