If you had a MILLION BUCKS in the bank, how many years could you ride it out without ever working again?
A new report looked at cost-of-living, housing, healthcare, and a bunch of other stats. It ranked all 50 states according to how long it would take to burn through a million bucks if you retired there.
The cheapest state to retire in is Mississippi, where $1 million could last over 23 years and the most expensive state is Hawaii, where you could only make it about a decade.
Illinois was somewhere in the middle, with the report’s estimation being 20 years, 8 months, 13 days. That’s figuring your total annual expenditures being $48,266.14. Consider that if you ever win the lottery!
You can check out the rankings for all 50 states at GoBankingRates.com.