Saving $1.5 million for retirement sounds like a dream, but in New York, it may not go as far as you hope. A new GOBankingRates analysis found that $1.5 million would last just 29 years in the Empire State due to high living costs.
Only Hawaii, Massachusetts, and California are pricier places to retire, while states like West Virginia and Kansas offer more than 50 years of financial security with the same amount. Nationwide, $1.5 million covers 40 years of retirement in most states.
Despite the “magic number” goal, most retirees have far less saved, relying heavily on Social Security to bridge the gap in their golden years.
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