People think they need $1.2M to retire. Here’s where that’s actually true

(NEXSTAR) – Americans think they need about $1.2 million in savings to retire comfortably, according to a survey by Schroders published earlier this year . How far you can get with that seven-figure sum depends largely on where you live.

In Oklahoma, $1.2 million in the bank could last you until you’re 111 if you stop working at 67. In Hawaii, you might not make it to 80 before running out of cash.

Personal finance site MoneyLion crunched the numbers on how long a hypothetical $1.2 million in retirement savings would last in every state. For each place they calculated two scenarios: if you’re collecting Social Security monthly and if you’re not collecting Social Security.

While there are several Southern and Midwestern states where a $1.2 million budget would go far for a retiree, the situation is pricier for states along the coasts.

The 10 states where $1.2 million goes furthest for retirees are:

If you’d like to stretch your retirement funds out, there are some places you definitely shouldn’t move. Even if the sandy beaches of Hawaii are calling your name, MoneyLion’s analysis found $1.2 million in retirement savings would only last around 13 years there – and that’s with Social Security to supplement.

After Hawaii, Massachusetts, California, D.C., Alaska and New York were found to be the worst places to retire on a fixed budget.

By the way, even those who think they can make it with $1.2 million in retirement savings are largely falling behind that goal. Schroders’ survey found only 30% of Americans actually believe they’ll be able to save seven figures before retirement age.

Lawmakers are debating different ways to fix Social Security’s solvency issues before the program reaches its “grow broke” date in 2032 .

Two senators who are approaching retirement themselves, Democrat Dick Durbin and Republican Bill Cassidy , have embarked on a mission to save tens of millions of Social Security beneficiaries from a projected 22% cut in their benefits that would start in just six years.

Their proposal calls for the bipartisan Social Security Advisory Board to collect public input and submit draft legislation to Congress that would keep the program’s retirement trust fund solvent for at least 50 years.

Separately, Cassidy has a proposal with Sen. Tim Kaine, D-Va., that calls for the creation of a $1.5 trillion fund that would be invested in stocks and other higher-risk assets over 75 years.

The seed money would be financed by the Treasury Department through additional borrowing. At the end of the 75 years, the fund’s assets would be used to repay the Treasury for the seed money as well as the borrowing that would occur over those years to keep Social Security payments going out — now projected at about $26.6 trillion.

Another idea comes from Sens. Elizabeth Warren, D-Mass., and Bernie Moreno, R-Ohio, who are calling for lifting the cap on the Social Security payroll tax.

Currently, the payroll tax that funds Social Security applies to a maximum of $184,500 in income. That means most people pay Social Security taxes on all of their income, but the wealthier do not.

“Why should a middle-class nurse pay a larger share of her paycheck than a wealthy corporate lawyer?” the two senators wrote in The New York Times.

Some conservative groups have forcefully pushed back on the idea, saying the tax increase would lead to lower wages and fewer jobs at businesses seeking to offset the additional tax burden.

The Associated Press contributed to this report.