About 10,000 people turn 65 in the U.S. every single day. The average American retirement age is 63, and the life expectancy for retirees is about 79. That means Americans should plan to spend 16 years in retirement. However, many Americans lack the savings needed to survive retirement.
Conventional wisdom suggests a retirement income nest egg of at least $1 million, but the buying power of $1 million varies wildly depending on where you live. So if you’re asking “how long will my money last in retirement,” the answer is “it depends on your state.”
In order to determine how long $1 million will last the average retiree in every state, GOBankingRates found the average total expenditures for people 65 and older, which includes groceries, housing, utilities, transportation and healthcare, then factored in the cost of living index in each state to find the average budget for a retiree.
Dividing a theoretical $1 million by the costs per state reveals the number of years $1 million will last retirees in every state. Click through to learn just how long that is, and see if $1 million is enough for retirement in your state.
- $1 million will last: 11 years, 8 months, 20 days
If you retire with $1 million in Hawaii, you have just shy of a dozen years to ride out your savings. Due to the high cost of living in Hawaii, you might even need to tap your retirement savings early.
At $5,806 a year, the cost of groceries is by far the highest in the nation, and housing is no picnic, either. At $47,928 a year, housing costs in Hawaii blow away the next-most-expensive state by nearly $15,000 a year. In all, annual expenditures are over $20,000 more in Hawaii than the next-priciest state.
- $1 million will last: 15 years, 5 months, 27 days
Only two states other than Hawaii requires annual expenditures of more than $60,000 — and one of them is California, where retirees spend $64,516 a year to get by. Hawaii is also the only state to trump California in the category of housing costs. Although it’s nearly $15,000 more forgiving than Hawaii, housing in California is a brutal $33,234 a year. It costs a lot to live comfortably in the Golden State.
48. New York
- $1 million will last: 16 years, 3 months, 22 days
“How long will my money last?” That’s the question every retiree wants to know. In New York, the answer is not long enough. Utilities are relatively benign, but groceries and transportation claim the title of ninth-highest and eighth-highest in the nation, respectively. Learn how you can make your retirement savings last.
The real trouble, however, is housing. At $30,056, housing in New York costs more than it does in all but just two other states.
- $1 million will last: 16 years, 8 months, 6 days
America’s other noncontiguous state joins Hawaii near the bottom of the retirement-dollar-stretching pack. It costs $59,895 to get through a year in Alaska, thanks in large part to a painfully high $4,846 annual grocery bill, which is second in the nation behind Hawaii. Housing is actually a relatively forgiving $22,288 a year, but even so, you can expect your luck — and your $1 million — to run out in under 17 years.
- $1 million will last: 16 years, 8 months, 29 days
Retirees can also stretch $1 million for only 16 years and nine months in the Mid-Atlantic state of Maryland. At $29,087 a year, Maryland is home to the country’s fourth-highest housing costs. A retiree can also expect to spend about $7,114 a year on transportation. In all, the cost of living is $59,666 per year.
If there’s one state where senior citizens can afford higher costs, though, it’s Maryland. The state has the richest retirees in the country.
- $1 million will last: 16 years, 9 months, 18 days
With an annual average of $27,943, just four states demand more from their retirees in terms of housing costs than Oregon. At $4,142 a year, grocery bills are also high compared to the national average. Residents get a break, however, in the category of utilities. The annual cost is just $2,842, which is the third-lowest in the country.
If you’re staying in Oregon but still want to cut costs, consider moving to the Hermiston-Pendleton area in Eastern Oregon. It’s the best place to live in Oregon on a fixed income.
- $1 million will last: 17 years, 1 month, 10 days
The big financial killer in pricey Massachusetts is healthcare, which costs an individual $7,235 a year in the state. That’s more than any state but Alaska. Try these hacks to reduce your healthcare costs.
At $4,332 a year, utilities are a major burden as well. In fact, just four states pay higher utility bills. In all, Massachusetts residents need about $58,385 a year to support the cost of living in the state.
- $1 million will last: 17 years, 2 months, 7 days
You can expect $1 million to last a little longer in Connecticut than it does in Massachusetts, which for some is still not long enough. Also, like their neighbors to the north, people who retire in Connecticut will be required to kick a large chunk of their annual spending to healthcare. At $6,851 a year, Connecticut has the sixth-highest healthcare costs in the nation.
