How Long Would $1.5 Million Last if You Retired in Maine Today?
Believe it or not, Maine is one of the pricier states in the country for retirees.
A recent study by GoBankingRates has found that the length of time $1.5 million in retirement funds will last varies greatly across different US states. The study utilized the Bureau of Labor Statistics 2021 Consumer Expenditure Survey data and each state's overall cost-of-living index score for 2022 from the Missouri Economic Research and Information Center to determine the annual expenditures for people 65 and older in each state.
The length of time that $1.5 million will last in Maine is projected at 24 years, 11 months, and 11 days. Our Pine Tree State ranks 40th in the country, in regard to this metric.
Maine's annual expenditures are all above the national average, with housing being the biggest expense at $14,614.18 per year. Transportation costs are also steep in the state, at $5,066.36 annually, followed closely by healthcare at $4,972.54 per year. Utilities and groceries are also higher than the national average.
But Maine (40th) is not alone in its high cost of living for New England retirees. Rhode Island (38th), Vermont (41st), New Hampshire (42nd), Connecticut (43rd), and Massachusetts (49th) all have annual expenditures well above the national average as well.
According to the study, retirees in Mississippi can make $1.5 million in retirement savings last the longest, with an estimated 33 years, 10 months, and 2 days. On the other end of the spectrum, retirees in Hawaii will find that $1.5 million in savings will last the shortest amount of time, at just 15 years, 7 months, and 17 days.
While Maine may be a pricey state for retirees, it still offers many benefits for those folks who choose to retire here, such as its natural beauty, stunning outdoor activities, and one-of-a-kind seafood cuisine.
Here is a link to the original article if you would like to compare Maine to any of the other 49 states.