How Long $1 Million Will Last You in Retirement in North Dakota
The thought of retirement is pretty great. You never have to work again and you can just relax for the rest of your days.
That of course is assuming you have money. Without enough money, retirement isn't realistic. GoBankingRates did an analysis to find out how long $1 million would last the average retiree in every state.
As noted in the GoBankingRates study, AARP suggests that when you retire you have a nest of $1 million to $1.5 million. If not that, they suggest you have 10 to 12 times your income.
But of course, depending on how you live and where you live, $ 1 million only goes so far. But according to GoBankingRates, $1 million will last a North Dakota retiree 22 years and 10 months. That's pretty good. If you retire at 65, you can still live comfortably up until you're 87.
However, it's certainly not the best. North Dakota ranks No. 27 in the country. The state where $1 million will last you the longest in retirement is Mississippi where it will keep you going for 26 years and 4 months.
If you plan to retire and then escape to Hawaii, the numbers suggest you come up with another plan. $1 million on the tropical island will last just 11 years and 11 months, the least amount of time in the U.S.
It's also important to note that this is how long $1 million will get you today. If you are still decades away from retirement, this could all change. Or maybe one day when robots work all our jobs, we'll be born into retirement.
Until then... another day, another dollar. See the full report from GoBankingRates here.