These Are The States Where Your Retirement Dollars Go The Furthest

One of the most important things about retiring is knowing you have enough disposable income to enjoy yourself. While it’s true that many retirees either stay working to keep busy or find work to pay the bills, retiring comfortably remains very much at the top of their minds. 

As a result of this desire to retire without wondering how your next mortgage payment will happen, you can look to relocate to a state where your retirement dollars will stretch as much as possible. Whether with a mortgage payment, insurance, or entertainment costs, you should look twice at these states if you really want to live a financially comfortable life during your golden years. 

Using data from the Bureau of Labor Statistics Consumer Expenditure Survey and the U.S. Census Community Survey, we can see, on average, how far $1 million in retirement savings will last alongside Social Security benefits. It’s important to note these numbers already include expenses for groceries, housing, utilities, and transportation. 

West Virginia

If you want to see your $1 million last as long as possible while retired, you will want to venture to West Virginia. According to the data, with an average monthly expenditure of only $1,833, your $1 million can last close to 89 years. 

Mississippi

While Mississippi isn’t always at the top of the list for retirement reasons, it will likely draw more interest when you learn $1 million will last as much as 87 years. An average monthly expense of $1,785 means that you will have a total cost of living of just $11,473 annually. Yes, annually, which speaks directly to how inexpensive retirement life can be in Mississippi. 

Arkansas

With an average monthly expense of only $1,725 and an annual cost of living with Social Security benefits of $13,000, you can live for 76 years in Arkansas. Considering the state’s beautiful scenery and low taxes, this sounds like a win-win for everyone. 

Louisiana

Louisiana is a fantastic place to live when you factor in a mild climate and a state that doesn’t tax Social Security retirement benefits. With an average monthly expenditure of around $1,785 and an annual cost of living after Social Security of just $13,065, you will discover that $1 million lasts 76 years.  

Oklahoma

With a very low cost of living, everything in Oklahoma, including groceries, healthcare, and utilities will feel less expensive. Plus, you get the benefit of many outdoor activities that keep you occupied during warm weather months. This is good news considering your $1 million will last up to 71 years after you spend just $14,048 per year after Social Security benefits. 

Kentucky

There’s so much more to Kentucky than horse racing as it’s one of the best states to stretch your dollar. In fact, you can stretch $1 million so well that you can make this money last as long as 69 years and you’ll only be spending around $1,864 monthly on all your fixed costs. 

Alabama

Go to Alabama, which has a low cost of living, outstanding weather, and plenty of coastline and golf to keep you occupied all year. The good news is that you’ll have plenty of money for tee times, considering that your $1 million will last approximately 67 years, and the annual total cost of living after Social Security is only $14,874. 

Iowa

Iowa is a great place to settle down and retire. It is known for its Midwest-friendly residents and excellent beauty, with plenty of forests and scenic areas to enjoy. The good news for Iowans is that if you have $1 million to enjoy, it will take you almost 65 years to exhaust every penny to your name. 

Kansas

In Kansas, you can enjoy Jayhawk basketball and 65 years before your $1 million retirement fund runs out. With an annual total cost of living after Social Security of only $15,315, there is plenty of funding to enjoy a peaceful part of America with a moderate climate and lots of outdoor fun. 

Ohio 

Ohio is full of tax breaks, excellent healthcare, and no state taxes on inheritances, estates, or Social Security, which makes it an ideal retirement environment. You’ll also be able to enjoy all of your money well since $1 million is believed to be able to last as long as 62 years before running out. 

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