GOBankingRates

Looks like you're using an adblocker

Please disable your adblocker to enjoy the optimal web experience and access the quality content you appreciate from GOBankingRates.

  • AdBlock / uBlock / Brave
    1. Click the ad blocker extension icon to the right of the address bar
    2. Disable on this site
    3. Refresh the page
  • Firefox / Edge / DuckDuckGo
    1. Click on the icon to the left of the address bar
    2. Disable Tracking Protection
    3. Refresh the page
  • Ghostery
    1. Click the blue ghost icon to the right of the address bar
    2. Disable Ad-Blocking, Anti-Tracking, and Never-Consent
    3. Refresh the page

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

Calendar with 'Retire!' written on the 31st, alongside cash, symbolizing retirement planning.

Nuthawut Somsuk / Getty Images

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

Nuthawut Somsuk / Getty Images

Determining the exact amount of money you need to save to retire comfortably is difficult — and reaching that goal may be even grueling.

The traditional standard for a comfortable retirement is around $1 million — although you can get by on less in some states and need much more in other states. This number is way out of reach for many Americans, though, considering 28% of people recently told GOBankingRates that they had nothing saved and most of the rest don’t have close to seven figures.

As big a chunk of change a $1 million sounds like, surprisingly it doesn’t last quite as long as you might think it would — but that all depends on the state you live in when you retire.

If you live in one of the more expensive states, like Hawaii or New York, you’ll want to work as long as possible 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 planning a move.

Find out how long $1 million in savings will last in your state — in order from shortest time to longest.

Hawaii

  • Annual groceries cost: $6,463
  • Annual housing cost: $37,135
  • Annual utilities cost: $8,573
  • Annual transportation cost: $6,168
  • Annual healthcare cost: $9,607
  • Total annual expenditures: $137,773

How long $1 million will last: 7.3 years

California

  • Annual groceries cost: $5,536
  • Annual housing cost: $25,000
  • Annual utilities cost: $6,053
  • Annual transportation cost: $6,283
  • Annual healthcare cost: $8,554
  • Total annual expenditures: $101,718

How long $1 million will last: 9.2 years

Massachusetts

  • Annual groceries cost: $5,174
  • Annual housing cost: $26,210
  • Annual utilities cost: $6,495
  • Annual transportation cost: $5,067
  • Annual healthcare cost: $9,972
  • Total annual expenditures: $99,573

How long $1 million will last: 10 years

Washington

  • Annual groceries cost: $5,234
  • Annual housing cost: $15,201
  • Annual utilities cost: $4,010
  • Annual transportation cost: $5,724
  • Annual healthcare cost: $9,369
  • Total annual expenditures: $83,426

How long $1 million will last: 12 years

New Jersey

  • Annual groceries cost: $5,164
  • Annual housing cost: $16,399
  • Annual utilities cost: $4,356
  • Annual transportation cost: $4,886
  • Annual healthcare cost: $8,528
  • Total annual expenditures: $79,957

How long $1 million will last: 12.5 years

New York

  • Annual groceries cost: $5,149
  • Annual housing cost: $20,125
  • Annual utilities cost: $4,317
  • Annual transportation cost: $4,942
  • Annual healthcare cost: $8,639
  • Total annual expenditures: $76,515

How long $1 million will last: 13.1 years

Oregon

  • Annual groceries cost: $5,263
  • Annual housing cost: $15,968
  • Annual utilities cost: $3,884
  • Annual transportation cost: $5,488
  • Annual healthcare cost: $8,703
  • Total annual expenditures: $75,660

How long $1 million will last: 13.2 years

Colorado

  • Annual groceries cost: $4,991
  • Annual housing cost: $12,901
  • Annual utilities cost: $3,867
  • Annual transportation cost: $4,386
  • Annual healthcare cost: $8,274
  • Total annual expenditures: $74,621

How long $1 million will last: 13.4 years

Utah

  • Annual groceries cost: $4,842
  • Annual housing cost: $13,991
  • Annual utilities cost: $4,165
  • Annual transportation cost: $5,002
  • Annual healthcare cost: $7,013
  • Total annual expenditures: $73,465

How long $1 million will last: 13.6 years

New Hampshire

  • Annual groceries cost: $4,951
  • Annual housing cost: $14,075
  • Annual utilities cost: $4,867
  • Annual transportation cost: $4,886
  • Annual healthcare cost: $8,258
  • Total annual expenditures: $73,355

How long $1 million will last: 13.6 years

Alaska

  • Annual groceries cost: $6,299
  • Annual housing cost: $14,135
  • Annual utilities cost: $6,616
  • Annual transportation cost: $5,289
  • Annual healthcare cost: $11,900
  • Total annual expenditures: $72,349

