The 10 states where $1 million in retirement savings will run out the fastest—Hawaii is No. 1

As it turns out, $1 million may not be enough to sustain you through retirement in certain states.

Retirement can last 25 years or more after you stop working, according to Fidelity Investments. But in a few states, $1 million in savings likely won’t last that long, according to recent data from personal finance site GOBankingRates.

In Hawaii, $1 million in retirement savings would only cover your living expenses for it about 10 years. As the least affordable state to retire in 2022, you’d need about $2 million to retire comfortably there, according to Sam Dogen, CNBC Make It contributor and author of “Buy This, Not That: How to Spend Your Way to Wealth and Financial Freedom.”

It’s not just the Aloha state where $1 million likely won’t go as far as you hope. Here are the top 10 states where $1 million in retirement savings would run out the fastest.

To determine how long $1 million would last in every U.S. state, GOBankingRates first assumed a retirement age of 65 or older. It then analyzed each state’s cost of living, including expenses for housing, groceries, health care, transportation and utilities.

All data comes from the Bureau of Labor Statistics’ 2020 Consumer Expenditure Survey and the Missouri Economic Research and Information Center.

While this data can give you an idea of how much certain places may cost, it’s important to remember that retirement looks different for everyone. The amount you need can vary greatly depending on your desired retirement lifestyle.

CNBC Make It’s retirement planning tool can give you an idea of how much money you’ll need to retire comfortably, based on your age and income.

But no matter how much you aim to save for retirement, start by focusing on what you can do now to help you reach your goal, including understanding how much of your annual income you can put toward retirement savings, Julie Virta, a senior financial advisor with Vanguard Personal Advisor Services, tells CNBC Make It.

“We recommend investors save between 12 to 15% of their salary,” including employer contributions, she says.

However, putting away that much may not be possible for many investors, especially those who are early in their careers. If that’s you, aim to contribute at least enough to an employer-sponsored retirement plan to earn your employer’s full match, Virta says.

From there, aim to increase your retirement contribution by 1% to 2% each year until you reach the target savings rate of 12% to 15%.

Additionally, it’s smart for young investors to see if their employers offer any financial education resources or advice services as part of their benefits package. These services can help you get on the right track to meet your retirement saving goals, Virta says.

Most importantly, it’s critical to remain committed to your long-term financial goals even during times of market volatility.

“For those just getting started, they may have 40-plus years to save for retirement,” Virta says. “Maintaining a 12 to 15% savings rate, through times of market calm or volatility, over the course of four-plus decades is one of the best ways you can prepare for retirement.”

Sign up now: Get smarter about your money and career with our weekly newsletter

Don’t miss: Americans think you need $1.7 million to retire comfortably—here’s how much you need to save each month to get there by 65