It’s hard to plan for exactly how much money you’ll need in retirement because it depends upon a number of factors, including where you live and what sort of expenses you have. Some people are lucky to have a lot of money in their golden years, from pensions and retirement investments, while others may be scraping by. GOBankingRates set out to find out how long $250,000 will last in every state.
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Using data from the Bureau of Labor Statistics’ 2020 Consumer Expenditure Survey and the Missouri Economic Research and Information Center, GOBankingRates looked at the average annual cost of groceries, housing, utilities, transportation and healthcare for people 65 and older in every state. All data was collected on and up to date as of June 27, 2022. Take a look at how long $250,000 will last in every state (and Washington, D.C.), ranked from the shortest amount of time to the longest.
Hawaii
$250,000 will last: Years, Months and Days: 2 years, 8 months, 23 days
Annual expenditure: $91,684.73
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Washington, D.C.
$250,000 will last: Years, Months and Days: 3 years, 3 months, 22 days
Annual expenditure: $75,555.45
New York
$250,000 will last: Years, Months and Days: 3 years, 5 months, 13 days
Annual expenditure: $72,367.66
California
$250,000 will last: Years, Months and Days: 3 years, 9 months, 4 days
Annual expenditure: $66,467.86
Massachusetts
$250,000 will last: Years, Months and Days: 4 years, 0 months, 14 days
Annual expenditure: $61,947.86
Alaska
$250,000 will last: Years, Months and Days: 4 years, 1 month, 16 days
Annual expenditure: $60,568.07
Maryland
$250,000 will last: Years, Months and Days: 4 years, 1 month, 27 days
Annual expenditure: $60,139.86
Oregon
$250,000 will last: Years, Months and Days: 4 years, 2 months, 13 days
Annual expenditure: $59,568.91
Connecticut
$250,000 will last: Years, Months and Days: 4 years, 5 months, 1 day
Annual expenditure: $56,571.43
New Hampshire
$250,000 will last: Years, Months and Days: 4 years, 5 months, 23 days
Annual expenditure: $55,857.75
Vermont
$250,000 will last: Years, Months and Days: 4 years, 5 months, 26 days
Annual expenditure: $55,619.85
Maine
$250,000 will last: Years, Months and Days: 4 years, 6 months, 26 days
Annual expenditure: $54,763.43
Washington
$250,000 will last: Years, Months and Days: 4 years, 7 months, 9 days
Annual expenditure: $54,192.48
New Jersey
$250,000 will last: Years, Months and Days: 4 years, 7 months, 24 days
Annual expenditure: $53,716.69
Rhode Island
$250,000 will last: Years, Months and Days: 4 years, 7 months, 28 days
Annual expenditure: $53,669.11
Arizona
$250,000 will last: Years, Months and Days: 4 years, 11 months, 1 day
Annual expenditure: $50,766.79
Delaware
$250,000 will last: Years, Months and Days: 4 years, 11 months, 19 days
Annual expenditure: $50,338.58
Montana
$250,000 will last: Years, Months and Days: 5 years, 0 months, 10 days
Annual expenditure: $49,672.48
Utah
$250,000 will last: Years, Months and Days: 5 years, 0 months, 13 days
Annual expenditure: $49,577.32
Nevada
$250,000 will last: Years, Months and Days: 5 years, 1 month, 4 days
Annual expenditure: $49,053.95
Virginia
$250,000 will last: Years, Months and Days: 5 years, 1 month, 12 days
Annual expenditure: $48,863.63
Florida
$250,000 will last: Years, Months and Days: 5 years, 1 month, 12 days
Annual expenditure: $48,816.05
Colorado
$250,000 will last: Years, Months and Days: 5 years, 1 month, 15 days
Annual expenditure: $48,720.90
Idaho
$250,000 will last: Years, Months and Days: 5 years, 3 months, 15 days
Annual expenditure: $47,293.53
Pennsylvania
$250,000 will last: Years, Months and Days: 5 years, 4 months, 21 days
Annual expenditure: $46,389.53
Minnesota
$250,000 will last: Years, Months and Days: 5 years, 4 months, 29 days
Annual expenditure: $46,246.79
North Dakota
$250,000 will last: Years, Months and Days: 5 years, 5 months, 5 days
Annual expenditure: $46,056.47
