How long will a $1 million nest egg last in Tennessee?
The Volunteer State ranks as one of the states where it will carry a retiree the longest.
How long will $1 million in savings last you in Tennessee? The answer is 21 years 2 months and 27 days, according to a new study from GOBankingRates. It places Tennessee #8 on the list of states where a $1 million nest egg will take someone who is 65 years or older.
To arrive at the figure, the business analyzed data from the Bureau of Labor Statistics’ 2020 Consumer Expenditure Survey (CES) 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.
Specific expenditures for Tennessee were as follows:
- Annual groceries cost: $4,245.17.
- Annual housing cost: $8,725.08.
- Annual utilities cost: $3,713.19.
- Annual transportation cost: $3,741.94.
- Annual healthcare cost: $6,172.34.
- Total annual expenditures: $47,083.32.
In what states would a nest egg last a little longer? Well, three neighboring states – Georgia (#6), Alabama (#4), and Mississippi (#1) – had slightly longer timelines for exhausting the $1 million. Others where the dollars would last longer were Indiana (#7), Iowa (#5), Kansas (#3), and Oklahoma (#2).
