How Long $1 Million in Retirement Will Last in Every State

Pinpointing the exact amount that you need to save to retire comfortably is a difficult task — and reaching that goal may be even harder. 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 55-65 is $197,322, a far cry from what you’ll need in retirement.

To determine how far a $1 million nest egg will take retirees across the country for someone 65 or older, GOBankingRates analyzed data from the Bureau of Labor Statistics’ 2020 Consumer Expenditure Survey and factored in the state’s overall cost-of-living index score for 2021 from the Missouri Economic Research and Information Center. Annual costs were further broken down by multiplying more specific annual expenditure figures from the CES by MERIC’s cost of living for groceries, utilities, transportation and healthcare. All 50 states then were ranked with No. 1 being the state where $1 million will last the longest and No. 50 being the state where it will run out most quickly.

As big a chunk of change as $1 million sounds like, surprisingly it doesn’t last quite as long as you might think it would, depending on which state you live in. 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.

• 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 $1 million will last in savings: 10 years 3 months 22 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 $1 million will last in savings: 14 years 1 months 15 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 $1 million will last in savings: 13 years 9 months 29 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 $1 million will last in savings: 12 years 9 months 14 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 $1 million will last in savings: 15 years 3 months 12 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 $1 million will last in savings: 15 years 5 months 13 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 $1 million will last in savings: 15 years 8 months 8 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 $1 million will last in savings: 16 years 7 months 13 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 $1 million will last in savings: 16 years 8 months 18 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 $1 million will last in savings: 16 years 5 months 23 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 $1 million will last in savings: 16 years 8 months 29 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 $1 million will last in savings: 16 years 9 months 21 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 $1 million will last in savings: 16 years 9 months 25 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 $1 million will last in savings: 17 years 2 months 31 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 $1 million will last in savings: 17 years 9 months 3 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 $1 million will last in savings: 18 years 2 months 13 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 $1 million will last in savings: 18 years 2 months 17 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 $1 million will last in savings: 18 years 9 months 18 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 $1 million will last in savings: 18 years 9 months 26 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 $1 million will last in savings: 18 years 9 months 11 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 $1 million will last in savings: 18 years 4 months 7 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 $1 million will last in savings: 18 years 2 months 24 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 $1 million will last in savings: 19 years 4 months 22 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 $1 million will last in savings: 19 years 6 months 12 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 $1 million will last in savings: 20 years 2 months 2 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 $1 million will last in savings: 19 years 8 months 8 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 $1 million will last in savings: 20 years 5 months 1 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 $1 million will last in savings: 19 years 11 months 16 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 $1 million will last in savings: 19 years 9 months 15 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 $1 million will last in savings: 20 years 11 months 1 days

• Annual groceries cost: $4,019.02
• Annual housing cost: $10,450.41
• Annual utilities cost: $3,094.49
• Annual transportation cost: $3,958.38
• Annual healthcare cost: $6,374.61
• Total annual expenditures: $47,293.53

How long $1 million will last in savings: 19 years 11 months 1 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 $1 million will last in savings: 20 years 5 months 12 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 $1 million will last in savings: 20 years 7 months 31 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 $1 million will last in savings: 20 years 6 months 4 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 $1 million will last in savings: 20 years 8 months 15 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 $1 million will last in savings: 21 years 0 months 17 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 $1 million will last in savings: 20 years 10 months 12 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 $1 million will last in savings: 21 years 5 months 12 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 $1 million will last in savings: 21 years 3 months 15 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 $1 million will last in savings: 21 years 4 months 10 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 $1 million will last in savings: 20 years 10 months 27 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 $1 million will last in savings: 21 years 1 months 23 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 $1 million will last in savings: 21 years 2 months 27 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 $1 million will last in savings: 21 years 3 months 4 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 $1 million will last in savings: 21 years 6 months 26 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 $1 million will last in savings: 21 years 8 months 26 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 $1 million will last in savings: 22 years 0 months 6 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 $1 million will last in savings: 21 years 11 months 19 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 $1 million will last in savings: 22 years 1 months 12 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 $1 million will last in savings: 22 years 8 months 12 days

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_{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’ 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 $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 January 23, 2023.}