Here’s How Long $1 Million in Retirement Savings Will Last in 50 Major US Cities

While $1 million may seem like more than enough for a comfortable retirement, the truth is that it’s become the minimum financial experts suggest you have in retirement savings by the time you stop working and settle into your golden years. However, depending on where you live, $1 million can go either very far or not far at all.

To find out how long $1 million will last in America’s biggest cities, GOBankingRates sourced the 50 biggest cities from the U.S. Census American Community Survey and then broke down the average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics Consumer Expenditure Survey data.

These key categories include housing, groceries, utilities, transportation and healthcare. The average rental cost from December 2023 for each city was sourced from the Zillow Observed Rental Index.

Here, you’ll find that places like the West Coast (especially California), the East Coast and the Pacific Northwest are not great places to make your retirement money last the longest. Instead, the Midwest and the South will let you stretch your dollars the furthest. Find out how long $1 million will last in retirement in these 50 cities.

• Annual cost of living: $124,929.81 
• How many years $1 million will last: 8

The California City by the Bay takes the No. 1 most expensive spot, leaving retirees with only eight years to spend down their $1 million. Housing is the most costly expenditure here, at $58,974 per year, as is transportation, at $8,012 per year.

• Annual cost of living: $111,903.69 
• How many years $1 million will last: 8.94

The second most expensive city on this list is also in California, where housing is so expensive, at around $50,100 per year, you don’t even get nine full years on a $1 million retirement.

• Annual cost of living: $94,716.56 
• How many years $1 million will last: 10.56

The Big Apple is notorious for being a pricey place to live, where you won’t make it 11 years on $1 million in retirement. There is a higher percentage of older adults here — 15.5% — and they’re paying exorbitant healthcare costs, around $9,621 per year, utilities of $6,375 per year, and housing at $26,225

• Annual cost of living: $93,626.33 
• How many years $1 million will last: 10.68

In Boston, you won’t make it a full 11 years on $1 million in retirement. You’ll be putting a large chunk of change toward transportation, at around $7,805 per year, and even more into housing, at $26,740 per year.

• Annual cost of living: $92,669.70 
• How many years $1 million will last: 10.79

Oakland is pricey, with all expenditures falling above the national average, except utilities, which are around $3,825 per year.

• Annual cost of living: $92,490.28 
• How many years $1 million will last: 10.81

California is one of the most represented states on this list. The sunny burg of San Diego will eat up your $1 million in less than 11 years.

• Annual cost of living: $91,117.80 
• How many years $1 million will last: 10.97

In Los Angeles, which has a decent percentage of older adults — 13.4% of the population — where you’ll really feel the sting of your expenses is in housing, at $35,403, leaving you with not quite 11 years to live on $1 million.

• Annual cost of living: $82,195.44 
• How many years $1 million will last: 12.17

For the privilege of living in the beautiful Pacific Northwest, you’ll barely make it past 12 years on $1 million. All major expenditures here are above the national average.

• Annual cost of living: $82,113.76 
• How many years $1 million will last: 12.18

The Nation’s capital doesn’t come cheaply. You’ll pay $27,067 per year in housing, and a whopping $8,695 in transportation costs.

• Annual cost of living: $78,358.88 
• How many years $1 million will last: 12.76

Living in California doesn’t come cheaply, and in Long Beach, you’re lucky to squeeze out 12 years and some change on $1 million. Housing is steep, at $29,698 per year, but so is transportation.

• Annual cost of living: $74,107.86 
• How many years $1 million will last: 13.49

It’s no surprise that Miami is one of the cities on this list with a higher percentage of adults age 65 or older — 16.3% of the population — but a $1 million nest egg will only last retirees about 13 1/2 years here. All expenses here are above the national average except utilities.

• Annual cost of living: $67,723.60 
• How many years $1 million will last: 14.77

Twelve percent of Denver’s 710,800 population, or 85,267, are ages 65 and older. The most expensive costs are housing, transportation and utilities.

• Annual cost of living: $66,118.75 
• How many years $1 million will last: 15.12

Another California city makes the list, where you can just barely survive 15 years on $1 million. Groceries here are a few hundred bucks above the national average, at $5,028 per year, and housing is well above, $17,456.

• Annual cost of living: $64,380.39 
• How many years $1 million will last: 15.53

In Portland, you’re barely making it past 15 years with $1 million. Surprisingly, utilities are below the national average, at $3,385 per year, but housing is pricey, at around $21,525 per year.

