Stretching your nest egg as far as possible is something that’s most likely front of mind for most retirees who aren’t very wealthy. With no new sources of income aside from Social Security or possibly a pension, it’s important to find a place to retire that won’t drain your savings. You don’t want to have to tap your retirement savings early.
However, getting a clear sense of exactly how long your money will last you requires understanding how much it costs to live in the state you’re calling home. As anyone trying to get by in somewhere with a high cost of living can attest, even basic necessities can quickly start to winnow down your retirement account. And it only gets more complicated if you decide you don’t want to spend your entire retirement in the same place, as your costs won’t be consistent throughout your retirement.
That’s why GOBankingRates performed a study to compare the cost of living in every state and determine how long you can survive off of $100,000. Granted, $100,000 won’t buy you a lot of time. But it will give you a sense of just how much you need to save to prepare for the retirement you want.
Click ahead to where $100,000 will last the longest in retirement.
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