How Long $5 Million in Retirement Will Last in Every State

January 27, 2025

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Depending on where you live in the United States, $5 million set aside for your retirement can potentially fund more than 90 years of the next chapter in your life. And even if you don’t plan to reach centenarian status, data shows this amount covers a minimum of 40 years in retirement.

To determine how long $5 million lasts in retirement, GOBankingRates found the national average annual expenditures for people aged 65 and older and created state-level annual expenditure estimates. Then, $5 million was divided by each state’s average annual expenditures estimate to find how long the amount would last in each state.

Keep reading to find out how long $5 million lasts in retirement in each U.S. state, ranked in order from most to least years.

1. West Virginia

# of years $5M will last: 103.20
Years, months and days: 103 years, two months, 13 days
Annual expenditure: $48,451.48
Annual groceries expenditures: $4,777.81
Annual housing expenditures: $6,711.21
Annual utilities expenditures: $4,003.02
Annual transportation expenditures: $4,587.10
Annual healthcare expenditures: $7,638.02

2. Oklahoma

# of years $5M will last: 100.09
Years, months and days: 100 years, one month, one day
Annual expenditure: $49,954.75
Annual groceries expenditures: $4,576.34
Annual housing expenditures: $8,055.79
Annual utilities expenditures: $4,121.63
Annual transportation expenditures: $4,414.10
Annual healthcare expenditures: $7,178.08

3. Kansas

# of years $5M will last: 99.06
Years, months and days: 99 years zero months, 21 days
Annual expenditure: $50,475.11
Annual groceries expenditures: $4,585.93
Annual housing expenditures: $8,710.54
Annual utilities expenditures: $4,075.03
Annual transportation expenditures: $4,310.30
Annual healthcare expenditures: $7,434.44

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4. Alabama

# of years $5M will last: 98.16
Years, months and days: 98 years, one month, 26 days
Annual expenditure: $50,937.66
Annual groceries expenditures: $4,657.89
Annual housing expenditures: $8,114.25
Annual utilities expenditures: $4,265.65
Annual transportation expenditures: $4,508.02
Annual healthcare expenditures: $6,574.88

5. Mississippi

# of years $5M will last: 97.94
Years, months and days: 97 years, 11 months, eight days
Annual expenditure: $51,053.29
Annual groceries expenditures: $4,609.92
Annual housing expenditures: $8,792.38
Annual utilities expenditures: $3,842.05
Annual transportation expenditures: $4,433.87
Annual healthcare expenditures: $7,592.78

6. Missouri (tied)

# of years $5M will last: 97.72
Years, months and days: 97 years, eight months, 19 days
Annual expenditure: $51,168.93
Annual groceries expenditures: $4,581.14
Annual housing expenditures: $9,084.68
Annual utilities expenditures: $4,172.46
Annual transportation expenditures: $4,152.12
Annual healthcare expenditures: $6,876.48

6. Arkansas (tied)

# of years $5M will last: 97.72
Years, months and days: 97 years, eight months, 19 days
Annual expenditure: $51,168.93
Annual groceries expenditures: $4,557.15
Annual housing expenditures: $8,757.31
Annual utilities expenditures: $3,842.05
Annual transportation expenditures: $4,359.73
Annual healthcare expenditures: $6,650.28

8. Iowa

# of years $5M will last: 95.98
Years, months and days: 95 years, 11 months, 23 days
Annual expenditure: $52,094.02
Annual groceries expenditures: $4,638.70
Annual housing expenditures: $8,780.69
Annual utilities expenditures: $3,960.66
Annual transportation expenditures: $4,789.77
Annual healthcare expenditures: $7,261.02

9. Tennessee (tied)

# of years $5M will last: 95.77
Years, months and days: 95 years, nine months, seven days
Annual expenditure: $52,209.65
Annual groceries expenditures: $4,657.89
Annual housing expenditures: $9,680.98
Annual utilities expenditures: $3,753.10
Annual transportation expenditures: $4,404.21
Annual healthcare expenditures: $6,801.08

