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Here are six reasons why $1 million might only last you about 17 years in retirement.
Residents of Virginia are estimated to pay around $4,826 a year on average for groceries alone.
The average annual housing cost for those living in Virginia is around $12,347.
On average, utility bills cost Virginians about $4,359 a year.
If you live in Virginia, you might expect to pay around $4,577 a year on transportation alone.
The Cost of Healthcare
Healthcare costs tend to rise with age, and Virginia is no exception.
Medicare doesnt cover everything, and out-of-pocket expenses for medications, treatments and long-term care can add up.
Virginias average annual healthcare costs are estimated to be $7,676.
Ironically, one of the biggest risks to a retirement plan is living longer than expected.
In fact, the total amount for annual expenditures was found to be approximately $58,627.
All 50 states and the District of Columbia were then ranked, with No.
1 being the state where $1,000,000 will last the longest and No.
51 being the state where it will run out most quickly.
All data was collected on and up to date as of April 23, 2024.
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