How Long $2 Million in Retirement Will Last in Every State

No matter how much planning you do, it can be hard to know exactly how much you’ll need to save for retirement. A wide variety of factors, from your lifestyle to your health, can greatly alter what “your number” should be. However, on average, most Americans should find that $2 million will be more than enough to cover their retirement needs. In fact, according to a recent study by Northwestern Mutual, respondents felt they would need about $1.25 million on average to retire comfortably. However, living expenses in America vary greatly from state to state. Those who might be hard-pressed to retire on $2 million in some high-cost states might find the process much easier by simply crossing a few borders.

To determine how far a $2 million nest egg would take a retiree on a state-by-state basis, GOBankingRates analyzed data from the Bureau of Labor Statistics’ 2021 Consumer Expenditure Survey and each state’s overall cost-of-living index score from the Q3 2021 Missouri Economic Research and Information Center. These total costs include basic, everyday expenses important to most retirees, such as groceries, transportation, healthcare and utilities. States were then ranked in reverse order, with the No. 1 state being the one where $2 million will last the longest.

Results were all over the board. On average, $2 million would last about 38 years in most states, but the range spread from over 45 years to fewer than 21 years. Put another way, this means that $2 million can last more than twice as long in some states over others. If you want to find out how long $2 million will last in your state — or you’re curious about which sections of the country will stretch your retirement nest egg longer — read on for the results of the study.

• Annual groceries cost: $6,678.05
• Annual housing cost: $31,888.09
• Annual utilities cost: $5,277.67
• Annual transportation cost: $5,264.15
• Annual healthcare cost: $8,457.09
• Total annual expenditures: $96,982.26

How long will $2 million last in savings: 20 years, 7 months, 13 days

• Annual groceries cost: $4,730.84
• Annual housing cost: $25,333.89
• Annual utilities cost: $4,642.46
• Annual transportation cost: $4,500.99
• Annual healthcare cost: $6,664.44
• Total annual expenditures: $79,984.29

How long will $2 million last in savings: 24 years, 11 months, 30 days

• Annual groceries cost: $5,081.61
• Annual housing cost: $22,570.95
• Annual utilities cost: $4,752.25
• Annual transportation cost: $5,498.02
• Annual healthcare cost: $8,000.14
• Total annual expenditures: $78,159.36

How long will $2 million last in savings: 25 years, 7 months, 2 days

• Annual groceries cost: $5,050.13
• Annual housing cost: $20,150.78
• Annual utilities cost: $4,799.30
• Annual transportation cost: $5,104.13
• Annual healthcare cost: $7,711.91
• Total annual expenditures: $72,319.57

How long will $2 million last in savings: 27 years, 7 months, 28 days

• Annual groceries cost: $4,910.72
• Annual housing cost: $20,161.17
• Annual utilities cost: $3,944.53
• Annual transportation cost: $4,332.77
• Annual healthcare cost: $7,247.93
• Total annual expenditures: $70,755.34

How long will $2 million last in savings: 28 years, 3 months, 7 days

• Annual groceries cost: $5,927.05
• Annual housing cost: $12,464.40
• Annual utilities cost: $5,426.66
• Annual transportation cost: $4,964.63
• Annual healthcare cost: $10,664.51
• Total annual expenditures: $65,436.96

How long will $2 million last in savings: 30 years, 6 months, 23 days

• Annual groceries cost: $5,045.63
• Annual housing cost: $16,307.59
• Annual utilities cost: $4,191.55
• Annual transportation cost: $4,226.09
• Annual healthcare cost: $6,636.32
• Total annual expenditures: $64,706.98

How long will $2 million last in savings: 30 years, 10 months, 27 days

• Annual groceries cost: $4,784.81
• Annual housing cost: $16,214.11
• Annual utilities cost: $3,579.87
• Annual transportation cost: $5,132.85
• Annual healthcare cost: $7,676.76
• Total annual expenditures: $63,716.30

How long will $2 million last in savings: 31 years, 4 months, 22 days

• Annual groceries cost: $4,802.80
• Annual housing cost: $13,451.17
• Annual utilities cost: $4,783.62
• Annual transportation cost: $4,976.94
• Annual healthcare cost: $7,704.88
• Total annual expenditures: $60,692.12

How long will $2 million last in savings: 32 years, 11 months, 11 days

• Annual groceries cost: $4,456.53
• Annual housing cost: $12,620.21
• Annual utilities cost: $4,991.43
• Annual transportation cost: $4,599.46
• Annual healthcare cost: $7,599.43
• Total annual expenditures: $60,170.71

