Study Reveals How Long $1 Million in Savings Will Last for California Retirees

According to a recent study from Go Banking Rates, a personal finance website, retirees in California need much more than $1 million saved to live comfortably. That sum is expected to last slightly longer than 12 years, eight months in the Golden State. Only Hawaii, Massachusetts, and Washington, D.C. fared worse in terms of length of time such savings will last. Total annual expenditures for Californians were estimated to be nearly $79,000—including groceries, utilities, and housing, among other things. According to the study, published in May, savings of $1 million would last the longest in West Virginia—with annual expenditures of slightly less than $50,000. Such a nest egg could provide for more than 20 years of retirement....