$1.5 million retirement savings lasts longer in some states

A recent survey shows that most Americans believe they need $1.5 million to retire comfortably. However, a new map from GOBankingRates reveals that this amount will last longer in some states than others. In states like West Virginia, Kansas, and Mississippi, $1.5 million can last over 50 years. In contrast, it will run out quickly in Hawaii, Massachusetts, and California. The findings are based on living costs and Social Security benefits. Most Americans save significantly less than the $1.5 million target. A 2024 study found the median retirement savings for workers is about $64,000, with many nearing retirement having even less.