How long would $1 million in retirement savings last in NC? New report breaks it down

One million dollars in savings is a significant amount of money, but how much time could that much cash actually buy you during retirement in North Carolina?

GOBankingRates released a report revealing how long $1 million in retirement savings would last in each state across the U.S. In North Carolina? It wouldn’t last even 20 years.

Retirement cost of living in NC with $1 million

According to the report, a $1 million retirement savings account in North Carolina would last 17 years, 11 months, 23 days:

• Annual groceries cost: $4,711

• Annual housing cost: $10,792

• Annual utilities cost: $3,914

• Annual transportation cost: $4,548

• Annual healthcare cost: $8,060

• Total annual expenditures: $55,621

To calculate how long $1 million would last in each state, GOBankingRates found the national average annual expenditures for people 65 and older and created state-level annual expenditure estimates by multiplying the national figure by each state’s overall cost of living index score — then divided that by 1 million.

In comparison, $1 million in savings would last you the longest in West Virginia and run out the quickest in Hawaii.

Top 10 states where $1 million retirement would last the longest:

1. West Virginia: 20 years, 3 months, 19 days

2. Mississippi: 19 years, 11 months, 12 days

3. Oklahoma: 19 years, 11 months, 5 days

4. Kansas: 19 years, 9 months, 15 days

5. Alabama: 19 years, 7 months, 11 days

6. Missouri: 19 years, 7 months, 3 days

7. Arkansas: 19 years, 6 months, 15 days

8. Iowa: 19 years, 2 months, 26 days

9. Tennessee: 19 years, 1 month, 17 days

10. Louisiana: 19 years, 0 months, 26 days

Top 10 states where $1 million retirement run out the fastest:

1. Hawaii: 9 years, 7 months, 25 days

2. Massachusetts: 11 years, 8 months, 9 days

3. District of Columbia: 11 years, 10 months, 25 days

4. California: 12 years, 8 months, 5 days

5. New York: 13 years, 8 months, 1 day

6. Alaska: 13 years, 8 months, 5 days

7. Washington: 14 years, 11 months, 12 days

8. New Hampshire: 14 years, 11 months, 16 days

9. Vermont: 15 years, 0 months, 19 days

10. Maryland: 15 years, 0 months, 26 days

You can find more information in the full report online at gobankingrates.com.

Chyna Blackmon

The Charlotte Observer

Chyna Blackmon was a service journalism reporter for The Charlotte Observer. A native of the Carolinas, she grew up in Columbia, SC, and graduated from Queens University of Charlotte. She’s also worked in local television news in Charlotte, NC, and Richmond, VA. Support my work with a digital subscription