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As it turns out, $1 million may not be enough to retire on in certain states.

According to Fidelity Investments, retirement can last 25 years or more after you stop working. But in several states, $1 million in savings likely won’t last that long, according to recent data from personal finance website GOBankingRates.

$1 million in retirement savings in Hawaii will only cover your living expenses for about 10 years. As the least affordable state to retire in 2022, you’ll need about $2 million to retire there comfortably, according to Sam Dogen, CNBC Make It contributor and author of Buy This, Not That. How to Spend Your Way to Wealth and Finance Freedom.

It’s not just the Aloha State where $1 million likely won’t go as far as you’d hope. Here are the top 10 states where $1 million in retirement savings will be used up the fastest.

To determine how long $1 million would last in each US state, GOBankingRates first assumed a retirement age of 65 or older. It then analyzed the cost of living in each state, including the costs of housing, groceries, healthcare, transportation and utilities.

All data comes from the Bureau of Labor Statistics’ 2020 Consumer Expenditure Survey and the Missouri Center for Economic Research and Information.

How much should you save for retirement?

While this data can give you an idea of ​​what certain places are worth, it’s important to remember that retirement looks different for everyone. The amount you need can vary greatly depending on your desired retirement lifestyle.

CNBC Make It’s retirement planning tool can give you an idea of ​​how much money you’ll need to retire comfortably, based on your age and income.

But no matter how much you want to save for retirement, start focusing on what you can do now to help you reach your goal, including figuring out how much of your annual income you can put toward retirement savings, Julie Wirta, senior financial advisor. with Vanguard Personal Advisor Services, Make It tells CNBC.

“We recommend investors save 12 to 15 percent of their salary,” including employer contributions, he says.

However, for many investors, especially those early in their careers, it may not be possible to put that much aside. If that’s you, aim to contribute at least enough to an employer-sponsored retirement plan to earn your employer’s full match, Virta says.

From there, aim to increase your retirement contribution by 1% to 2% each year until you reach a target savings rate of 12% to 15%.

Additionally, it’s wise for young investors to see if their employers offer any financial education resources or consulting services as part of their benefits package. These services can help you get on track with your retirement savings goals, Virta says.

Most importantly, it’s important to stick to your long-term financial goals even during market volatility.

“For those who are just starting out, they may have 40-plus years to save for retirement,” Virta says. “Maintaining a savings rate of 12 to 15% during times of market calm or volatility for four or more decades is one of the best ways you can prepare for retirement.”

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Don’t miss it. Americans think you need $1.7 million to retire comfortably. here’s how much you need to save each month to make it by age 65.



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