How long will $2 million last in savings: 33 years, 2 months, 27 days

• Annual groceries cost: $4,703.86
• Annual housing cost: $11,155.64
• Annual utilities cost: $4,458.18
• Annual transportation cost: $4,574.85
• Annual healthcare cost: $9,047.61
• Total annual expenditures: $59,805.73

How long will $2 million last in savings: 33 years, 5 months, 8 days

• Annual groceries cost: $4,640.90
• Annual housing cost: $12,443.63
• Annual utilities cost: $4,458.18
• Annual transportation cost: $4,574.85
• Annual healthcare cost: $9,047.61
• Total annual expenditures: $59,701.45

How long will $2 million last in savings: 33 years, 5 months, 30 days

• Annual groceries cost: $4,811.79
• Annual housing cost: $13,503.10
• Annual utilities cost: $4,171.94
• Annual transportation cost: $4,570.74
• Annual healthcare cost: $6,783.95
• Total annual expenditures: $59,492.88

How long will $2 million last in savings: 33 years, 7 months, 13 days

• Annual groceries cost: $4,856.76
• Annual housing cost: $13,866.65
• Annual utilities cost: $4,156.26
• Annual transportation cost: $4,759.48
• Annual healthcare cost: $6,608.20
• Total annual expenditures: $59,440.74

How long will $2 million last in savings: 33 years, 7 months, 24 days

• Annual groceries cost: $4,330.61
• Annual housing cost: $11,820.41
• Annual utilities cost: $4,842.44
• Annual transportation cost: $4,546.12
• Annual healthcare cost: $7,142.48
• Total annual expenditures: $57,980.79

How long will $2 million last in savings: 34 years, 5 months, 27 days

• Annual groceries cost: $4,577.95
• Annual housing cost: $13,212.26
• Annual utilities cost: $3,897.47
• Annual transportation cost: $4,156.34
• Annual healthcare cost: $6,495.72
• Total annual expenditures: $56,312.28

How long will $2 million last in savings: 35 years, 6 months, 8 days

• Annual groceries cost: $4,784.81
• Annual housing cost: $10,771.32
• Annual utilities cost: $3,689.66
• Annual transportation cost: $4,821.03
• Annual healthcare cost: $7,704.88
• Total annual expenditures: $54,956.61

How long will $2 million last in savings: 36 years, 4 months, 21 days

• Annual groceries cost: $4,532.98
• Annual housing cost: $12,017.76
• Annual utilities cost: $3,289.72
• Annual transportation cost: $4,562.54
• Annual healthcare cost: $6,882.37
• Total annual expenditures: $54,904.47

How long will $2 million last in savings: 36 years, 5 months, 5 days

• Annual groceries cost: $4,532.98
• Annual housing cost: $12,017.76
• Annual utilities cost: $3,289.72
• Annual transportation cost: $4,603.57
• Annual healthcare cost: $6,882.37
• Total annual expenditures: $54,852.33

How long will $2 million last in savings: 36 years, 5 months, 16 days

• Annual groceries cost: $4,784.81
• Annual housing cost: $11,654.21
• Annual utilities cost: $3,881.79
• Annual transportation cost: $4,008.63
• Annual healthcare cost: $6,889.40
• Total annual expenditures: $54,487.35

How long will $2 million last in savings: 36 years, 8 months, 15 days

• Annual groceries cost: $4,330.61
• Annual housing cost: $11,249.12
• Annual utilities cost: $3,924.92
• Annual transportation cost: $3,860.92
• Annual healthcare cost: $7,219.81
• Total annual expenditures: $53,235.96

How long will $2 million last in savings: 37 years, 6 months, 26 days

• Annual groceries cost: $4,474.52
• Annual housing cost: $10,906.35
• Annual utilities cost: $3,611.24
• Annual transportation cost: $4,525.61
• Annual healthcare cost: $6,573.05
• Total annual expenditures: $53,183.82

How long will $2 million last in savings: 37 years, 7 months, 10 days

• Annual groceries cost: $4,703.86
• Annual housing cost: $11,726.92
• Annual utilities cost: $3,854.34
• Annual transportation cost: $4,603.57
• Annual healthcare cost: $6,566.02
• Total annual expenditures: $53,131.68

How long will $2 million last in savings: 37 years, 7 months, 21 days

• Annual groceries cost: $4,299.13
• Annual housing cost: $10,625.90
• Annual utilities cost: $3,105.43
• Annual transportation cost: $4,710.24
• Annual healthcare cost: $6,537.90
• Total annual expenditures: $51,567.45

