$1 Million Retirement Savings Won’t Last 25 Years Anywhere in the US—But It Will Go the Furthest in These 6 States

Retirees who want to make the most of their money might have to give up dreams of sunny California or Hawaii.

Shutterstock

By Amanda Breen

American workers, on average, believe they need $1.8 million saved for retirement, according to the 2023 401(k) Participant Study published by Charles Schwab.

The average 401(k) balance for Americans aged 65–70 is $185,858, per Empower, but even those who end up with a $1 million-plus retirement cushion have to consider how long the money will last them—and where they live plays a significant role.