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42. Rhode Island
- $1 million will last: 17 years, 10 months, 13 days
For the third New England state in a row, things move east to from Connecticut to Rhode Island. Healthcare, transportation and groceries all cost more in the Ocean State than they do in most of the country, but not by much. The big bank-breakers are housing — which costs $22,352 per year — and utilities — which costs retirees in the state $4,520 per year. In total, you’ll need about $55,914 a year if you want to retire in the smallest state in the nation. Rhode Island is one of the states where it’s hardest to save $1 million for retirement.
41. New Jersey
- $1 million will last: 18 years, 5 months, 11 days
Rounding out the top 10 (or bottom, depending on your perspective) is the Garden State. The most densely packed state in the Union, New Jerseyites pay more than the national average across all categories, but where they really get crushed is housing with the eighth-highest average cost. Four walls and a roof cost an average of $24,036 a year. At $4,101 per year, utilities in New Jersey aren’t cheap either.
A comfortable retirement costs $61,215 in New Jersey.
- $1 million will last: 18 years, 7 months, 7 days
Healthcare costs in Vermont are only slightly above the national average, but across all other categories, the increases are significant. Planning to retire in Vermont? Housing will cost you $23,337 a year. Utilities will run you $4,251, the sixth-highest in the country. In total, the cost of living in Vermont is about $53,718 per year.
- $1 million will last: 18 years, 9 months, 11 days
At $3,592 a year, retirees in Maine pay grocery bills that are around average — but every other category is higher. The worst of the bunch is the cost of housing, which comes in at $19,842 per year. At $4,162, the annual cost of utilities is high as well. In total, Mainers pay about $53,214 a year to live in the state.
Thanks to high state income taxes, Maine is one of the hardest states to save $1 million for retirement.
38. New Hampshire
- $1 million will last: 19 years, 6 months, 1 day
In Vermont and Maine’s neighboring New England state of New Hampshire, you can squeeze a full 19 1/2 years out of $1 million. At $4,071 a year, the cost of groceries is well above the national average. At $4,683, the annual bill for utilities is even higher compared to the rest of the nation.
It’s also clear that, as a region, New England is not kind to the pocketbooks of retirees: Six New England states are among the 15 worst states for stretching $1 million in retirement.
Get Closer to $1 Million: 42 Easy Ways to Save for Retirement
- $1 million will last: 19 years, 9 months, 19 days
With an annual cost of $3,048, Nevadans get off relatively easy when it comes to utilities. Housing, however, comes in at $17,205, which is higher than average. Both transportation and healthcare costs are also more than average by a fairly steep margin.
In a survey about how much people have saved for retirement, the most common answer for Nevadans was “less than $10,000.”
- $1 million will last: 20 years, 1 month, 29 days
The state of Washington offers retirees the opportunity to stretch $1 million more than 21 years. Residents pay $3,335 for utilities, which is below the national average. All other categories are slightly above, for a grand total of $49,554 per year.
Click to See: Top Retirement Communities in the U.S.
- $1 million will last: 20 years, 8 months, 19 days
Residents of the First State pay roughly $15,727 for housing, which is slightly more than the national median. Transportation costs are the among the lowest, and retirees in Delaware also pay less than the median state for healthcare. They pay more than average, however, for groceries and utilities. In all, the state drums up annual expenses of $48,227. Planning for a comfortable retirement costs more — $53,585 in Delaware.
- $1 million will last: 21 years, 6 days
At $6,324, the cost of healthcare in Colorado is relatively high. And at $18,094, housing costs are also higher than average. Everything else, however, is cheaper than average, especially utilities, which cost $2,934 a year — good for the fourth-lowest in the country. In all, people who retire in Colorado will spend around $47,540 per year.
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- $1 million will last: 21 years, 6 days
To the north of Colorado is Montana, which requires about $47,540 to cover annual expenses — an identical rate to the Rocky Mountain State. Groceries and healthcare costs are just about typical, but utilities are the cheapest in the nation. The average annual bill is $2,750.
- $1 million will last: 21 years, 4 months, 22 days
With annual expenses of $46,717, people who retire in Virginia can make $1 million last for 21 years and change. Compared to other states, Virginia ranks best in transportation, where retirees spend the fifth-lowest amount. The state ranked about average in healthcare and below average for utilities. The category that’s more expensive than average is housing, which costs $17,729 a year.
Plenty of Virginians have a pretty long way to go to get to $1 million, though. A GOBankingRates survey found that Virginians are most likely to have just $10,000 to $49,999 saved for retirement.