• Annual cost of living: $64,344.11 
• How many years $1 million will last: 15.54

In Austin, the number of years you can live on $1 million dwindles to less than 16, in large part due to the steep cost of housing, which is almost double the national average, at $22,098 per year.

• Annual cost of living: $59,714.35 
• How many years $1 million will last: 16.75

Colorado Springs has a decently sized population of those ages 65 and older, at 14.3%. Retirees here will be glad to know the annual cost of healthcare is below the national average, at $6,228, but housing is more than $5,000 above the national average at $16,474 per year.

• Annual cost of living: $58,814.77 
• How many years $1 million will last: 17

Virginia Beach may be an alluring place to vacation, but you’re only going to squeeze out 17 years from $1 million. You’ll pay $6,960 in transportation costs, and $7,932 in healthcare, both above the national average.

• Annual cost of living: $57,914.06 
• How many years $1 million will last: 17.27

In the Southern city of Georgia, you can barely eke out 17 years on $1 million due to higher housing, transportation and utility costs.

• Annual cost of living: $57,516.33 
• How many years $1 million will last: 17.39

In the big city of Chicago, you can expect to have your $1 million last not quite 17 1/2 years.

• Annual cost of living: $57,436.38 
• Years to draw down $1 million: 17.41

The agricultural community of Bakersfield is a place where your $1 million won’t last even 18 years. All expenditures are close to or slightly above the national average, except housing which is several thousand dollars above.

• Annual cost of living: $57,065.84 
• How many years $1 million will last: 17.52

In Nashville, which has a population of 684,103, nearly 13% of the population, or 86,487, is 65 or older.

• Annual cost of living: $55,955.20 
• How many years $1 million will last: 17.87

Though California at large has a high cost of living, Fresno is not quite as expensive as some other cities on this list. Your nest egg will last not quite 18 years here, in part due to higher housing and transportation costs.

• Annual cost of living: $55,831.99 
• How many years $1 million will last: 17.91

Surprisingly, Las Vegas has a higher percentage of people ages 65 and older, at 15.3% of the population. Healthcare is still below the national average, but housing and transportation are above.

• Annual cost of living: $55,616.81 
• How many years $1 million will last: 17.98

One million dollars lasts even less time in Phoenix than in nearby Mesa, not quite 18 years. Healthcare is about $600 below the national average, but housing is several thousand dollars above.

• Annual cost of living: $55,455.02 
• How many years $1 million will last: 18.03

In North Carolina, your $1 million will barely last 18 years, largely due to the high cost of housing, which, at $13,890 per year, is more than $2,000 above the national average.

• Annual cost of living: $55,042.85 
• How many years $1 million will last: 18.17

Mesa has the highest percentage of people ages 65 and older, at nearly 17% of the population. Groceries, healthcare and utilities are affordable here, but housing and transportation take a chunk of change.

• Annual cost of living: $54,885.85 
• How many years $1 million will last: 18.22

In Charlotte, you’ll pay about $300 more than the national average in housing costs, or $12,078 per year, but a wee bit under for healthcare, which is $4,759 per year.

• Annual cost of living: $52,676.31 
• How many years $1 million will last: 18.98

The number of years your $1 million will last is less than 19 in Fort Worth. Prices remain lower than average for groceries, healthcare, and housing, and utilities are only a tad bit higher than the national average. It’s transportation that’s on the higher side, at $5,398 per year.

• Annual cost of living: $52,459.44 
• How many years $1 million will last: 19.06

Costs are middle of the road in Dallas. Groceries run around $4,754 per year and housing at around $10,418.

• Annual cost of living: $52,039.48 
• How many years $1 million will last: 19.22

Arlington’s housing remains below the national average, at around $10,418 per year, and healthcare costs around $4,706 per year, just below the average.

• Annual cost of living: $51,598.99 
• How many years $1 million will last: 19.38

Fourteen percent of Philadelphia’s 1,593,208 population are ages 65 and older. Groceries here cost $4,706 per year. While housing is more expensive here than in other cities on the list, it’s still below the national average, at $10,417.

• Annual cost of living: $50,286.48 
• How many years $1 million will last: 19.89

One million dollars lasts less than 20 years in Jacksonville. Transportation is on the higher side here, at around $5,121 per year, but housing remains affordable at $9,295 per year.

• Annual cost of living: $49,139.30 
• How many years $1 million will last: 20.35

Groceries here are annually $4,705 per year and housing falls at an affordable $8,816 per year.

• Annual cost of living: $49,065.24 
• How many years $1 million will last: 20.38

In Omaha, while housing is slightly higher than some of the other cities on this list, it’s still below the national average, at $9,611 per year.

