Study Reveals How Long $1 Million in Savings Will Last for California Retirees

With the state’s high housing costs, that nest egg will last just 12 years, according to a financial website. Only Hawaii, Massachusetts, and D.C. were worse.

A woman checks items from the refrigerated section while grocery shopping at a supermarket in Alhambra, Calif., on July 13, 2022. Frederic J. Brown/AFP via Getty Images

According to a recent study from Go Banking Rates, a personal finance website, retirees in California need much more than $1 million saved to live comfortably.

That sum is expected to last slightly longer than 12 years, eight months in the Golden State. Only Hawaii, Massachusetts, and Washington, D.C. fared worse in terms of length of time such savings will last.