How long $1 million will last: 13.8 years

Rhode Island

  • Annual groceries cost: $5,050
  • Annual housing cost: $13,584
  • Annual utilities cost: $6,062
  • Annual transportation cost: $4,456
  • Annual healthcare cost: $8,298
  • Total annual expenditures: $72,220

How long $1 million will last: 13.9

Maryland

  • Annual groceries cost: $5,308
  • Annual housing cost: $16,267
  • Annual utilities cost: $4,776
  • Annual transportation cost: $4,706
  • Annual healthcare cost: $8,004
  • Total annual expenditures: $70,645

How long $1 million will last: 14.2 years

Connecticut

  • Annual groceries cost: $5,085
  • Annual housing cost: $14,039
  • Annual utilities cost: $5,884
  • Annual transportation cost: $4,849
  • Annual healthcare cost: $8,718
  • Total annual expenditures: $70,133

How long $1 million will last: 14.3 years

Arizona

  • Annual groceries cost: $5,011
  • Annual housing cost: $15,800
  • Annual utilities cost: $4,559
  • Annual transportation cost: $4,831
  • Annual healthcare cost: $7,354
  • Total annual expenditures: $69,352

How long $1 million will last: 14.4 years

Nevada

  • Annual groceries cost: $5,115
  • Annual housing cost: $12,901
  • Annual utilities cost: $4,499
  • Annual transportation cost: $5,506
  • Annual healthcare cost: $6,910
  • Total annual expenditures: $68,336

How long $1 million will last: 14.6 years

Maine

  • Annual groceries cost: $5,030
  • Annual housing cost: $15,417
  • Annual utilities cost: $4,806
  • Annual transportation cost: $4,974
  • Annual healthcare cost: $9,020
  • Total annual expenditures: $67,770

How long $1 million will last: 14.8 years

Vermont

  • Annual groceries cost: $5,263
  • Annual housing cost: $15,537
  • Annual utilities cost: $5,007
  • Annual transportation cost: $4,433
  • Annual healthcare cost: $8,837
  • Total annual expenditures: $67,589

How long $1 million will last: 14.8 years

Idaho

  • Annual groceries cost: $5,134
  • Annual housing cost: $12,087
  • Annual utilities cost: $3,373
  • Annual transportation cost: $5,071
  • Annual healthcare cost: $7,814
  • Total annual expenditures: $66,598

How long $1 million will last: 15 years

Montana

  • Annual groceries cost: $5,020
  • Annual housing cost: $10,362
  • Annual utilities cost: $3,607
  • Annual transportation cost: $5,076
  • Annual healthcare cost: $8,433
  • Total annual expenditures: $65,359

How long $1 million will last: 15.3 years

Florida

  • Annual groceries cost: $5,214
  • Annual housing cost: $12,949
  • Annual utilities cost: $4,412
  • Annual transportation cost: $4,571
  • Annual healthcare cost: $7,854
  • Total annual expenditures: $64,693

How long $1 million will last: 15.5 years

Virginia

  • Annual groceries cost: $4,936
  • Annual housing cost: $12,518
  • Annual utilities cost: $4,321
  • Annual transportation cost: $4,391
  • Annual healthcare cost: $8,330
  • Total annual expenditures: $63,720

How long $1 million will last: 15.7

Delaware

  • Annual groceries cost: $5,080
  • Annual housing cost: $11,668
  • Annual utilities cost: $4,252
  • Annual transportation cost: $4,729
  • Annual healthcare cost: $8,123
  • Total annual expenditures: $61,855

How long $1 million will last: 16.2 years

Wyoming

  • Annual groceries cost: $4,971
  • Annual housing cost: $10,613
  • Annual utilities cost: $3,858
  • Annual transportation cost: $4,275
  • Annual healthcare cost: $8,274
  • Total annual expenditures: $57,755

How long $1 million will last: 17.3 years

North Carolina

  • Annual groceries cost: $4,877
  • Annual housing cost: $11,176
  • Annual utilities cost: $4,204
  • Annual transportation cost: $4,331
  • Annual healthcare cost: $8,306
  • Total annual expenditures: $57,186

How long $1 million will last: 17.5 years

Minnesota

  • Annual groceries cost: $5,060
  • Annual housing cost: $9,691
  • Annual utilities cost: $4,217
  • Annual transportation cost: $4,400
  • Annual healthcare cost: $8,330
  • Total annual expenditures: $56,487

How long $1 million will last: 17.7 years

Wisconsin

  • Annual groceries cost: $4,857
  • Annual housing cost: $10,973
  • Annual utilities cost: $4,010
  • Annual transportation cost: $4,548
  • Annual healthcare cost: $8,441
  • Total annual expenditures: $55,632

How long $1 million will last: 18 years

Georgia

  • Annual groceries cost: $4,822
  • Annual housing cost: $9,487
  • Annual utilities cost: $4,217
  • Annual transportation cost: $4,442
  • Annual healthcare cost: $7,965
  • Total annual expenditures: $55,060

