How far will $1 million go for retirement in Minnesota? – FOX 9 Minneapolis-St. Paul

Published  January 31, 2025 1:35pm CST

MINNEAPOLIS (FOX 9) – Increasing costs across the board and longer lifespans are causing retirees to look for more ways to stretch their savings and benefits to the maximum amount possible. 

Personal finance researchers have compiled data that shows how far $1 million will take a retiree in each state.

Based on factors such as cost of living and healthcare, Minnesota was ranked in the very middle, ranking No. 25 out of 50 states, according to the finance and consumer banking site GOBankingRates. 

How long $1 million will last in Minnesota

By the numbers:

The data that was gathered also took into account multiple factors about Minnesota’s overall costs, including:

• Average monthly expenditure cost: $1,936
• Annual total cost of living for one person after SS benefits: $24,654
• How many years $1 million and SS benefits will last: 40.56

The data also broke down the annual costs of living in Minnesota:

• Annual groceries cost: $4,739
• Annual housing cost: $9,634
• Annual utilities cost: $4,033
• Annual transportation cost: $4,781
• Annual healthcare cost: $8,249
• Total annual expenditures: $54,580

Based on these findings, analysts say $1 million in savings will last a retiree in Minnesota 18 years, 3 months and 27 days. 

The site that compiled this data, GOBankingRates, states that the average American between the ages of 55 and 65 saved about $197,322 for retirement. 

The same article points to data claiming that the average American needs about $1.9 million to retire comfortably.  

How long $1 million will last in Wisconsin

Wisconsin ranked No. 28 out of 50 states, based on the following overall costs: 

• Average monthly expenditure cost: $1,895
• Annual total cost of living for one person after SS benefits: $22,148
• How many years $1M and SS benefits will last: 45.15

The data also broke down the annual costs of living in Wisconsin:

• Annual groceries cost: $4,792
• Annual housing cost: $9,868
• Annual utilities cost: $4,215
• Annual transportation cost: $4,913
• Annual healthcare cost: $8,226
• Total annual expenditures: $55,158

Based on these findings, analysts say $1 million in savings will last a retiree in Wisconsin 18 years, 1 month, 16 days. 

The states where $1 million will last the longest

Here are the top five states where $1 million and Social Security benefits will last the longest:

• West Virginia, 88.79 years
• Mississippi, 87.16 years
• Arkansas, 76.93 years
• Louisiana, 76.54 years
• Oklahoma, 71.18 years

Here are the states where $1 million will run out fastest: 

• Hawaii, 12.46 years.
• California, 16.29 years
• Massachusetts, 19.35 years
• Washington, 21.92 years
• New Jersey, 24.2 years

The Source: An article published by GOBankingRates.com based on data from the U.S. Census American Community Survey Missouri’s Economic and Research Information Center and the Bureau of Labor Statistics Consumer Expenditure Survey.