Here’s How Long $1 Million in Savings Will Last in Iowa
With both Powerball and Mega Millions offering up winners half a billion dollars this week, I wanted to dig into what a more modest sum of cash can get you here in Iowa. I'm talking about not millions and millions but rather one singular million. Hey, it's more attainable than 500+ million dollars, right?
To figure this out, I went to Go Banking Rates website and let them crunch some of the numbers. Here's what I found: In Iowa, with one million dollars in the bank (and nothing more), you'd make it 21 years, 4 months, 18 days. Which, compared to the other 49 U.S. states, is really, really good. Before we compare ourselves to any other states, let's explore where that one mil is going over 21+ years according to Go Banking Rates:
- Annual groceries cost in Iowa: $3,860.67
- Annual housing cost in Iowa: $7,345.25
- Annual utilities cost in Iowa: $3,710.85
- Annual transportation cost in Iowa: $4,579.99
- Annual healthcare cost in Iowa: $6,747.58
- Total annual expenditures in Iowa: $46,740.34
Again, these are averages so, individual results would certainly vary from person to person. We score high in transportation costs because gas is usually lower in the Midwest and insurance rates are decent here. We do well on healthcare costs as well, which is important if you have lingering health issues. So could you legit retire? Sure, if you over or around 60-70 years old. Otherwise, it's unlikely. Remember, in this scenario you have just that one million. No penchant, social security, etc.
So how'd we stack up to our border neighbors? Here are the states where the money would run out sooner than in Iowa:
- Minnesota: 19 years, 4 months, 10 days
- South Dakota: 19 years, 6 months, 5 days
- North Dakota: 20 years, 1 month, 1 day (I know they're not a border state, but we outlast 'em so I threw them in for fun)
- Wisconsin: 20 years, 4 months, 18 days
- Illinois: 20 years, 8 months, 13 days
And the neighbor states you'd make in longer on one million - remember, in Iowa, you'd last 21 years, 4 months, 18 days.
- Nebraska: 21 years, 5 months, 12 days (SO close!)
- Missouri: 22 years, 2 months, 14 days
Okay so, next challenge: Getting that million dollars... Let me know if you find it anywhere.
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