$1.2 million lasts until age 111 in Oklahoma, study finds

A $1.2 million nest egg could stretch to age 111 for a retiree in Oklahoma, the longest of any state, according to a personal finance analysis. The same savings would run out before age 80 in Hawaii, the shortest runway in the country.

Personal finance site MoneyLion calculated how long a hypothetical $1.2 million in retirement savings would last in every state, running two scenarios for each place: one in which the retiree collects Social Security and one in which they do not.

Oklahoma tops the list. With Social Security, $1.2 million would last 44.6 years there for someone who stops working at 67, according to the analysis. Without Social Security, the money would last 23.4 years.

Alabama came in second, at 43.1 years with Social Security and 23 years without. Mississippi followed at 42 years with Social Security and 22.7 years without.

• Oklahoma: 44.6 years with Social Security; 23.4 years without
• Alabama: 43.1 years with Social Security; 23 years without
• Mississippi: 42 years with Social Security; 22.7 years without
• Kansas: 40.8 years with Social Security; 22.3 years without
• West Virginia: 40.5 years with Social Security; 22.2 years without
• Indiana: 40.2 years with Social Security; 22.1 years without
• Iowa: 39.9 years with Social Security; 22.1 years without
• Missouri: 39.9 years with Social Security; 22 years without
• Tennessee: 39.7 years with Social Security; 22 years without
• Arkansas: 39.5 years with Social Security; 21.9 years without

Several Southern and Midwestern states dominate the top 10, the analysis found.

The outlook is far tougher along the coasts. MoneyLion’s analysis found $1.2 million in retirement savings would last around 13 years in Hawaii, even with Social Security to supplement.

After Hawaii, Massachusetts, California, the District of Columbia, Alaska and New York were found to be the worst places to retire on a fixed budget.

The analysis comes as Americans grow increasingly uncertain about whether they can hit that savings target. A survey by Schroders published earlier this year found Americans think they need about $1.2 million in savings to retire comfortably. Only 30% of Americans actually believe they will be able to save seven figures before retirement age, the survey found.