How Long $1 Million in Retirement Will Last in Every State
Determining the exact number you need to save to retire comfortably is a difficult task — and reaching that money goal may be even grueling.
According to a recent survey conducted by Schwab Retirement Plan Services, the average American needs about $1.9 million to retire comfortably. This number is way out of reach for many Americans, considering the average amount Americans have saved between the ages of 55 and 65 is $197,322, a far cry from what you’ll need in retirement.
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As big a chunk of change a $1 million sounds like, surprisingly it doesn’t last quite as long as you might think it would — but that all depends on the state you live in when you retire.
If you live in one of the more expensive states, such as Hawaii or New York, you’ll want to work as long as you can and save as much money as possible because $1 million won’t even cover your living expenses for 15 years. There is a bit more cushion in many Midwestern and Southern states, though, if you live there or plan on making a move.
Find out how long $1 million in savings will last in your state — in order from shortest time to longest.
Hawaii
Annual groceries cost: $5,339
Annual housing cost: $35,813
Annual utilities cost: $6,913
Annual transportation cost: $6,238
Annual healthcare cost: $9,485
Total annual expenditures: $103,610
How long $1 million will last in savings: 9 years, 7 months, 25 days
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Massachusetts
Annual groceries cost: $5,080
Annual housing cost: $26,553
Annual utilities cost: $5,867
Annual transportation cost: $5,813
Annual healthcare cost: $8,694
Total annual expenditures: $85,571
How long $1 million will last in savings: 11 years, 8 months, 9 days
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District of Columbia
Annual groceries cost: $5,166
Annual housing cost: $26,915
Annual utilities cost: $4,664
Annual transportation cost: $5,348
Annual healthcare cost: $8,784
Total annual expenditures: $84,010
How long $1 million will last in savings: 11 years, 10 months, 25 days
California
Annual groceries cost: $5,387
Annual housing cost: $22,530
Annual utilities cost: $5,202
Annual transportation cost: $6,283
Annual healthcare cost: $8,226
Total annual expenditures: $78,864
How long $1 million will last in savings: 12 years, 8 months, 5 days
New York
Annual groceries cost: $4,994
Annual housing cost: $20,695
Annual utilities cost: $4,363
Annual transportation cost: $5,304
Annual healthcare cost: $8,173
Total annual expenditures: $73,140
How long $1 million will last in savings: 13 years, 8 months, 1 day
Alaska
Annual groceries cost: $5,814
Annual housing cost: $14,393
Annual utilities cost: $6,528
Annual transportation cost: $5,887
Annual healthcare cost: $11,227
Total annual expenditures: $73,082
How long $1 million will last in savings: 13 years, 8 months, 5 days
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Washington
Annual groceries cost: $5,286
Annual housing cost: $14,966
Annual utilities cost: $3,961
Annual transportation cost: $6,490
Annual healthcare cost: $9,025
Total annual expenditures: $66,895
How long $1 million will last in savings: 14 years, 11 months, 12 days
New Hampshire
Annual groceries cost: $4,898
Annual housing cost: $13,259
Annual utilities cost: $5,418
Annual transportation cost: $5,556
Annual healthcare cost: $8,106
Total annual expenditures: $66,838
How long $1 million will last in savings: 14 years, 11 months, 16 days
Vermont
Annual groceries cost: $5,066
Annual housing cost: $15,796
Annual utilities cost: $5,007
Annual transportation cost: $4,992
Annual healthcare cost: $8,090
Total annual expenditures: $66,433
How long $1 million will last in savings: 15 years, 0 months, 19 days
Maryland
Annual groceries cost: $5,200
Annual housing cost: $16,006
Annual utilities cost: $4,757
Annual transportation cost: $4,869
Annual healthcare cost: $7,646
Total annual expenditures: $66,375
How long $1 million will last in savings: 15 years, 0 months, 26 days
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Oregon
Annual groceries cost: $5,258
Annual housing cost: $15,714
Annual utilities cost: $4,151
Annual transportation cost: $6,223
Annual healthcare cost: $8,332
Total annual expenditures: $66,317
