A new statewide study found a million dollars in retirement savings won't last very long in California.
A new statewide study found a million dollars in retirement savings won't last very long in California. Researchers at GoBankingRates, a personal finance site, found that the average Californian would run out of $1 million in retirement savings in 12 years, eight months and five days, spending about $80,000 a year on items such as housing and healthcare. West Virginia was the best state in the nation for stretching retirement savings, the site’s study found.
To find how long $1 million would last across the country, GoBankingRates looked at the national average annual expenditures for people 65 and older, based on U.S. Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey data.Researchers then multiplied the national figure by the overall cost of living index score for all 50 states and the District of Columbia for the third quarter of 2023 from the Missouri Economic Research and Information Center.
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