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☆ The 10 states where $1 million in retirement savings will run out the fastest—Hawaii is No. 1
▼ + stars: | 2022-12-17 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

As it turns out, $1 million may not be enough to sustain you through retirement in certain states. But in a few states, $1 million in savings likely won't last that long, according to recent data from personal finance site GOBankingRates. In Hawaii, $1 million in retirement savings would only cover your living expenses for it about 10 years. It's not just the Aloha state where $1 million likely won't go as far as you hope. Here are the top 10 states where $1 million in retirement savings would run out the fastest.

☆ Gen Z wants equality, diversity, and flexibility at work, but it may cause them to sacrifice financial security
▼ + stars: | 2022-12-06 | by ( Alexandra York | Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Some Gen Zers are focusing on a company's mission and job security during their job searches. As a recession looms, Gen Zers might want to consider their financial futures when applying for their next role. Additionally, over half of Gen Z could enter retirement without sufficient savings due to savings challenges and rising costs, Boston University economist Laurence Kotlikoff previously told Insider. In fact, the typical annual salary for Gen Z employees was $32,500 in 2021, according to research from the personal finance site GoBankingRates. To be sure, plenty of Gen Zers understand the financial pressures to come and are prioritizing salary in their job search.

GoBankingRates' new data shows that many cities in Arizona, California, and Florida are getting too expensive for retirees due to high costs of homes, living expenses, and senior care. New data from GoBankingRates shows just how expensive some cities in these states are getting for retirees living on a fixed income. The rankings show that many of the cities that are becoming the most out of reach for seniors are smaller cities and towns in Florida, California, and Arizona. The top three cities that are becoming the most unaffordable for retirees are Ranchos Palos Verdes, California; Walnut Creek, California; and Lincoln, California. Here are the top 21 cities where rising expenses will require a larger retirement fund:

Persons: Palos, GoBankingRates Organizations: Service, Bureau of Labor Statistics Locations: Arizona , California, Florida, California, Palos Verdes, Walnut, Lincoln , California, Englewood , Florida, Sarasota , Florida, Palm Springs , California, Wall, Silicon, Florida , California, Arizona, Palos Verdes , California, Walnut Creek , California

The 15 states where $1 million in savings would last the longest include New Mexico, Wyoming, Georgia, and Michigan. Meanwhile, $1 million in retirement savings will last at least 21 years for retirees living in every state in the top 15. Meanwhile, $1 million in retirement savings will last at least 21 years for every state on the list below. Dividing $1 million by the annual cost of living then yielded the years those retirement savings could last. Here are the 15 states where $1 million in retirement funds will last the longest:

Persons: GoBankingRates Organizations: Service Locations: In Mississippi, New Mexico , Wyoming, Georgia, Michigan, Wall, Silicon, GoBankingRates, Hawaii, California

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