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How Long $1 Million Will Last in Retirement in America’s Biggest Cities

June 26, 2024

9 min Read

Written by Gabrielle Olya

Edited by Ashleigh Ray

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Achieving a retirement nest egg of $1 million is no small feat — but is that amount still enough to last you through your whole golden years if you’re living in the big city? That answer greatly depends on which city you plan to live in.

To find out how long $1 million in retirement savings would last in America’s 50 biggest cities, GOBankingRates found the average annual expenditures for people 65 and older in each city, and used that number to calculate how many years $1 million would last, both with and without Social Security as supplemental income.

In America’s most affordable big city — El Paso, Texas — $1 million in retirement savings will last you over 21 years without any Social Security income, or nearly 40 years if you do receive benefits. In the most expensive big city — San Francisco — it would last less than nine years, even with Social Security income.

Here’s a complete look at how long $1 million in retirement savings would last in America’s 50 biggest cities, ranked from longest to shortest amount of time.

1. El Paso, Texas

How long $1 million would last (without Social Security): 21 years, 1 month, 12 days
How long $1 million would last (with Social Security): 39 years, 11 months, 27 days

2. Wichita, Kansas

How long $1 million would last (without Social Security): 20 years, 10 months, 20 days
How long $1 million would last (with Social Security): 39 years, 2 months, 2 days

3. Tulsa, Oklahoma

How long $1 million would last (without Social Security): 20 years, 3 months, 11 days
How long $1 million would last (with Social Security): 37 years, 0 months, 24 days

4. Oklahoma City

How long $1 million would last (without Social Security): 20 years, 2 months, 24 days
How long $1 million would last (with Social Security): 36 years, 10 months, 27 days

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5. Indianapolis

How long $1 million would last (without Social Security): 20 years, 2 months, 5 days
How long $1 million would last (with Social Security): 36 years, 9 months, 3 days

6. Memphis, Tennessee

How long $1 million would last (without Social Security): 20 years, 1 month, 27 days
How long $1 million would last (with Social Security): 36 years, 8 months, 4 days

7. Milwaukee

How long $1 million would last (without Social Security): 19 years, 7 months, 25 days
How long $1 million would last (with Social Security): 35 years, 0 months, 14 days

8. Kansas City, Missouri

How long $1 million would last (without Social Security): 19 years, 6 months, 26 days
How long $1 million would last (with Social Security): 34 years, 9 months, 4 days

9. Louisville, Kentucky

How long $1 million would last (without Social Security): 19 years, 3 months, 4 days
How long $1 million would last (with Social Security): 33 years, 9 months, 22 days

10. Omaha, Nebraska

How long $1 million would last (without Social Security): 19 years, 0 months, 18 days
How long $1 million would last (with Social Security): 33 years, 1 month, 26 days

11. San Antonio

How long $1 million would last (without Social Security): 18 years, 11 months, 8 days
How long $1 million would last (with Social Security): 32 years, 10 months, 5 days

12. Columbus, Ohio

How long $1 million would last (without Social Security): 18 years, 11 months, 1 day
How long $1 million would last (with Social Security): 32 years, 9 months, 14 days

13. Detroit

How long $1 million would last (without Social Security): 18 years, 10 months, 2 days
How long $1 million would last (with Social Security): 32 years, 6 months, 15 days

14. Albuquerque, New Mexico

How long $1 million would last (without Social Security): 18 years, 9 months, 18 days
How long $1 million would last (with Social Security): 32 years, 5 months, 1 day

Today’s Top Offers

15. Baltimore

How long $1 million would last (without Social Security): 18 years, 8 months, 4 days
How long $1 million would last (with Social Security): 32 years, 0 months, 21 days

16. Jacksonville, Florida

How long $1 million would last (without Social Security): 18 years, 0 months, 25 days
How long $1 million would last (with Social Security): 30 years, 3 months, 22 days

17. Houston

How long $1 million would last (without Social Security): 17 years, 10 months, 5 days
How long $1 million would last (with Social Security): 29 years, 8 months, 8 days

18. Tucson, Arizona

How long $1 million would last (without Social Security): 17 years, 9 months, 29 days
How long $1 million would last (with Social Security): 29 years, 7 months, 21 days

19. Bakersfield, California

How long $1 million would last (without Social Security): 17 years, 3 months, 29 days
How long $1 million would last (with Social Security): 28 years, 3 months, 11 days

20. Dallas

How long $1 million would last (without Social Security): 17 years, 3 months, 4 days
How long $1 million would last (with Social Security): 28 years, 1 month, 5 days

21. (tie) Arlington, Texas

How long $1 million would last (without Social Security): 17 years, 0 months, 13 days
How long $1 million would last (with Social Security): 27 years, 6 months, 8 days

21. (tie) Fort Worth, Texas

How long $1 million would last (without Social Security): 17 years, 0 months, 13 days
How long $1 million would last (with Social Security): 27 years, 6 months, 8 days

23. Charlotte, North Carolina

How long $1 million would last (without Social Security): 16 years, 10 months, 12 days
How long $1 million would last (with Social Security): 27 years, 1 month, 1 day

24. Fresno, California

How long $1 million would last (without Social Security): 16 years, 8 months, 4 days
How long $1 million would last (with Social Security): 26 years, 7 months, 2 days

