TWIN FALLS, Idaho (KMVT) The average retirement age in the U.S. is 63 and the average life expectancy for those retirees is about 16 years. A new report is detailing just how far that $1 million will go if a person retires in Idaho.
To do this GoBankingRates factored in total annual expenditures for those 65 and older, along with the cost of living for each state. On average, a $1 million nest egg will last retirees 19 years and 7 months.
In Idaho, that $1 million stretches a little longer for a span of 21 years and 6 months.
Compared to the rest of the country, Idaho's cost of housing was relatively affordable at less than $14,000 a year, while the cost of transportation per year at just under $8,000 was as the report quoted "no small potatoes."