WASHINGTON – A new study found that $1 million won’t last retirees long in DC compared to other states.
The study, published by personal finance site GoBankingRates, found that $1 million dollars in DC would last retirees the third shortest amount of time of any state at 11 years, 10 months and 25 days. The District narrowly beat out Hawaii and Massachusetts at approximately 9 years, seven months and 11 years, eight months respectively.
Maryland did not fare much better in the study, ranking as the state with the tenth-shortest duration for how long $1 million could support a retiree at 15 years and 26 days. Virginia proved to be more affordable, being able to support a retiree for 17 years and 22 days on a budget of $1 million.
For a more affordable retirement, DMV residents might look westward towards West Virginia. The state boasted the most longevity for those looking to retire on a budget of $1 million at 20 years, three months and 19 days.
The study came to these conclusions by dividing $1 million by each state’s average annual expenditures estimate. They also factored in the national average annual expenditure for people 65 and older. The study based its findings on factors such as annual cost of groceries, housing, utilities, transportation and healthcare.