9. Indiana (tied)

# of years $5M will last: 95.77
Years, months and days: 95 years, nine months, seven days
Annual expenditure: $52,209.65
Annual groceries expenditures: $4,681.87
Annual housing expenditures: $9,096.38
Annual utilities expenditures: $3,829.34
Annual transportation expenditures: $4,685.96
Annual healthcare expenditures: $7,336.42

11. Georgia

# of years $5M will last: 94.72
Years, months and days: 94 years, eight months, 19 days
Annual expenditure: $52,787.83
Annual groceries expenditures: $4,686.67
Annual housing expenditures: $9,318.52
Annual utilities expenditures: $3,981.84
Annual transportation expenditures: $4,829.31
Annual healthcare expenditures: $7,532.46

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12. Michigan

# of years $5M will last: 94.20
Years, months and days: 94 years, two months, 13 days
Annual expenditure: $53,076.92
Annual groceries expenditures: $4,715.45
Annual housing expenditures: $9,002.84
Annual utilities expenditures: $4,108.92
Annual transportation expenditures: $4,858.97
Annual healthcare expenditures: $6,853.86

13. Louisiana

# of years $5M will last: 93.90
Years, months and days: 93 years, 10 months, 23 days
Annual expenditure: $53,250.38
Annual groceries expenditures: $4,595.53
Annual housing expenditures: $9,891.43
Annual utilities expenditures: $3,376.09
Annual transportation expenditures: $4,715.62
Annual healthcare expenditures: $7,125.30

14. Texas

# of years $5M will last: 93.59
Years, months and days: 93 years, seven months, two days
Annual expenditure: $53,423.83
Annual groceries expenditures: $4,614.71
Annual housing expenditures: $9,599.13
Annual utilities expenditures: $4,388.50
Annual transportation expenditures: $4,582.16
Annual healthcare expenditures: $7,245.94

15. Kentucky

# of years $5M will last: 93.39
Years, months and days: 93 years, four months, 21 days
Annual expenditure: $53,539.47
Annual groceries expenditures: $4,782.61
Annual housing expenditures: $9,143.14
Annual utilities expenditures: $3,689.56
Annual transportation expenditures: $4,700.79
Annual healthcare expenditures: $8,052.72

16. North Dakota

# of years $5M will last: 93.19
Years, months and days: 93 years, two months, nine days
Annual expenditure: $53,655.10
Annual groceries expenditures: $4,533.17
Annual housing expenditures: $9,610.82
Annual utilities expenditures: $3,532.82
Annual transportation expenditures: $4,878.74
Annual healthcare expenditures: $8,241.22

17. Illinois

# of years $5M will last: 92.69
Years, months and days: 92 years, eight months, eight days
Annual expenditure: $53,944.19
Annual groceries expenditures: $4,686.67
Annual housing expenditures: $9,610.82
Annual utilities expenditures: $4,151.28
Annual transportation expenditures: $4,819.43
Annual healthcare expenditures: $7,532.46

18. Nebraska (tied)

# of years $5M will last: 92.59
Years, months and days: 92 years, seven months, two days
Annual expenditure: $54,002.01
Annual groceries expenditures: $4,710.65
Annual housing expenditures: $9,435.44
Annual utilities expenditures: $3,833.58
Annual transportation expenditures: $4,750.22
Annual healthcare expenditures: $7,720.96

18. South Dakota (tied)

# of years $5M will last: 92.59
Years, months and days: 92 years, seven months, two days
Annual expenditure: $54,002.01
Annual groceries expenditures: $4,681.87
Annual housing expenditures: $10,300.65
Annual utilities expenditures: $3,626.02
Annual transportation expenditures: $5,066.58
Annual healthcare expenditures: $7,690.80

