If you had a MILLION BUCKS in the bank, how many years could you ride it out without ever working again?
A new report looked at cost-of-living, housing, healthcare, and a bunch of other stats. And it ranked all 50 states according to how long it would take to burn through a million bucks if you retired there.
SO how did MN do? It ain't the best... 19 years...
The cheapest state to retire in is Mississippi, where $1 million could last over 23 years. And the most expensive state is Hawaii, where you could only make it about a decade.
The 10 states where $1 million goes the farthest are: Mississippi . . . Oklahoma . . . Arkansas . . . New Mexico . . . Kansas . . . Missouri . . . Tennessee . . . Alabama . . . Georgia . . . and Michigan. They're all between 21 and 23 years.
The states where you'd burn through it the fastest are: Hawaii, 10 years and three months . . . California, just over 14 years . . . New York, 14 years and three months . . . Oregon, 14 years and seven months . . . and Massachusetts, just over 15 years.
Everyone's favorite retirement state of FLORIDA was in the middle of the pack. $1 million there would last 20 years, good enough for 26th place.
(You can check out the rankings for all 50 states at GoBankingRates.com.)