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If you're planning to retire in New England, on the West Coast, or outside of the mainland US, you might want to start adding extra to your retirement account.
According to GOBankingRates' latest data, you'll find that your retirement dollars won't even stretch to two decades in these 15 states. Thanks to higher costs of living and overall expenses, these 15 states will deplete your retirement dollars quicker than you might expect.
GOBankingRates looked at the annual expenditures for retirees 65 and older, including things like housing, transportation, healthcare, groceries, and utilities. Then, it multiplied those expenses by the cost of living index for each state. Dividing $1 million by that cost resulted in the number of years retirement funds could last.
Here are the 15 most expensive states for retirees.
Your retirement savings won't stretch to two decades in Nevada. Higher costs for housing, transportation, and healthcare make retirement dollars fall short.
Time $1 million would last: 18 years and 4 months
Total cost of living for one year: $43,421
14. New Hampshire
New Hampshire may have no income or sales tax, but that doesn't mean that you won't have other considerable expenses.
Time $1 million would last: 18 years and 1 month
Total cost of living for one year: $42,290
13. Washington
Washington isn't a particularly affordable state, and retirees might find that their $1 million doesn't last as long as they thought it would.
Time $1 million would last: 17 years and 11 months
Total cost of living for one year: $43,505
12. Vermont
With housing costs reaching over $20,000 per year, Vermont isn't particularly friendly to retiree budgets.
Time $1 million would last: 18 years and 1 month
Total cost of living for one year: $44,985
11. Maine
Maine isn't particularly budget-friendly — though it has slightly lower housing costs than Vermont, higher overall costs of living make up for it.
Time $1 million would last: 16 years and 11 months
Total cost of living for one year: $45,575
10. Rhode Island
Rhode Island's housing costs are close to Vermont's, breaking the $20,000 per year mark. Combine that with other higher-than-average costs of living, and Rhode Island can be rather expensive.
Time $1 million would last: 16 years and 8 months
Total cost of living for one year: $46,194
9. New Jersey
New Jersey isn't exactly kind to wallets — high costs of living make it an expensive state for anyone, let alone retirees.
Time $1 million would last: 15 years and 11 months
Total cost of living for one year: $49,335
8. Connecticut
New England isn't a cheap region for retirees, and Connecticut is no exception.
Time $1 million would last: 15 years and 7 months
Total cost of living for one year: $48,468
7. Maryland
Maryland is the first state on the list to cost over $50,000 per year in living expenses. Housing in Maryland alone is estimated at somewhere near $30,000 per year.
Time $1 million would last: 15 years and 4 months
Total cost of living for one year: $52,503
6. Alaska
Far away from the mainland US, Alaska's costs of living are higher than many states.
Time $1 million would last: 15 years and 3 months
Total cost of living for one year: $52,616
5. Massachusetts
Massachusetts is the most expensive of the New England states. Residents can expect to see high costs across the board, and this state has some of the highest costs for healthcare.
Time $1 million would last: 15 years and 1 month
Total cost of living for one year: $52,404
4. Oregon
Oregon beats out all of the New England states, mostly because only three states on this list have higher housing costs.
Time $1 million would last: 14 years and 10 months
Total cost of living for one year: $54,582
3. New York
In New York, housing will be the main expense, and will cost over $30,000 each year.
Time $1 million would last: 14 years and 3 months
Total cost of living for one year: $57,003
2. California
California is home to huge cities like Los Angeles and San Francisco, but affordable living is hard to come by.
Time $1 million would last: 13 years and 1 month
Total cost of living for one year: $63,574
1. Hawaii
With the highest costs of living all around, you'll get just a few months over a decade out of a $1 million retirement fund in Hawaii. If the Aloha State is your retirement goal, plan to save much more than your mainland retiree friends.
