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Where will your retirement money last the longest?

In Raleigh, retirees pay an average of $6,581 annually on food, according to data crunched by SmartAsset, a financial advisory firm.
In Raleigh, retirees pay an average of $6,581 annually on food, according to data crunched by SmartAsset, a financial advisory firm. rwillett@newsobserver.com

If you’re concerned about having enough money to last you in retirement, take a look at where you live.

SmartAsset, a New York company that helps people plan their financial futures, has released a study looking at how long $1 million will last in retirement based on where in North Carolina you live.

No. 1 is Thomasville, where your money should last 33.14 years. Raleigh is No. 8; a cool million will last you 30.39 years in the capital city.

However, that’s nothing compared to the McAllen, Texas, where you can expect to see your million dollars last 42.20 years. The national average is 30.09 years, said AJ Smith, vice president of financial education at SmartAsset.

SmartAsset made its calculations by looking at Bureau of Labor Statistics data on the average expenditures of seniors and the overall cost of living. In Raleigh, the biggest expenditure is for food; seniors pay an average of $6,581 annually to eat. Health care is a close second at $6,227.

In order to make sure you have the right amount of money when you plan to retire, Smith says to look at “your overall financial picture, including things like how much you spend each year now, how much you anticipate spending in retirement and how much of your money you are willing to allocate now to prepare for later.”

Numerous online retirement calculators can help you figure out how much money you will need in retirement by factoring in your yearly income, monthly savings, investment savings and the year you plan to retire.

While the best saving methods will differ a bit based upon individual lifestyles, Smith said, “The earlier you start saving, the more time you give your money to grow.”

Retiring on $1M in NC:

Rank

City

Housing

Food

Healthcare

Utilities

Transportation

Other

Years in retirement

1

Thomasville

$6,852

$5,711

$6,994

$3,186

$5,103

$13,713

33.14

2

Durham

$6,358

$5,624

$6,107

$3,143

$6,868

$13,772

32.79

3

Burlington

$6,305

$5,664

$6,041

$3,246

$6,050

$14,777

32.56

4

Winston Salem

$6,014

$5,740

$6,245

$3,963

$6,664

$14,496

31.47

5

Chapel Hill

$9,030

$5,339

$6,011

$3,292

$6,357

$13,846

30.73

6

Asheville

$8,007

$5,624

$5,850

$3,232

$6,459

$14,806

30.63

7

Charlotte

$7,504

$5,455

$6,209

$3,260

$6,595

$15,057

30.53

8

Raleigh

$6,111

$6,581

$6,227

$3,413

$6,234

$15,663

30.39

9

Wilmington

$7,081

$5,983

$6,773

$3,555

$6,875

$14,644

29.76

10

Kill Devil Hills

$9,057

$5,931

$6,341

$4,090

$6,616

$16,831

26.58

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