$1.5M retirement savings lasts 33 years in New Jersey

Many people wonder how long their retirement savings will last. A recent study by GOBankingRates looked at how long $1.5 million in retirement savings, plus Social Security, would support retirees in different states. The study found that the cost of living greatly affects how long this savings lasts. For instance, in West Virginia, retirees can stretch their savings for about 54 years with annual living costs around $27,800 after Social Security. This is one of the best places to retire financially. On the other hand, New Jersey ranks low on the list. Retirees in New Jersey can expect their $1.5 million to last only 33 years. The average annual cost of living in the state is about $45,829 after Social Security. New Jersey is among the six worst states in the country for retirement savings longevity, alongside Alaska, New York, California, Massachusetts, and Hawaii. The findings suggest that where you live can significantly impact your financial security in retirement. For those planning to retire soon, it may be wise to think about relocating to a more affordable state.