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20. New Mexico

# of years $5M will last: 92.39
Years, months and days: 92 years, four months, 21 days
Annual expenditure: $54,117.65
Annual groceries expenditures: $4,595.53
Annual housing expenditures: $10,300.65
Annual utilities expenditures: $3,664.14
Annual transportation expenditures: $4,572.28
Annual healthcare expenditures: $7,615.40

21. Ohio

# of years $5M will last: 92.00
Years, months and days: 91 years, 11 months, 31 days
Annual expenditure: $54,348.92
Annual groceries expenditures: $4,753.83
Annual housing expenditures: $9,821.28
Annual utilities expenditures: $4,312.25
Annual transportation expenditures: $4,755.17
Annual healthcare expenditures: $7,132.84

22. Montana

# of years $5M will last: 91.41
Years, months and days: 91 years, four months, 29 days
Annual expenditure: $54,695.83
Annual groceries expenditures: $4,782.61
Annual housing expenditures: $9,914.82
Annual utilities expenditures: $3,554.00
Annual transportation expenditures: $5,313.73
Annual healthcare expenditures: $8,211.06

23. Minnesota

# of years $5M will last: 91.22
Years, months and days: 91 years, two months, 21 days
Annual expenditure: $54,811.46
Annual groceries expenditures: $4,907.33
Annual housing expenditures: $9,528.98
Annual utilities expenditures: $4,096.21
Annual transportation expenditures: $4,656.31
Annual healthcare expenditures: $8,015.02

24. Wyoming

# of years $5M will last: 90.93
Years, months and days: 90 years, 11 months, five days
Annual expenditure: $54,984.92
Annual groceries expenditures: $4,816.19
Annual housing expenditures: $10,242.19
Annual utilities expenditures: $3,621.78
Annual transportation expenditures: $4,374.56
Annual healthcare expenditures: $7,984.86

25. Pennsylvania

# of years $5M will last: 90.46
Years, months and days: 90 years, five months, 16 days
Annual expenditure: $55,274.01
Annual groceries expenditures: $4,720.25
Annual housing expenditures: $10,031.74
Annual utilities expenditures: $4,384.26
Annual transportation expenditures: $5,313.73
Annual healthcare expenditures: $6,665.36

26. Wisconsin

# of years $5M will last: 89.15
Years, months and days: 89 years, one month, 23 days
Annual expenditure: $56,083.46
Annual groceries expenditures: $4,710.65
Annual housing expenditures: $10,639.72
Annual utilities expenditures: $4,147.04
Annual transportation expenditures: $4,577.22
Annual healthcare expenditures: $8,263.84

27. South Carolina

# of years $5M will last: 88.60
Years, months and days: 88 years, seven months, six days
Annual expenditure: $56,430.37
Annual groceries expenditures: $4,777.81
Annual housing expenditures: $10,604.64
Annual utilities expenditures: $4,710.43
Annual transportation expenditures: $4,700.79
Annual healthcare expenditures: $7,004.66

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28. North Carolina

# of years $5M will last: 87.70
Years, months and days: 87 years, nine months, 18 days
Annual expenditure: $56,950.73
Annual groceries expenditures: $4,720.25
Annual housing expenditures: $10,861.87
Annual utilities expenditures: $4,185.17
Annual transportation expenditures: $4,755.17
Annual healthcare expenditures: $7,917.00

29. Delaware

# of years $5M will last: 85.71
Years, months and days: 85 years, eight months, 15 days
Annual expenditure: $58,338.36
Annual groceries expenditures: $4,888.14
Annual housing expenditures: $11,341.24
Annual utilities expenditures: $4,147.04
Annual transportation expenditures: $5,106.12
Annual healthcare expenditures: $7,668.18

30. Idaho

# of years $5M will last: 85.54
Years, months and days: 85 years, six months, 15 days
Annual expenditure: $58,454.00
Annual groceries expenditures: $4,964.90
Annual housing expenditures: $11,797.23
Annual utilities expenditures: $3,321.02
Annual transportation expenditures: $5,427.41
Annual healthcare expenditures: $7,351.50

