If you plan on retiring in the next few years, it's helpful to get an idea of how far you'll be able to stretch your dollars. Where you live determines a lot, specifically how long a certain amount of money will last. Retirement can last up to 25 years or longer, according to Fidelity, but cost of living is the primary determining factor in how far a sum of money will get you.

The website GoBankingRates examined how long $1 million would last in every state. The concerning part about their findings is that there's not a single state in the US where $1 million would be enough to cover a retirement lasting 25 years. Not even in Iowa, Illinois, or Wisconsin, although those states fare better than most.

Unsplash - Giorgio Trovato
Unsplash - Giorgio Trovato

The Methodology:

GoBankingRates outlined their methodology when it came to examining how far $1 million will get you in retirement:

To determine how far a $1 million nest egg will take retirees across the country for someone 65 or older, GOBankingRates analyzed data from the Bureau of Labor Statistics’ 2020 Consumer Expenditure Survey and factored in the state’s overall cost-of-living index score for 2021 from the Missouri Economic Research and Information Center. Annual costs were further broken down by multiplying more specific annual expenditure figures from the CES by MERIC’s cost of living for groceries, utilities, transportation and healthcare. All 50 states then were ranked with No. 1 being the state where $1 million will last the longest and No. 50 being the state where it will run out most quickly. - per GoBankingRates

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How Far $1 Million Will Get You in Iowa:

Iowa is one of the states where $1 million will last the longest in retirement. However, it won't last you 25 years. Here's a breakdown of where the money will go, including groceries, utilities, healthcare, and more:

  • Annual groceries cost: $4,407.06
  • Annual housing cost: $7,333.22
  • Annual utilities cost: $3,744.56
  • Annual transportation cost: $3,914.26
  • Annual healthcare cost: $6,952.67
  • Total annual expenditures: $45,988.36

How long $1 million will last in savings: 21 years 8 months 26 days

Photo Credit: MachineHeadz, Digital Team
Photo Credit: MachineHeadz, Digital Team

How Far $1 Million Will Get You in Illinois:

$1 million in retirement in Illinois won't get you as far as Iowa:

  • Annual groceries cost: $4,519.49
  • Annual housing cost: $8,486.18
  • Annual utilities cost: $3,709.27
  • Annual transportation cost: $4,279.43
  • Annual healthcare cost: $6,748.80
  • Total annual expenditures: $47,917.58

How long $1 million will last in savings: 20 years 10 months 12 days

Photo Credits: ThinkStock; monkeybusinessimages; InstaPhotos
Photo Credits: ThinkStock; monkeybusinessimages; InstaPhotos

How Far $1 Million Will Get You in Wisconsin:

Wisconsin's numbers came in about the same as Illinois'. Shockingly, however, $1 million won't last you as long up north as it would in the Land of Lincoln.

  • Annual groceries cost: $4,362.09
  • Annual housing cost: $8,766.63
  • Annual utilities cost: $4,140.58
  • Annual transportation cost: $3,906.06
  • Annual healthcare cost: $7,740.03
  • Total annual expenditures: $48,960.40

How long $1 million will last in savings: 20 years 5 months 1 days

See how far $1 million in retirement will get you in every state on GoBankingRates' website.

LOOK: Here are the 25 best places to live in Iowa

Stacker compiled a list of the best places to live in Iowa using data from Niche. Niche ranks places to live based on a variety of factors including cost of living, schools, health care, recreation, and weather. Cities, suburbs, and towns were included. Listings and images are from realtor.com.

On the list, there's a robust mix of offerings from great schools and nightlife to high walkability and public parks. Some areas have enjoyed rapid growth thanks to new businesses moving to the area, while others offer glimpses into area history with well-preserved architecture and museums. Keep reading to see if your hometown made the list.

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