12 States Where $500K in Retirement Savings Gets Spent the Fastest

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(Related: 12 States Where $500K in Retirement Savings Lasts Longest)

Conventional wisdom says that Americans need $1 million or more in order to enjoy a comfortable retirement, but that’s a big stretch for many people.

In a recent study, GoBankingRates explored how long $500,000, which it said was a more realistic retirement nest egg, would last in every state.

The personal finance site’s researchers analyzed average spending of people 65 and older on housing, groceries, utilities, transportation and health care as well as the cost of living across the country.

See the gallery to find out how long half a million dollars will last in the 12 states with the lowest cost of living for retirees.

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• 8 Reasons to Rethink Your Approach to Retirement Planning
• 8 VIP Tips on Retirement, Tax & Financial Planning Today

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