How long $1 million will last in savings: 15 years, 0 months, 29 days
Connecticut
Annual groceries cost: $4,965
Annual housing cost: $14,381
Annual utilities cost: $5,871
Annual transportation cost: $5,170
Annual healthcare cost: $8,204
Total annual expenditures: $65,855
How long $1 million will last in savings: 15 years, 2 months, 4 days
Rhode Island
Annual groceries cost: $4,960
Annual housing cost: $14,112
Annual utilities cost: $4,677
Annual transportation cost: $4,439
Annual healthcare cost: $8,068
Total annual expenditures: $64,756
How long $1 million will last in savings: 15 years, 5 months, 10 days
Maine
Annual groceries cost: $4,936
Annual housing cost: $14,089
Annual utilities cost: $4,499
Annual transportation cost: $5,422
Annual healthcare cost: $8,348
Total annual expenditures: $64,005
How long $1 million will last in savings: 15 years, 7 months, 15 days
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New Jersey
Annual groceries cost: $4,855
Annual housing cost: $14,779
Annual utilities cost: $4,651
Annual transportation cost: $5,091
Annual healthcare cost: $7,570
Total annual expenditures: $63,773
How long $1 million will last in savings: 15 years, 8 months, 6 days
Arizona
Annual groceries cost: $4,936
Annual housing cost: $15,059
Annual utilities cost: $4,024
Annual transportation cost: $5,215
Annual healthcare cost: $7,178
Total annual expenditures: $63,600
How long $1 million will last in savings: 15 years, 8 months, 20 days
Colorado
Annual groceries cost: $4,979
Annual housing cost: $13,691
Annual utilities cost: $3,944
Annual transportation cost: $5,254
Annual healthcare cost: $7,465
Total annual expenditures: $61,807
How long $1 million will last in savings: 16 years, 2 months, 4 days
Utah
Annual groceries cost: $4,783
Annual housing cost: $13,282
Annual utilities cost: $4,139
Annual transportation cost: $5,403
Annual healthcare cost: $6,899
Total annual expenditures: $60,420
How long $1 million will last in savings: 16 years, 6 months, 18 days
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Montana
Annual groceries cost: $4,912
Annual housing cost: $11,984
Annual utilities cost: $3,995
Annual transportation cost: $5,684
Annual healthcare cost: $7,367
Total annual expenditures: $59,610
How long $1 million will last in savings: 16 years, 9 months, 10 days
Virginia
Annual groceries cost: $4,826
Annual housing cost: $12,347
Annual utilities cost: $4,359
Annual transportation cost: $4,577
Annual healthcare cost: $7,676
Total annual expenditures: $58,627
How long $1 million will last in savings: 17 years, 0 months, 22 days
Nevada
Annual groceries cost: $4,989
Annual housing cost: $12,452
Annual utilities cost: $4,257
Annual transportation cost: $5,867
Annual healthcare cost: $6,726
Total annual expenditures: $58,454
How long $1 million will last in savings: 17 years, 1 month, 9 days
Florida
Annual groceries cost: $4,783
Annual housing cost: $12,557
Annual utilities cost: $4,189
Annual transportation cost: $4,805
Annual healthcare cost: $7,321
Total annual expenditures: $58,396
How long $1 million will last in savings: 17 years, 1 month, 13 days
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Delaware
Annual groceries cost: $4,869
Annual housing cost: $11,213
Annual utilities cost: $4,219
Annual transportation cost: $4,923
Annual healthcare cost: $7,713
Total annual expenditures: $58,281
How long $1 million will last in savings: 17 years, 1 month 13 days
Idaho
Annual groceries cost: $4,821
Annual housing cost: $11,072
Annual utilities cost: $3,745
Annual transportation cost: $5,279
Annual healthcare cost: $7,578
Total annual expenditures: $57,240
How long $1 million will last in savings: 17 years, 5 months, 20 days
North Carolina
Annual groceries cost: $4,711
Annual housing cost: $10,792
Annual utilities cost: $3,914
Annual transportation cost: $4,548
Annual healthcare cost: $8,060
Total annual expenditures: $55,621
How long $1 million will last in savings: 17 years, 11 months, 23 days
Wisconsin
Annual groceries cost: $4,792
Annual housing cost: $9,868
Annual utilities cost: $4,215
Annual transportation cost: $4,913
Annual healthcare cost: $8,226
Total annual expenditures: $55,158
How long $1 million will last in savings: 18 years, 1 month, 16 days
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Pennsylvania
Annual groceries cost: $4,715
Annual housing cost: $9,599.
