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$1.5m is a retirement 'magic number.' Here's how long it lasts in every state.
Apr 5, 2025
One of the more popular items on retirement surveys is the “magic number”: How much savings you need, on top of any Social Security benefits, to live out a comfortable retirement.
Charles Schwab recently estimated the magic number at $1.8 million, based on a poll of retirement plan participants. A Schroders survey came in at $1.2 million. Northwestern Mutual split the difference at $1.5 million.
A March analysis from the personal finance site GOBankingRates uses $1.5 million as the basis for a retirement-planning exercise. The report examines how long that money will last for a retiree in every state.
“Many Americans are coming to terms with the fact that $1 million doesn’t guarantee a comfortable retirement in parts of the U.S.,” said CJ Williamson, a GOBankingRates researcher. “The goal of this particular analysis was to take things a step further and uncover whether an even larger savings of $1.5 million would be enough to last 25 or 30 years in retirement in all 50 states.”
The report calculates the annual cost of living in each state, after deducting Social Security income, to determine how long $1.5 million in savings would last in retirement.
For results, let’s start with a few of the most popular retirement states. And before we do that, let’s examine the latest data on where Americans go to retire.
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