How long will $2 million last in savings: 38 years, 9 months, 11 days

• Annual groceries cost: $4,627.41
• Annual housing cost: $9,285.98
• Annual utilities cost: $4,093.52
• Annual transportation cost: $4,353.28
• Annual healthcare cost: $7,037.03
• Total annual expenditures: $51,202.46

How long will $2 million last in savings: 39 years, 0 months, 21 days

• Annual groceries cost: $4,654.40
• Annual housing cost: $9,161.33
• Annual utilities cost: $4,105.29
• Annual transportation cost: $4,164.55
• Annual healthcare cost: $7,768.15
• Total annual expenditures: $50,785.33

How long will $2 million last in savings: 39 years, 4 months, 18 days

• Annual groceries cost: $4,425.05
• Annual housing cost: $9,763.78
• Annual utilities cost: $3,654.37
• Annual transportation cost: $3,709.11
• Annual healthcare cost: $7,796.27
• Total annual expenditures: $50,524.63

How long will $2 million last in savings: 39 years, 6 months, 30 days

• Annual groceries cost: $4,559.96
• Annual housing cost: $9,296.37
• Annual utilities cost: $4,258.21
• Annual transportation cost: $3,610.64
• Annual healthcare cost: $6,805.04
• Total annual expenditures: $50,211.78

How long will $2 million last in savings: 39 years, 9 months, 29 days

• Annual groceries cost: $4,514.99
• Annual housing cost: $10,345.45
• Annual utilities cost: $3,603.40
• Annual transportation cost: $3,672.19
• Annual healthcare cost: $6,931.58
• Total annual expenditures: $50,107.50

How long will $2 million last in savings: 39 years, 10 months, 28 days

• Annual groceries cost: $4,380.08
• Annual housing cost: $8,673.15
• Annual utilities cost: $3,748.48
• Annual transportation cost: $4,135.82
• Annual healthcare cost: $7,662.70
• Total annual expenditures: $49,586.09

How long will $2 million last in savings: 40 years, 3 months, 29 days

• Annual groceries cost: $4,362.09
• Annual housing cost: $8,766.63
• Annual utilities cost: $4,140.58
• Annual transportation cost: $3,906.06
• Annual healthcare cost: $7,740.03
• Total annual expenditures: $48,960.40

How long will $2 million last in savings: 40 years, 10 months, 5 days

• Annual groceries cost: $4,353.10
• Annual housing cost: $9,067.85
• Annual utilities cost: $3,466.16
• Annual transportation cost: $4,144.03
• Annual healthcare cost: $7,240.90
• Total annual expenditures: $48,908.26

How long will $2 million last in savings: 40 years, 10 months, 20 days

• Annual groceries cost: $4,443.04
• Annual housing cost: $8,849.72
• Annual utilities cost: $3,462.24
• Annual transportation cost: $3,938.88
• Annual healthcare cost: $7,058.12
• Total annual expenditures: $48,751.84

How long will $2 million last in savings: 41 years, 0 months, 6 days

• Annual groceries cost: $4,159.73
• Annual housing cost: $7,862.96
• Annual utilities cost: $4,132.73
• Annual transportation cost: $4,345.08
• Annual healthcare cost: $5,413.10
• Total annual expenditures: $48,386.85

How long will $2 million last in savings: 41 years, 3 months, 29 days

• Annual groceries cost: $4,092.27
• Annual housing cost: $8,808.18
• Annual utilities cost: $4,152.34
• Annual transportation cost: $3,770.66
• Annual healthcare cost: $6,664.44
• Total annual expenditures: $48,282.57

How long will $2 million last in savings: 41 years, 5 months, 1 days

• Annual groceries cost: $4,519.49
• Annual housing cost: $8,486.18
• Annual utilities cost: $3,709.27
• Annual transportation cost: $4,279.43
• Annual healthcare cost: $6,748.80
• Total annual expenditures: $47,917.58

How long will $2 million last in savings: 41 years, 8 months, 26 days

• Annual groceries cost: $4,150.73
• Annual housing cost: $8,527.73
• Annual utilities cost: $3,850.42
• Annual transportation cost: $4,041.46
• Annual healthcare cost: $6,734.74
• Total annual expenditures: $47,813.30

How long will $2 million last in savings: 41 years, 9 months, 29 days

• Annual groceries cost: $4,559.96
• Annual housing cost: $8,351.15
• Annual utilities cost: $3,203.46
• Annual transportation cost: $3,955.29
• Annual healthcare cost: $6,903.46
• Total annual expenditures: $47,792.44

