$1 million in retirement savings may not get you far in parts of the US

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$1 million in retirement savings may not get you far in parts of the US, according to a new report comparing average expenditures for retirees with each state’s cost of living. To get more bang for their buck, retirees should head south: $1 million would last at least 24 years in Mississippi, Arkansas, Oklahoma, and several other southern states. It would only last 11.9 years in Hawaii. The study doesn’t take into account expenses like entertainment or travel, nor does it account for inflation — which particularly affects older Americans, as health care costs have a higher inflation rate than the broader economy. • Share your thoughts: #RetirementSavings

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