Today’s Top Offers

25. Philadelphia

How long $1 million would last (without Social Security): 16 years, 6 months, 29 days
How long $1 million would last (with Social Security): 26 years, 4 months, 3 days

26. Nashville, Tennessee

How long $1 million would last (without Social Security): 16 years, 6 months, 7 days
How long $1 million would last (with Social Security): 26 years, 2 months, 6 days

27. Virginia Beach, Virginia

How long $1 million would last (without Social Security): 16 years, 5 months, 30 days
How long $1 million would last (with Social Security): 26 years, 1 month, 19 days

28. Chicago

How long $1 million would last (without Social Security): 16 years, 4 months, 10 days
How long $1 million would last (with Social Security): 25 years, 9 months, 14 days

29. Raleigh, North Carolina

How long $1 million would last (without Social Security): 16 years, 4 months, 6 days
How long $1 million would last (with Social Security): 25 years, 9 months, 3 days

30. Minneapolis

How long $1 million would last (without Social Security): 16 years, 1 month, 16 days
How long $1 million would last (with Social Security): 25 years, 2 months, 24 days

31. Colorado Springs, Colorado

How long $1 million would last (without Social Security): 15 years, 8 months, 5 days
How long $1 million would last (with Social Security): 24 years, 1 month, 20 days

32. Las Vegas

How long $1 million would last (without Social Security): 15 years, 7 months, 21 days
How long $1 million would last (with Social Security): 24 years, 0 months, 14 days

33. (tie) Mesa, Arizona

How long $1 million would last (without Social Security): 15 years, 3 months, 22 days
How long $1 million would last (with Social Security): 23 years, 3 months, 4 days

33. (tie) Phoenix

How long $1 million would last (without Social Security): 15 years, 3 months, 22 days
How long $1 million would last (with Social Security): 23 years, 3 months, 4 days

Today’s Top Offers

35. Atlanta

How long $1 million would last (without Social Security): 15 years, 3 months, 8 days
How long $1 million would last (with Social Security): 23 years, 2 months, 2 days

36. Miami

How long $1 million would last (without Social Security): 14 years, 6 months, 19 days
How long $1 million would last (with Social Security): 21 years, 6 months, 19 days

37. Sacramento, California

How long $1 million would last (without Social Security): 13 years, 7 months, 6 days
How long $1 million would last (with Social Security): 19 years, 6 months, 12 days

38. Denver

How long $1 million would last (without Social Security): 13 years, 6 months, 19 days
How long $1 million would last (with Social Security): 19 years, 5 months, 9 days

39. Portland, Oregon

How long $1 million would last (without Social Security): 13 years, 6 months, 15 days
How long $1 million would last (with Social Security): 19 years, 5 months, 2 days

40. Austin, Texas

How long $1 million would last (without Social Security): 13 years, 4 months, 25 days
How long $1 million would last (with Social Security): 19 years, 1 month, 12 days

41. Boston

How long $1 million would last (without Social Security): 11 years, 5 months, 20 days
How long $1 million would last (with Social Security): 15 years, 5 months, 2 days

42. Washington

How long $1 million would last (without Social Security): 11 years, 4 months, 22 days
How long $1 million would last (with Social Security): 15 years, 3 months, 8 days

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43. San Diego

How long $1 million would last (without Social Security): 11 years, 2 months, 2 days
How long $1 million would last (with Social Security): 14 years, 10 months, 16 days

44. Seattle

How long $1 million would last (without Social Security): 10 years, 11 months, 8 days
How long $1 million would last (with Social Security): 14 years, 5 months, 23 days

Today’s Top Offers

45. (tie) Long Beach, California

How long $1 million would last (without Social Security): 10 years, 8 months, 12 days
How long $1 million would last (with Social Security): 14 years, 0 months, 21 days

45. (tie) Los Angeles

How long $1 million would last (without Social Security): 10 years, 8 months, 12 days
How long $1 million would last (with Social Security): 14 years, 0 months, 21 days

47. New York

How long $1 million would last (without Social Security): 10 years, 0 months, 10 days
How long $1 million would last (with Social Security): 12 years, 11 months, 1 day

48. Oakland, California

How long $1 million would last (without Social Security): 8 years, 10 months, 5 days
How long $1 million would last (with Social Security): 11 years, 0 months, 10 days

49. San Jose, California

How long $1 million would last (without Social Security): 7 years, 5 months, 27 days
How long $1 million would last (with Social Security): 8 years, 11 months, 26 day

50. San Francisco

How long $1 million would last (without Social Security): 7 years, 0 months, 18 days
How long $1 million would last (with Social Security): 8 years, 4 months, 10 days

Methodology: To find how long $1,000,000 will last in America’s biggest cities, GOBankingRates first found the 50 biggest cities in terms of total population as sourced from the 2022 American Community Survey, conducted by the U.S. Census Bureau. GOBankingRates then 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) city-level annual expenditure estimates by multiplying the national figure by each state’s overall cost of living index score from Sperling’s Best. Finally, GOBankingRates found (3) how many years $1,000,000 will last in each city by dividing $1,000,000 by each state’s average annual expenditures estimate, with and without Social Security as supplemental income. All 50 cities were then ranked, with No. 1 being the state where $1,000,000 will last the longest and No. 50 being the city where it will run out most quickly. All data was collected on and up to date as of March 21, 2024.

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