NEW HAVEN, Conn. (WTNH) — A dollar doesn’t go as far as it used to, and the same goes for a million of them.
Still, it won’t last as long in Connecticut as it will in other states, according to a GOBankingRates analysis. The ranking places the Constitution State as the eighth-worst state for a million.
Assuming you don’t list an extremely lavish lifestyle, $1 million will last 17 years, seven months and 30 days. That’s based off an estimated annual cost of $4,443.63 in groceries, $12,919.25 in housing, $4,902.77 in utilities, $4,005.08 in transportation and $6,984.71 in health care costs.
Overall, it’s estimated that an individual needs $56,571.43 a year to live in Connecticut.
A million will only last 10.9 years in Hawaii, but up to 23.4 years in Michigan, according to GOBankingRates.
The analysis predicts that the average American needs nearly $1.9 million to retire “comfortably.” However, most have only saved $168,000.
24/7 Wall St. estimates that Connecticut has the eighth highest overall cost of living in the nation. The most expensive place to live is the Bridgeport-Stamford-Norwalk metro area, with goods costing 9.2% there than the statewide average.
Within the state, Windham County is the least expensive to live in, with a family of four spending $86,747 each year.