- $1 million will last: 21 years, 6 months, 30 days
A sum of $46,305 will get you through a year of retirement in the state of Pennsylvania. At $5,473, healthcare costs are lower than all but three states. Everything else is a little more expensive, with the utilities ranking the 11th-highest out of all states, costing $3,917 a year.
And for Pennsylvanians who are fast approaching retirement but still well short of their goal: don’t despair, there’s still time. You can even save $1 million in just five years with the right strategy.
30. South Dakota
- $1 million will last: 21 years, 6 months, 30 days
At $46,305, the cost of living per year in South Dakota stands just above the national median. Housing is comparatively expensive, with an average cost of $17,506. The category where South Dakota residents do the best is transportation, which at an annual cost of $6,351 is the ninth-lowest of all states.
Read More: How Much Do I Need to Retire?
- $1 million will last: 21 years, 9 months, 17 days
In Minnesota, groceries, transportation and especially healthcare costs are higher than most states — with healthcare costing $6,815 a year. The silver linings are utilities, which are cheaper than all but 10 states. When you retire in Minnesota, expect to spend $45,848 a year. You’ll need more than $1.1 million to retire in Minnesota.
28. North Dakota
- $22 million will last: 22 years, 21 days
In North Dakota, $1 million goes just about three months further than it does in Minnesota, its neighbor to the east. Utilities are cheap in North Dakota, with an average annual bill of $3,019, sixth-lowest of all states. At $15,076, housing costs are below-average. Groceries are slightly above average. Across all categories, healthcare costs are highest, with an annual bill of $6,791 and a ranking of No. 9 in the nation.
- $1 million will last: 22 years, 29 days
Grocery costs are relatively high in Florida, with the average annual bill coming in at $3,728. The $15,473 annual cost of housing is slightly above average, as are transportation and utility costs. But Floridian retirees will see some savings in healthcare costs, which are cheaper than most states. In all, the annual cost of living in the Sunshine State is $45,253.
That said, one area that’s easy to overlook that Florida still excels in is keeping taxes on retirees low. It was one of the 10 most tax-friendly states for retirees.
26. South Carolina
- $1 million will last: 22 years, 2 months, 20 days
Next up is South Carolina, which requires about $44,978 in total annual expenses. The cost of groceries and healthcare are a little more expensive than the national average, but not by much. Costing $3,963 a year, South Carolina is among the 10 priciest for utility costs, while the costs of transportation — $6,262 annually — are among the 10 cheapest.
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25. West Virginia
- $1 million will last: 22 years, 6 months, 23 days
If you plan to retire in West Virginia, you can expect to spend $3,696 on groceries a year, or a little more than in most states. At $5,496 a year, though, healthcare costs are the sixth-lowest. Utilities are also among the 10 cheapest, with an average cost of $3,151. In total, the cost of living is roughly $44,292 per year.
- $1 million will last: 22 years, 7 months, 1 day
The second state on the front end of the list is Illinois, which requires retirees to pay about $44,246 per year to cover the cost of living. Transportation and healthcare are more expensive than the national average, but groceries are all lower than they are in most states. See how much average Americans spend on groceries.
- $1 million will last: 22 years, 7 months, 9 days
At just $2,828, utility rates in Utah are second-lowest in the country. At $14,949 a year, housing is relatively expensive, though. The only other category that is pricier than the national average is groceries, but it’s just over the median states. When all is said and done, retirees will spend around $44,200 per year.
Of course, you can’t spend that $1 million if you don’t save it up, first. So if you’re still early in your career, don’t overlook the fact that Utah is the state where it’s easiest to save up $1 million for retirement.
- $1 million will last: 22 years, 8 months, 4 days
In Wisconsin, living expenses will run retirees $44,063 a year. At $6,833, the cost of healthcare is among the 10 highest in the country, and utilities costs are also higher than the national average. Retirees in Wisconsin, however, catch a slight break on housing, which costs $13,868 a year.
- $1 million will last: 23 years, 1 month
Arizona has just one category that’s not cheaper than the majority of U.S. states, and that’s utilities, which cost residents about $3,488 a year — good for the 23rd highest and just above the median. Housing costs come in at a respectable $14,218, and utilities, healthcare and transportation costs are all lower than the majority of states. Fun fact: Some of the best suburbs for retirees are in Arizona.
20. North Carolina
- $1 million will last: 23 years, 3 months, 4 days
The cost of living is cheaper than the median state across all categories in North Carolina — except for healthcare, which costs $6,420 a year. The least-expensive category compared to the median state is the most significant — housing, which costs around $13,376 a year.
