While physicians believe they need an average of $3.9 million saved to afford retirement, in most states, retirees can last at least 10 years on $1 million, according to a Jan. 1 report from CNBC.
According to Fidelity, retirement can often last 25 years or more, yet $1 million in savings would not be enough to cover 25 years of retirement expenses anywhere in the U.S., according to data from GoBankingRates.
The analysis assumed a retirement age of 65 or older and examined annual living costs in all 50 states including expenses for housing, utilities, groceries, healthcare and transportation using data from the Bureau of Labor Statistics.
A savings of $1 million will last physicians longest in Mississippi, while it will last the shortest for retirees in Hawaii.
Here is how long $1 million will last physician retirees in 26 states:
Longest:
Mississippi: 22.7 years
Oklahoma: 22.1 years
Kansas: 22 years
Alabama: 22 years
Iowa: 21.8 years
Georgia: 21.6 years
Ohio: 21.5 years
West Virginia: 21.3 years
Missouri: 21.3 years
Tennessee: 21.3 years
Indiana: 21.3 years
Arkansas: 21.2 years
Nebraska: 21 years
Shortest:
Hawaii: 10.3 years
Massachusetts: 12.8 years
California: 13.8 years
New York: 14.1 years
Alaska: 15.3 years
Maryland: 15.5 years
Oregon: 15.7 years
Vermont: 16.5 years
Connecticut: 16.6 years
New Hampshire: 16.7 years
Maine: 16.8 years
Washington: 16.8 years
New Jersey: 16.8 years