Accumulating a $1 million nest egg is no small feat. But depending on where you live, that $1 million can last much longer — or shorter — than you might imagine. In the American South, costs are generally lower than in much of the nation, meaning it can be a good place to live for those looking to retire early. 

                By                    John Csiszar

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How Long Will $1 Million Last in the South?

The 15 states listed above were lumped together as “the South” in order to find an average cost of living for the region. Based on the data, the average monthly rent for a one-bedroom apartment is $675.93, while the average monthly cost of living, which includes transportation, health, utility, grocery and miscellaneous costs, is $3,389.26. Combined, these two figures represent a total average monthly expenditure in the South of $4,065.19. This aggregated average cost of living is about 8.2% below the national average.

Based on those figures — and neglecting any investment gains that may be earned on that money — $1 million will last 20 1/2 years on average in the South.

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Is the South a Good Place To Stretch $1 Million in Retirement Savings?

Overall, the cost of living in the South is low. When compared with more expensive states like Alaska, California, New York and Hawaii, the South seems like a bargain. One good way to stretch your money is to move from a high-cost state to one in the South, particularly if it has no state income taxes like Texas or Florida.  

How Can You Make Your Retirement Money Last Longer?

Whether you’ve recently moved to the South or have lived there your entire life, there are still plenty of ways to help your retirement money last longer. Here are just a few.

See: With A Recession Looming, Take These 3 Retirement Moves To Stay On Track

Don’t Be Too Conservative With Your Investments

If you retire early, your money may need to last you 40 years or more. Over that long of a time period, investing a portion of your nest egg in growth instruments like stocks can give your portfolio a better chance to keep up with inflation and could make your money last significantly longer. If you don’t invest your money at all, even $1 million in savings will only last 20 1/2 years, which isn’t long enough to secure an early retirement. 

Don’t Live In Too Large of a Dwelling

To stretch your nest egg in retirement, it may make sense to either pay rent on a smaller place or sell your larger home and move to a one- or two-bedroom house instead of a larger dwelling. Either way, you’ll end up saving money and extending the duration of your retirement funds. 

Move To a Cheaper Area — Even If You Already Live In the South

While moving from New York or California to the South will likely save you money, even moving to a new region within the South can do the trick. Even though they are both defined as being in the South, Virginia and Kentucky, for example, have greatly different costs of living. 

Share Your Space

If you live alone, sharing your expenses with a roommate can trim your bills by as much as 50%. 

Work on the Side

Many people find that picking up a side gig in retirement is not only fulfilling but can also provide additional income that will stretch your retirement savings for years.