In total, retirees in North Carolina can expect to spend about $42,965 each year. So you’ll need just over $1 million to survive retirement in North Carolina.
- $1 million will last: 23 years, 4 months, 19 days
Retirees in Louisiana pay less in every category than the majority of other states, but not dramatically in most cases. Groceries, transportation, healthcare and utilities costs are all among the 20 lowest. The lone outlier is housing, where Louisiana just barely clears the national median. When everything is included, you can expect to spend about $42,736 a year.
- $1 million will last: 23 years, 4 months, 19 days
The annual cost of utilities is where Nebraskans really clean up — the eighth-lowest in the study at just $3,076 a year. The state is otherwise at or just above the median state-wide level of cost in the other categories save for healthcare — where the annual cost just short of $6,000 is slightly higher than the median.
Maybe $1 million is enough for you for retirement. Learn how to determine how much money you need to retire.
17. New Mexico
- $1 million will last: 23 years, 6 months, 4 days
That $1 million will take retirees in New Mexico just under two months longer than in Nebraska. At just under $3,000 a year, annual utility bills are cheap in the state — among the five cheapest in the country, actually. New Mexico, likewise, is among the 10 cheapest states for grocery costs.
If you want to keep working in retirement, there are lots of senior-friendly jobs that are perfect.
- $1 million will last: 23 years, 6 months, 23 days
At $7,393, the annual cost of transportation isn’t small potatoes — putting it among the 10 states where it costs the most to get around. Housing is relatively affordable, though, at $12,899 a year. This, along with a fairly low $3,228 average grocery bill — third-lowest in the nation — makes Idaho an attractive place to retire, with an annual cost of living of $42,416. But when it comes to taxes for retirees, Idaho is about average.
- $1 million will last: 23 years, 6 months, 23 days
At just $12,200 a year, Ohio boasts the sixth-lowest annual housing costs in the entire country. The other categories hover near the median state or below it — with utilities and healthcare both being cheaper than the norm. Cheap housing, however, launches Ohio into the top 15, with total annual living expenses of $42,416.
And if you’re wondering where the best place to take advantage of Ohio’s low housing costs, you should consider Toledo, one of the cheapest places to retire in the U.S.
- $1 million will last: 23 years, 7 months, 1 day
Kentucky is the heart of Appalachia — and a state where $1 million goes a fairly long way. Annual housing costs are a relatively cheap $13,424 a year. With an annual bill of $3,210, groceries are the cheapest in the country, and the annual cost of healthcare — $5,574 — is in the 10 lowest. In total, you can expect to spend about $42,370 per year.
Kentucky has a bad pension problem — its pension is the fourth-worst in the country.
- $1 million will last: 23 years, 9 months, 6 days
Several factors contribute to Iowa’s relatively cheap $42,050 annual cost of living. First and foremost, housing is fairly inexpensive, coming in at just $12,772 a year. The $3,357 annual grocery bill is also cheap compared to the national average. Healthcare and transportation costs are about even with the median state, though.
Click to See: The Average Cost of Senior Care in Every State
- $1 million will last: 23 years, 10 months, 13 days
If you retire in Indiana, you can enjoy costs across all categories that are lower than the national average — in some cases by a wide margin. Groceries cost $3,378 annually. Transportation costs will run you $6,555. At $5,592 a year, healthcare is relatively cheap. The real savings, however, come from housing costs, which average just $12,343 a year. Fort Wayne is also one of the best places to live on only a Social Security check.
- $1 million will last: 23 years, 10 months, 22 days
The last state before the top 10 is Wyoming, where it costs about $41,821 to live for a year. Groceries and utilities are a little expensive in Wyoming compared to the national average. Every other category, however, is cheaper. The category with the most savings is housing, where costs are just $13,011.
One cost you won’t have to worry about in Wyoming? State income tax; Wyoming is one of just seven states without it. And the best place in this state without income tax to retire is Casper.
- $1 million will last: 23 years, 11 months, 2 days
Both groceries and housing are fairly cheap in the Lone Star State, coming in at $3,221 and $13,471 a year, respectively. Healthcare costs are also lower than the national average, but just barely. Transportation costs come in at $6,405, for a total yearly cost of living of $41,775.
