This is how long $1M in retirement savings would last in Georgia, survey says
ATLANTA - A recent study conducted by GoBankingRates.com, has revealed just how long $1 million in retirement savings would last in each state of the United States.
The study took into account various factors such as the cost of groceries, housing, utilities, transportation, and healthcare to provide a comprehensive overview of the annual expenses. According to the findings, the total cost of living in Georgia amounts to approximately $46,000 annually.
For Georgia residents, this means that $1 million dollars could sustain them for about 21 and a half years. In comparison, the study revealed that in Alabama, the same amount would last for slightly more than 22 years, and in Florida, it would stretch just over 18 years.
Georgia
- Annual groceries cost: $4,335.11
- Annual housing cost: $8,070.70
- Annual utilities cost: $3,528.90
- Annual transportation cost: $3,668.08
- Annual healthcare cost: $6,783.95
- Total annual expenditures: $46,353.35
How long $1 million will last in savings: 21 years 6 months 26 days
By contrast, $1 million would only last about 10 years in the state of Hawaii, where the annual cost of living is roughly $97,000.
According to a recent survey by Schwab Retirement Plan Services, the average American needs $1.9 million to retire comfortably. However, Scwab says that the average amount that most Americans have saved between the ages of 55 and 65 is $197,322.