If your retirement plan was basking in a tropical paradise, let’s hope your vision of a tropical paradise resembles something more like Mississippi and less like Hawaii.
Either that, or let’s hope you were planning on a short retirement.
Data analysis site HowMuch analyzed how far $1 million goes in retirement in every U.S. state. And it turns out you can stretch $1 million about twice as far in Mississippi as you can in Hawaii. HowMuch crunched the numbers based on the cost-of-living Index for the second quarter of 2017 as well as average annual expenditure of people 65 years old and above.
That $1 million would allow the average retired person in Mississippi to live for 25 years and six months, while $1 million only gets you 13 years and one month of retirement in Hawaii.