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- $1 million will last: 24 years, 19 days
There are just five states that boast average housing costs under $12,000, and Georgia is a member of the group — just not by very much. Housing costs average $11,994. Every other category is also cheaper than the national average, as well, but not by nearly as much. If you retire in Georgia, you can probably get away with spending just $41,546 a year. In Georgia, you’re better off buying a home than renting.
- $1 million will last: 24 years, 4 months, 25 days
Retirees can get by in Kansas on about $40,952 a year. All categories except utilities are cheaper than the national average, but residents don’t enjoy anything spectacular — except, that is, for housing. The annual cost of housing in Kansas is $12,264, the ninth-lowest cost in the nation.
And low costs are just part of why Kansans are more likely to be set up for a comfortable retirement: Kansas is the best state for pensions in the nation.
- $1 million will last: 24 years, 5 months, 4 days
Tennessee residents largely have housing to thank for being among the top 10. While it’s not in the under-$12,000 club, it’s darn close at just $12,439 per year needed, on average, to secure a place to live. That’s over 30 percent cheaper than the average for the nation as a whole.
And if you’re looking to stretch your retirement fund while still enjoying city life, Memphis was among the top five cities where $1 million lasts the longest in retirement.
- $1 million will last: 24 years, 6 months, 25 days
Everything but utilities are cheaper in Missouri compared to the national average, but the state earns its place near the top of the list through housing. Housing costs in Missouri are just $11,787. That’s the third-cheapest in the country, and it makes Missouri one of the five states to break the $12,000 mark. So, while no one wants to retire broke, Missouri’s low costs would make it one of the better states to retire broke if you can’t avoid it.
- $1 million will last: 24 years, 7 months, 4 days
In Alabama, utility costs are higher than average — $3,867, to be exact. The state makes up for that and squeezes into the top 10, however, in other areas. At $5,185, healthcare costs are the lowest in the country, and the cost of housing in Alabama is just $11,597 — making Alabama another member of the sub-$12,000 club. And retirees should also know that Mobile is one of the best places to live on only a Social Security check.
- $1 million will last: 24 years, 7 months, 4 days
At $40,631, the cost of living in Arkansas is cheaper than it is in all but three states. Housing costs just $12,232 a year, and groceries cost a low $3,275 — the fifth-lowest cost in the country. Everything else is comparatively cheap in Arkansas, too. Healthcare costs are second-lowest in the country at $5,281, and you can expect to spend just $5,962 in transportation costs, the lowest amount in the nation. It’s all part of why Arkansas is one of the states where a comfortable retirement costs the least.
- $1 million will last: 24 years, 7 months, 14 days
The average annual transportation costs in the Great Lake State are just about exactly the national average at $6,984 — perhaps fitting for the home of the Motor City. However, Michigan offers big savings in almost every other category, including a nearly 25 percent discount on the national average for annual housing costs of just $12,582.
Related: 35 Ways to Slash Your Car Costs
- $1 million will last: 24 years, 8 months, 24 days
Oklahoma has a lot to offer retirees. Groceries cost just $3,410, and transportation costs come in at $6,078 — both of which are reasonable but not huge discounts on the national average. The real steal, however, is that the cost of housing is $11,946, which is the fourth-cheapest in the nation.
Even if you only have $150,000 saved, your nest egg will stretch far in Oklahoma.
- $1 million will last: 25 years, 11 months, 30 days
Not only is Mississippi the one state where you can get a full quarter century out of your $1 million nest egg, it falls just a day short of hitting a 26th year as well. It’s also the fifth and final member of the sub-$12,000 club. You’ll need less than $1 million to survive retirement in Mississippi.
How Much Retirees Spend on Necessities
The left side of the rankings should indicate just how important housing is to most people’s budgets. Of the five states with costs under $12,000 a year for housing, four are among the top six states for low costs.
Where $1 Million Will Last the Longest and Shortest
There is a 14-year, three-month, 10 day difference in the length of time $1 million saved for retirement will last the shortest and the longest, indicating that choosing where to live in retirement has to be a careful balance between determining where you’ll find a quality of life you can enjoy and a cost of living that won’t leave you worrying about a disappearing nest egg.
And for those of you who love Magnolia trees, blues music and names with a lot of consonants, the news is good: Mississippi can give you the best of both worlds.
Click through to read about the 50 cheapest cities to retire.
More on Investing for Retirement
Methodology: GOBankingRates found the number of years and months that $1,000,000 will last during retirement by multiplying the annual expenditures for someone 65 and older from the Bureau of Labor Statistics by the Cost of Living for each state from the Missouri Economic Research and Information Center.