Annual utilities cost: $4,516
Annual transportation cost: $5,146
Annual healthcare cost: $6,959
Total annual expenditures: $54,811
How long $1 million will last in savings: 18 years, 2 months, 26 days
Minnesota
Annual groceries cost: $4,739
Annual housing cost: $9,634
Annual utilities cost: $4,033
Annual transportation cost: $4,781
Annual healthcare cost: $8,249
Total annual expenditures: $54,580
How long $1 million will last in savings: 18 years, 3 months, 27 days
South Carolina
Annual groceries cost: $4,701
Annual housing cost: $9,435
Annual utilities cost: $4,744
Annual transportation cost: $4,512
Annual healthcare cost: $6,921
Total annual expenditures: $54,522
How long $1 million will last in savings: 18 years, 4 months, 3 days
North Dakota
Annual groceries cost: $4,495
Annual housing cost: $9,728
Annual utilities cost: $4,079
Annual transportation cost: $5,007
Annual healthcare cost: $8,452
Total annual expenditures: $54,522
How long $1 million will last in savings: 18 years, 4 months, 3 days
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New Mexico
Annual groceries cost: $4,610
Annual housing cost: $10,172
Annual utilities cost: $3,931
Annual transportation cost: $4,755
Annual healthcare cost: $7,419
Total annual expenditures: $54,291
How long $1 million will last in savings: 18 years, 5 months, 2 days
Kentucky
Annual groceries cost: $4,835
Annual housing cost: $9,248
Annual utilities cost: $4,181
Annual transportation cost: $4,641
Annual healthcare cost: $6,665
Total annual expenditures: $53,886
How long $1 million will last in savings: 18 years, 6 months, 23 days
Wyoming
Annual groceries cost: $4,917
Annual housing cost: $9,435
Annual utilities cost: $3,893
Annual transportation cost: $4,740
Annual healthcare cost: $7,578
Total annual expenditures: $53,886
How long $1 million will last in savings: 18 years, 6 months, 23 days
Texas
Annual groceries cost: $4,605
Annual housing cost: $9,833
Annual utilities cost: $4,300
Annual transportation cost: $4,513
Annual healthcare cost: $7,042
Total annual expenditures: $53,7701
How long $1 million will last in savings: 18 years, 7 months, 7 days
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Ohio
Annual groceries cost: $4,816
Annual housing cost: $9,167
Annual utilities cost: $4,151
Annual transportation cost: $4,745
Annual healthcare cost: $7,630
Total annual expenditures: $53,308
How long $1 million will last in savings: 18 years, 9 months, 4 days
South Dakota
Annual groceries cost: $4,586
Annual housing cost: $10,032
Annual utilities cost: $3,651
Annual transportation cost: $4,760
Annual healthcare cost: $7,510
Total annual expenditures: $53,077
How long $1 million will last in savings: 18 years, 10 months, 3 days
Illinois
Annual groceries cost: $4,730
Annual housing cost: $9,213
Annual utilities cost: $3,740
Annual transportation cost: $4,997
Annual healthcare cost: $7,231
Total annual expenditures: $53,077
How long $1 million will last in savings: 18 years, 10 months, 3 days
Indiana
Annual groceries cost: $4,768
Annual housing cost: $9,190
Annual utilities cost: $4,321
Annual transportation cost: $4,646
Annual healthcare cost: $7,238
Total annual expenditures: $52,672
How long $1 million will last in savings: 18 years, 11 months, 27 days
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Michigan
Annual groceries cost: $4,802
Annual housing cost: $9,096
Annual utilities cost: $4,236
Annual transportation cost: $4,795
Annual healthcare cost: $7,095
Total annual expenditures: $52,614
How long $1 million will last in savings: 19 years, 0 months, 4 days
Nebraska
Annual groceries cost: $4,586
Annual housing cost: $9,131
Annual utilities cost: $3,719
Annual transportation cost: $4,889
Annual healthcare cost: $7,517
Total annual expenditures: $52,614
How long $1 million will last in savings: 19 years, 0 months, 4 days
Georgia
Annual groceries cost: $4,677
Annual housing cost: $9,096
Annual utilities cost: $3,740
Annual transportation cost: $4,582
Annual healthcare cost: $7,502
Total annual expenditures: $52,557
