How Long Will $1 Million In Savings Last For Louisiana Retirees?

My financial planner recently told me how much money I need to put in a month on my Roth IRA until I retire at 65 to have a million dollars saved up. I started doing some calculations on my own and figured out that if I live until my 90s, I'm screwed. Even though a million dollars sounds like a ton of money, it really isn't in the bigger picture of retirement.

I based my calculations on living off of $40,000 a year, and I figured that my wife and I could live comfortably on our retirement nest egg for 25 years. I started doing a deeper dive into the subject on Google and found a great article on the subject.

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The cheapest state to retire in is Mississippi, where $1 million could last over 25 years. The most expensive state is Hawaii, where you could only make it for about a decade.

The 10 states where $1 million goes the farthest are:

1. Mississippi
2. Kansas
3. Oklahoma
4. Alabama
5. Georgia
6. Tennessee
7. Missouri
8. Iowa
9. West Virginia
10. Indiana

The states where you'd burn through it the fastest are:

1. Hawaii
2. California
3. New York
4. Massachusetts
5. Oregon

According to the article, in our neighboring states, in Texas, you could live off of $1 million for 22 years, 9 months, 20 days, in Arkansas, it would last 23 years, 1 month, 7 days, and in Mississippi 25 years, 2 months, 18 days.

Here's how it breaks down for Louisiana:

• • Annual groceries cost: $4,069.47
  • Annual housing cost: $8,526.90
  • Annual utilities cost: $3,291.21
  • Annual transportation cost: $3,466.28
  • Annual healthcare cost: $6,627.99
  • Total annual expenditures: $44,248.47

$1 million will last for 22 years, 6 months, and 31 days in Louisiana, I might need to think about doubling my monthly payment to my Roth IRA if I plan to be here for the long haul.