Wisconsin
$250,000 will last: Years, Months and Days: 5 years, 5 months, 30 days
Annual expenditure: $45,437.95
South Dakota
$250,000 will last: Years, Months and Days: 5 years, 6 months, 8 days
Annual expenditure: $45,295.21
North Carolina
$250,000 will last: Years, Months and Days: 5 years, 6 months, 11 days
Annual expenditure: $45,200.05
Wyoming
$250,000 will last: Years, Months and Days: 5 years, 7 months, 6 days
Annual expenditure: $44,676.68
South Carolina
$250,000 will last: Years, Months and Days: 5 years, 7 months, 6 days
Annual expenditure: $44,676.68
New Mexico
$250,000 will last: Years, Months and Days: 5 years, 7 months, 6 days
Annual expenditure: $44,676.68
Kentucky
$250,000 will last: Years, Months and Days: 5 years, 7 months, 10 days
Annual expenditure: $44,533.94
Louisiana
$250,000 will last: Years, Months and Days: 5 years, 7 months, 17 days
Annual expenditure: $44,391.21
Texas
$250,000 will last: Years, Months and Days: 5 years, 8 months, 15 days
Annual expenditure: $43,820.26
Nebraska
$250,000 will last: Years, Months and Days: 5 years, 8 months, 19 days
Annual expenditure: $43,677.52
Illinois
$250,000 will last: Years, Months and Days: 5 years, 8 months, 22 days
Annual expenditure: $43,629.94
Ohio
$250,000 will last: Years, Months and Days: 5 years, 9 months, 14 days
Annual expenditure: $43,201.73
West Virginia
$250,000 will last: Years, Months and Days: 5 years, 9 months, 22 days
Annual expenditure: $43,059.00
Missouri
$250,000 will last: Years, Months and Days: 5 years, 9 months, 22 days
Annual expenditure: $43,059.00
Michigan
$250,000 will last: Years, Months and Days: 5 years, 10 months, 2 days
Annual expenditure: $42,773.52
Arkansas
$250,000 will last: Years, Months and Days: 5 years, 10 months, 2 days
Annual expenditure: $42,773.52
Tennessee
$250,000 will last: Years, Months and Days: 5 years, 10 months, 16 days
Annual expenditure: $42,535.63
Indiana
$250,000 will last: Years, Months and Days: 5 years, 10 months, 20 days
Annual expenditure: $42,440.47
Georgia
$250,000 will last: Years, Months and Days: 5 years, 11 months, 15 days
Annual expenditure: $41,964.68
Iowa
$250,000 will last: Years, Months and Days: 5 years, 11 months, 15 days
Annual expenditure: $41,917.10
Alabama
$250,000 will last: Years, Months and Days: 6 years, 0 months, 3 days
Annual expenditure: $41,631.63
Kansas
$250,000 will last: Years, Months and Days: 6 years, 1 month, 23 days
Annual expenditure: $40,632.47
Oklahoma
$250,000 will last: Years, Months and Days: 6 years, 2 months, 13 days
Annual expenditure: $40,346.99
Mississippi
$250,000 will last: Years, Months and Days: 6 years, 3 months, 26 days
Annual expenditure: $39,538.15
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Methodology: In order to find how long $250,000 will last across the country, GOBankingRates first found (1) the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics’ 2020 Consumer Expenditure Survey data. Then, GOBankingRates created (2) state-level annual expenditure estimates by multiplying the national figure by each state’s overall cost of living index score for 2022 quarter 1 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $250,000 will last in each state by dividing $250,000 by each state’s average annual expenditures estimate. All 50 states and the District of Columbia were then ranked with No. 1 being the state where $250,000 will last the longest and No. 51 being the state where it will run out most quickly. GOBankingRates provided supplemental information on the average annual cost of groceries, housing, utilities, transportation, and healthcare for people 65 and older in each state by again using MERIC’s cost of living indices for each category to factor out national estimates from the CES. All data was collected on and up to date as of June 27, 2022.
This article originally appeared on GOBankingRates.com: How Long $250,000 Will Last in Retirement in Each State
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