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Analysis: How Long Will $1M in Retirement Savings Last in KS and MO

An analysis from GoBankingRates shows how long $1 million last for retirees in each state.

Posted January 10, 2024

Midwest states like Kansas and Missouri are among the top states where retirees with $1 million saved could get the most for their money, according to an analysis from GoBankingRates.

The financial planning website used the Bureau of Labor Statistics 2020 Consumer Expenditure Survey and each state’s overall cost of living score from the Missouri Economic Research and Information Center’s data from 2021 to determine the results.

Kansas ranked No. 3 overall for best states where $1 million could stretch the farthest, 21 years, 11 months and 19 days to be exact. According to the analysis, Kansas’ total annual expenditures reached $45,519.09 which includes groceries, housing, utilities, transportation and healthcare costs.

Missouri scraped a little under the top ten states, being placed in the No. 12 spot. In the Show-Me state, $1 million would stretch for 21 years, 3 months and 15 days with annual expenditures totaling $46,979.04.

The 10 states where a $1 million will last the longest for retirees are:

  1. Mississippi — 22 years, 8 months, 12 days
  2. Oklahoma — 22 years, 1 month, 12 days
  3. Kansas — 21 years, 11 months, 19 days
  4. Alabama — 22 years, 6 days
  5. Iowa — 21 years, 8 months, 26 days
  6. Georgia — 21 years, 6 months, 26 days
  7. Indiana — 21 years, 3 months, 4 days
  8. Tennessee — 21 years, 2 months, 27 days
  9. Arkansas — 21 years, 1 month, 23 days
  10. Michigan — 20 years, 10 months, 27 days

The lowest-lasting states include California, New York and Hawaii. In Hawaii, a $1 million retirement savings would last for about 10 years 3 months 22 days.

According to a survey by Schwab Retirement Plan Services published in 2021, the average American needs $1.9 million to retire comfortably. Jordan Rosenfeld from GOBankingRates notes, “This number is way out of reach for many Americans, considering the average amount Americans have saved between the ages of 55-65 is $197,322, a far cry from what you’ll need in retirement.”