31. Virginia

# of years $5M will last: 85.37
Years, months and days: 85 years, four months, 14 days
Annual expenditure: $58,569.63
Annual groceries expenditures: $4,792.20
Annual housing expenditures: $12,510.44
Annual utilities expenditures: $4,231.76
Annual transportation expenditures: $4,661.25
Annual healthcare expenditures: $7,690.80

32. Colorado

# of years $5M will last: 84.95
Years, months and days: 84 years, 11 months, 11 days
Annual expenditure: $58,858.72
Annual groceries expenditures: $4,816.19
Annual housing expenditures: $12,650.74
Annual utilities expenditures: $3,825.11
Annual transportation expenditures: $4,626.65
Annual healthcare expenditures: $7,954.70

33. Nevada

# of years $5M will last: 84.20
Years, months and days: 84 years, two months, 13 days
Annual expenditure: $59,379.09
Annual groceries expenditures: $4,988.88
Annual housing expenditures: $12,744.28
Annual utilities expenditures: $4,562.17
Annual transportation expenditures: $5,808.03
Annual healthcare expenditures: $6,831.24

34. Utah

# of years $5M will last: 84.04
Years, months and days: 84 years, zero months, 14 days
Annual expenditure: $59,494.72
Annual groceries expenditures: $4,705.86
Annual housing expenditures: $13,083.35
Annual utilities expenditures: $3,998.78
Annual transportation expenditures: $4,938.06
Annual healthcare expenditures: $6,748.30

35. Florida

# of years $5M will last: 83.88
Years, months and days: 83 years, 10 months, 17 days
Annual expenditure: $59,610.36
Annual groceries expenditures: $5,022.46
Annual housing expenditures: $12,674.13
Annual utilities expenditures: $4,485.92
Annual transportation expenditures: $4,997.37
Annual healthcare expenditures: $7,585.24

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36. Arizona

# of years $5M will last: 78.26
Years, months and days: 78 years, three months, four days
Annual expenditure: $63,888.89
Annual groceries expenditures: $4,892.94
Annual housing expenditures: $15,024.22
Annual utilities expenditures: $4,282.60
Annual transportation expenditures: $5,185.21
Annual healthcare expenditures: $7,057.44

37. Maine

# of years $5M will last: 77.70
Years, months and days: 77 years, eight months, 11 days
Annual expenditure: $64,351.43
Annual groceries expenditures: $4,830.58
Annual housing expenditures: $14,252.55
Annual utilities expenditures: $4,697.72
Annual transportation expenditures: $5,486.73
Annual healthcare expenditures: $8,663.46

38. Connecticut

# of years $5M will last: 76.39
Years, months and days: 76 years, four months, 21 days
Annual expenditure: $65,449.98
Annual groceries expenditures: $4,892.94
Annual housing expenditures: $13,773.18
Annual utilities expenditures: $5,667.77
Annual transportation expenditures: $5,318.67
Annual healthcare expenditures: $8,097.96

39. Rhode Island

# of years $5M will last: 76.26
Years, months and days: 76 years, three months, three days
Annual expenditure: $65,565.61
Annual groceries expenditures: $4,864.16
Annual housing expenditures: $13,492.57
Annual utilities expenditures: $6,010.88
Annual transportation expenditures: $4,898.51
Annual healthcare expenditures: $7,932.08

40. New Hampshire

# of years $5M will last: 76.13
Years, months and days: 76 years, one month, 16 days
Annual expenditure: $65,681.25
Annual groceries expenditures: $4,777.81
Annual housing expenditures: $13,621.18
Annual utilities expenditures: $4,392.73
Annual transportation expenditures: $5,550.99
Annual healthcare expenditures: $7,803.90