• Annual cost of living: $48,714.87 
• How many years $1 million will last: 20.53

Tuscon also has a relatively high population of adults ages 65 and older, at 15.2%, out of a population of 541,033.

• Annual cost of living: $47,992.97 
• How many years $1 million will last: 20.84

Albuquerque has one of the highest percentages of adults ages 65 and older, at nearly 17%. Healthcare is affordable here, at around $4,605 annually, and utilities are below average, too at $4,117 per year.

• Annual cost of living: $47,135.63 
• How many years $1 million will last: 21.22

Retirees in Baltimore get over 21 years to spend down $1 million. While transportation is a bit higher than the national average, around $5,151 per year, healthcare falls below, at $4,384 per year.

• Annual cost of living: $46,202.06 
• How many years $1 million will last: 21.64

Retirees in San Antonio will relish in the affordable cost of housing, as well as healthcare, which also falls below the national average.

• Annual cost of living: $45,413.69 
• How many years $1 million will last: 22.02

With nearly 14% of the total population of 505,958 ages 65 and older, retirees here will be glad to know their expenditures are close to or below the national average in Kansas City.

• Annual cost of living: $45,114.16 
• How many years $1 million will last: 22.17

Retirees will pay around $6,748 yearly for healthcare, below the national average, and around $4,324 annually for utilities, which is a tad bit above the national average.

• Annual cost of living: $44,557.27 
• How many years $1 million will last: 22.44

In El Paso, retirees will pay an affordable $4,413 per year on groceries, and a remarkably low amount for housing, around $6,501 per year.

• Annual cost of living: $44,398.97 
• How many years $1 million will last: 22.52

With almost 16% of the population in Louisville aged 65 and over, it’s a good thing the cost of living is so low here. One million dollars will last over 22 years.

• Annual cost of living: $44,176.24 
• How many years $1 million will last: 22.64

In Indianapolis, housing remains well below the national average at around $7,331 per year.

• Annual cost of living: $42,983.43 
• How many years $1 million will last: 23.26

In the midwestern metropolis of Milwaukee, $1 million will last more than 23 years. Most expenditures are below the national average, except transportation, which is nearly $1,000 higher, annually.

• Annual cost of living: $42,800.76 
• How many years $1 million will last: 23.36

In Oklahoma City, where just over 13% of the population is ages 65 and older, you can expect to pay below the national average for almost every expense, except healthcare, which is almost $500 more expensive annually. However, housing is over $5,000 below average here.

• Annual cost of living: $42,285.14 
• How many years $ 1 million will last: 23.65

In Tulsa, you can expect to pay below the national average for almost every expense, except healthcare, which is almost $400 more expensive annually.

• Annual cost of living: $41,618.07 
• How many years $1 million will last: 24.03

In Wichita, 15% of the population is age 65 or over, probably because the cost of living is so affordable. Annual groceries will cost you around $4,557 per year and transportation around $5,862 annually.

• Annual cost of living: $41,038.92 
• How many years $1 million will last: 24.37

Memphis comes in at No. 2 for major cities where your money will last the longest in retirement. Retirees will pay around $4,957 in annual healthcare costs and around $4,079 in annual utilities.

• Annual cost of living: $37,505.09 
• How many years $1 million will last: 26.66

Detroit takes the No.1 spot as the place your cool million will go the furthest. It’s also got a decent-sized population of the 65 and older crowd, with over 14%. You’ll pay the absolute lowest on housing, at $2748 per year, and the third cheapest city for healthcare, which runs around $6,168 per year.

Methodology: In this study, GOBankingRates analyzed major US cities to find out how long $1 million will last during retirement. For this study GOBankingRates assumes a person retires at 65 years old. GOBankingRates first found the [1] top 50 most populated cities by total population as well as the [2] population aged 65 and older as sourced from the US Census American Community Survey. GOBankingRates then analyzed each city for a variety of factors including; [3] Grocery cost of living index, [4] Healthcare cost of living index, [5] Utilities cost of living index, [6] Transportation cost of living index, [7] Miscellaneous cost of living index all sourced from Sperlings BestPlaces and multiplied by the [8] National Average expenditure costs for someone aged 65 or older sourced from the Bureau of Labor Statistics Consumer Expenditure Survey to find the average expenditure cost within each city. The [9] average rental cost from December 2023 for each city was sourced from Zillow Observed Rental Index and added to the average annual expenditure costs to find the total annual cost of living. By diving the $1 million savings by the total annual cost of living gives the years it would take to drawdown $1 million savings in each of the major US cities. All data was collected and is up-to-date as-of February 7th, 2024.