How long $1 million will last in savings: 19 years, 0 months, 11 days
Louisiana
Annual groceries cost: $4,519
Annual housing cost: $9,412
Annual utilities cost: $3,516
Annual transportation cost: $4,666
Annual healthcare cost: $7,487
Total annual expenditures: $52,441
How long $1 million will last in savings: 19 years, 0 months, 26 days
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Tennessee
Annual groceries cost: $4,644
Annual housing cost: $9,611
Annual utilities cost: $3,939
Annual transportation cost: $4,305
Annual healthcare cost: $6,628
Total annual expenditures: $52,267
How long $1 million will last in savings: 19 years, 1 month, 17 days
Iowa
Annual groceries cost: $4,620
Annual housing cost: $8,488
Annual utilities cost: $4,054
Annual transportation cost: $4,884
Annual healthcare cost: $7,646
Total annual expenditures: $51,978
How long $1 million will last in savings: 19 years, 2 months, 26 days
Arkansas
Annual groceries cost: $4,548
Annual housing cost: $8,582
Annual utilities cost: $3,876
Annual transportation cost: $4,444
Annual healthcare cost: $6,469
Total annual expenditures: $51,169
How long $1 million will last in savings: 19 years, 6 months, 15 days
Missouri
Annual groceries cost: $4,567
Annual housing cost: $8,933
Annual utilities cost: $4,300
Annual transportation cost: $4,389
Annual healthcare cost: $6,794
Total annual expenditures: $51,053
How long $1 million will last in savings: 19 years, 7 months, 3 days
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Alabama
Annual groceries cost: $4,596
Annual housing cost: $8,243
Annual utilities cost: $4,312
Annual transportation cost: $4,404
Annual healthcare cost: $6,469
Total annual expenditures: $50,995
How long $1 million will last in savings: 19 years, 7 months, 11 days
Kansas
Annual groceries cost: $4,629
Annual housing cost: $7,974
Annual utilities cost: $4,444
Annual transportation cost: $4,429
Annual healthcare cost: $7,382
Total annual expenditures: $50,533
How long $1 million will last in savings: 19 years, 9 months, 15 days
Oklahoma
Annual groceries cost: $4,519
Annual housing cost: $8,313
Annual utilities cost: $4,003
Annual transportation cost: $4,651
Annual healthcare cost: $6,982
Total annual expenditures: $50,186
How long $1 million will last in savings: 19 years, 11 months, 5 days
Mississippi
Annual groceries cost: $4,644
Annual housing cost: $8,488
Annual utilities cost: $3,685
Annual transportation cost: $4,216
Annual healthcare cost: $7,427
Total annual expenditures: $50,128
How long $1 million will last in savings: 19 years, 11 months, 12 days
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West Virginia
Annual groceries cost: $4,701
Annual housing cost: $7,284
Annual utilities cost: $4,067
Annual transportation cost: $4,528
Annual healthcare cost: $7,163
Total annual expenditures: $49,261
How long $1 million will last in savings: 20 years, 3 months, 19 days
Jordan Rosenfeld contributed to the reporting for this article.
Methodology: In order to find how long $1,000,000 will last across the country, GOBankingRates first found (1) the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey data. Then, GOBankingRates created (2) state-level annual expenditure estimates by multiplying the national figure by each state’s overall cost of living index score for the 3Q 2023 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $1,000,000 will last in each state by dividing $1,000,000 by each state’s average annual expenditures estimate. All 50 states and the District of Columbia were then ranked with No. 1 being the state where $1,000,000 will last the longest and No. 51 being the state where it will run out most quickly. GOBankingRates provided supplemental information on the average annual cost of groceries, housing, utilities, transportation, and healthcare for people 65 and older in each state by again using MERIC’s cost of living indices for each category to factor out national estimates from the CES. All data was collected on and up to date as of April 23, 2024.
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