41. New Jersey

# of years $5M will last: 76.06
Years, months and days: 76 years, zero months, 21 days
Annual expenditure: $65,739.07
Annual groceries expenditures: $4,964.90
Annual housing expenditures: $15,854.35
Annual utilities expenditures: $4,240.24
Annual transportation expenditures: $5,284.07
Annual healthcare expenditures: $7,917.00

42. Oregon

# of years $5M will last: 75.79
Years, months and days: 75 years, nine months, 15 days
Annual expenditure: $65,970.34
Annual groceries expenditures: $5,204.75
Annual housing expenditures: $15,784.20
Annual utilities expenditures: $3,774.28
Annual transportation expenditures: $5,995.86
Annual healthcare expenditures: $8,474.96

43. Vermont

# of years $5M will last: 75.40
Years, months and days: 75 years, four months, 25 days
Annual expenditure: $66,317.25
Annual groceries expenditures: $5,075.23
Annual housing expenditures: $15,059.30
Annual utilities expenditures: $4,769.74
Annual transportation expenditures: $4,982.54
Annual healthcare expenditures: $8,278.92

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44. Washington

# of years $5M will last: 75.13
Years, months and days: 75 years, one month, 16 days
Annual expenditure: $66,548.52
Annual groceries expenditures: $5,195.15
Annual housing expenditures: $14,872.22
Annual utilities expenditures: $3,867.47
Annual transportation expenditures: $6,282.55
Annual healthcare expenditures: $8,889.66

45. Maryland

# of years $5M will last: 74.42
Years, months and days: 74 years, five months, one day
Annual expenditure: $67,184.52
Annual groceries expenditures: $5,041.65
Annual housing expenditures: $16,555.87
Annual utilities expenditures: $4,638.42
Annual transportation expenditures: $5,175.32
Annual healthcare expenditures: $7,592.78

46. New York

# of years $5M will last: 70.25
Years, months and days: 70 years, two months, 31 days
Annual expenditure: $71,173.96
Annual groceries expenditures: $4,955.30
Annual housing expenditures: $19,432.10
Annual utilities expenditures: $4,333.43
Annual transportation expenditures: $5,432.36
Annual healthcare expenditures: $7,969.78

47. Alaska

# of years $5M will last: 69.13
Years, months and days: 69 years, one month, 15 days
Annual expenditure: $72,330.32
Annual groceries expenditures: $6,068.21
Annual housing expenditures: $14,123.94
Annual utilities expenditures: $6,307.40
Annual transportation expenditures: $5,783.31
Annual healthcare expenditures: $11,543.74

48. Massachusetts

# of years $5M will last: 59.93
Years, months and days: 59 years, 11 months, five days
Annual expenditure: $83,431.37
Annual groceries expenditures: $4,988.88
Annual housing expenditures: $24,880.58
Annual utilities expenditures: $6,311.64
Annual transportation expenditures: $5,625.13
Annual healthcare expenditures: $9,319.44

49. California

# of years $5M will last: 59.64
Years, months and days: 59 years, seven months, 21 days
Annual expenditure: $83,836.10
Annual groceries expenditures: $5,387.03
Annual housing expenditures: $24,518.12
Annual utilities expenditures: $5,752.49
Annual transportation expenditures: $6,984.46
Annual healthcare expenditures: $7,969.78

50. Hawaii

# of years $5M will last: 46.44
Years, months and days: 46 years, five months, nine days
Annual expenditure: $107,657.12
Annual groceries expenditures: $5,953.08
Annual housing expenditures: $36,619.34
Annual utilities expenditures: $7,472.30
Annual transportation expenditures: $6,860.88
Annual healthcare expenditures: $9,198.80

Methodology: In order to find how long $5,000,000 will last across the country, GOBankingRates first found 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 state-level annual expenditure estimates by multiplying the national figure by each state’s overall cost of living index score for Q1 2024 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found how many years $5,000,000 will last in each state by dividing $5,000,000 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 $5,000,000 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 CEX. All data was collected on and up to date as of Jul. 10, 2024.

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