Alabama is one of the best states to retire in, if you have $1 million in the bank.
Which probably means Nick Saban has little to worry about.
GoBankingRates, a personal finance site, is out with an analysis showing how far your money will go if you have $1 million in the bank when you retire.
A recent survey by Schwab Retirement Plan Services stated the average American should have about $1.9 million stashed away to retire comfortably. Which is not good, since the average amount Americans have saved between 55 and 65 is a little less than $200,000.
The 50-state analysis looks at several factors, such as annual cost of groceries, housing, utilities, transportation and healthcare.
For example, don’t move to Hawaii, according to the survey. If you head to the islands for retirement, your million is going to last you 9 years, 7 months and 25 days, even if you skip a few desserts.
As you might expect, California, New York and the District of Columbia are among the most expensive states.
Alabama was 47th on the list, with Southern states near the bottom due to cost of living. If you retire with a million, it will last you 19 years, seven months and 11 days.
According to the survey, Alabama offers:
- Annual groceries cost: $4,596
- Annual housing cost: $8,243
- Annual utilities cost: $4,312
- Annual transportation cost: $4,404
- Annual healthcare cost: $6,469
- Total annual expenditures: $50,995