How long will $2 million last in savings: 41 years, 10 months, 5 days

• Annual groceries cost: $4,357.59
• Annual housing cost: $8,475.79
• Annual utilities cost: $3,481.85
• Annual transportation cost: $4,189.16
• Annual healthcare cost: $6,980.79
• Total annual expenditures: $47,500.45

How long will $2 million last in savings: 42 years, 1 months, 5 days

• Annual groceries cost: $4,159.73
• Annual housing cost: $8,143.41
• Annual utilities cost: $3,924.92
• Annual transportation cost: $3,680.39
• Annual healthcare cost: $5,919.26
• Total annual expenditures: $47,291.89

How long will $2 million last in savings: 42 years, 3 months, 15 days

• Annual groceries cost: $4,245.17
• Annual housing cost: $8,725.08
• Annual utilities cost: $3,713.19
• Annual transportation cost: $3,741.94
• Annual healthcare cost: $6,172.34
• Total annual expenditures: $47,083.32

How long will $2 million last in savings: 42 years, 5 months, 23 days

• Annual groceries cost: $4,249.67
• Annual housing cost: $7,977.22
• Annual utilities cost: $4,219.00
• Annual transportation cost: $3,889.64
• Annual healthcare cost: $6,854.25
• Total annual expenditures: $47,031.18

How long will $2 million last in savings: 42 years, 6 months, 8 days

• Annual groceries cost: $4,353.10
• Annual housing cost: $8,351.15
• Annual utilities cost: $3,693.58
• Annual transportation cost: $4,012.73
• Annual healthcare cost: $6,411.36
• Total annual expenditures: $46,979.04

How long will $2 million last in savings: 42 years, 6 months, 26 days

• Annual groceries cost: $4,330.61
• Annual housing cost: $7,987.60
• Annual utilities cost: $3,595.56
• Annual transportation cost: $4,295.84
• Annual healthcare cost: $6,826.13
• Total annual expenditures: $46,822.62

How long will $2 million last in savings: 42 years, 8 months, 15 days

• Annual groceries cost: $4,532.98
• Annual housing cost: $7,385.16
• Annual utilities cost: $3,623.00
• Annual transportation cost: $3,922.47
• Annual healthcare cost: $6,636.32
• Total annual expenditures: $46,614.05

How long will $2 million last in savings: 42 years, 10 months, 27 days

• Annual groceries cost: $4,335.11
• Annual housing cost: $8,070.70
• Annual utilities cost: $3,528.90
• Annual transportation cost: $3,668.08
• Annual healthcare cost: $6,783.95
• Total annual expenditures: $46,353.35

How long will $2 million last in savings: 43 years, 1 month, 23 days

• Annual groceries cost: $4,407.06
• Annual housing cost: $7,333.22
• Annual utilities cost: $3,744.56
• Annual transportation cost: $3,914.26
• Annual healthcare cost: $6,952.67
• Total annual expenditures: $45,988.36

How long will $2 million last in savings: 43 years, 5 months, 27 days

• Annual groceries cost: $4,240.67
• Annual housing cost: $7,478.64
• Annual utilities cost: $3,870.03
• Annual transportation cost: $3,951.19
• Annual healthcare cost: $7,107.33
• Total annual expenditures: $45,519.09

How long will $2 million last in savings: 43 years, 11 months, 9 days

• Annual groceries cost: $4,416.05
• Annual housing cost: $7,083.93
• Annual utilities cost: $3,928.84
• Annual transportation cost: $3,614.74
• Annual healthcare cost: $6,291.85
• Total annual expenditures: $45,414.81

How long will $2 million last in savings: 44 years, 0 months, 14 days

• Annual groceries cost: $4,258.66
• Annual housing cost:  $7,520.19
• Annual utilities cost: $3,724.95
• Annual transportation cost: $3,750.14
• Annual healthcare cost: $6,432.45
• Total annual expenditures: $45,206.25

How long will $2 million last in savings: 44 years, 2 months, 27 days

• Annual groceries cost: $4,132.74
• Annual housing cost: $7,115.10
• Annual utilities cost: $3,470.09
• Annual transportation cost: $3,799.38
• Annual healthcare cost: $6,994.85
• Total annual expenditures: $44,059.15

How long will $2 million last in savings: 45 years, 4 months, 21 days

Methodology: In order to find how long $2,000,000 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’ 2021 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 2022 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $2,000,000 will last in each state by dividing $2,000,000 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 $2,000,000 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 December 14, 2022