How long $1 million will last: 18.2 years

South Dakota

  • Annual groceries cost: $4,832
  • Annual housing cost: $10,553
  • Annual utilities cost: $3,616
  • Annual transportation cost: $4,548
  • Annual healthcare cost: $8,012
  • Total annual expenditures: $53,903

How long $1 million will last: 18.6 years

New Mexico

  • Annual groceries cost: $4,778
  • Annual housing cost: $10,410
  • Annual utilities cost: $3,650
  • Annual transportation cost: $4,169
  • Annual healthcare cost: $8,147
  • Total annual expenditures: $53,602

How long $1 million will last: 18.7 years

South Carolina

  • Annual groceries cost: $4,921
  • Annual housing cost: $10,386
  • Annual utilities cost: $4,430
  • Annual transportation cost: $4,382
  • Annual healthcare cost: $7,378
  • Total annual expenditures: $53,507

How long $1 million will last: 18.7 years

Tennessee

  • Annual groceries cost: $4,812
  • Annual housing cost: $9,967
  • Annual utilities cost: $3,776
  • Annual transportation cost: $4,123
  • Annual healthcare cost: $7,029
  • Total annual expenditures: $53,204

How long $1 million will last: 18.8 years

Texas

  • Annual groceries cost: $4,763
  • Annual housing cost: $9,823
  • Annual utilities cost: $4,559
  • Annual transportation cost: $4,294
  • Annual healthcare cost: $7,497
  • Total annual expenditures: $53,174

How long $1 million will last: 18.8 years

Illinois

  • Annual groceries cost: $4,862
  • Annual housing cost: $9,979
  • Annual utilities cost: $4,308
  • Annual transportation cost: $4,784
  • Annual healthcare cost: $7,862
  • Total annual expenditures: $51,975

How long $1 million will last: 19.2 years

Pennsylvania

  • Annual groceries cost: $4,916
  • Annual housing cost: $10,098
  • Annual utilities cost: $4,590
  • Annual transportation cost: $4,826
  • Annual healthcare cost: $7,187
  • Total annual expenditures: $51,483

How long $1 million will last: 19.4 years

North Dakota

  • Annual groceries cost: $4,708
  • Annual housing cost: $9,595
  • Annual utilities cost: $3,507
  • Annual transportation cost: $4,618
  • Annual healthcare cost: $8,584
  • Total annual expenditures: $51,077

How long $1 million will last: 19.6 years

Nebraska

  • Annual groceries cost: $4,916
  • Annual housing cost: $9,583
  • Annual utilities cost: $3,828
  • Annual transportation cost: $4,474
  • Annual healthcare cost: $7,933
  • Total annual expenditures: $50,003

How long $1 million will last: 20 years

Ohio

  • Annual groceries cost: $4,901
  • Annual housing cost: $10,266
  • Annual utilities cost: $4,300
  • Annual transportation cost: $4,437
  • Annual healthcare cost: $7,497
  • Total annual expenditures: $48,627

How long $1 million will last: 20.6 years

Indiana

  • Annual groceries cost: $4,822
  • Annual housing cost: $9,236
  • Annual utilities cost: $3,919
  • Annual transportation cost: $4,567
  • Annual healthcare cost: $7,719
  • Total annual expenditures: $48,124

How long $1 million will last: 20.8 years

Missouri

  • Annual groceries cost: $4,758
  • Annual housing cost: $9,320
  • Annual utilities cost: $4,278
  • Annual transportation cost: $4,035
  • Annual healthcare cost: $7,282
  • Total annual expenditures: $48,093

How long $1 million will last: 20.8 years

Michigan

  • Annual groceries cost: $4,867
  • Annual housing cost: $8,829
  • Annual utilities cost: $4,243
  • Annual transportation cost: $4,608
  • Annual healthcare cost: $7,084
  • Total annual expenditures: $47,603

How long $1 million will last: 21 years

Kentucky

  • Annual groceries cost: $4,946
  • Annual housing cost: $9,427
  • Annual utilities cost: $3,633
  • Annual transportation cost: $4,479
  • Annual healthcare cost: $8,457
  • Total annual expenditures: $46,774

How long $1 million will last: 21.4 years

Iowa

  • Annual groceries cost: $4,787
  • Annual housing cost: $8,960
  • Annual utilities cost: $4,023
  • Annual transportation cost: $4,516
  • Annual healthcare cost: $7,600
  • Total annual expenditures: $46,367

How long $1 million will last: 21.6 years

Kansas

  • Annual groceries cost: $4,698
  • Annual housing cost: $8,673
  • Annual utilities cost: $4,274
  • Annual transportation cost: $4,169
  • Annual healthcare cost: $7,497
  • Total annual expenditures: $46,212

How long $1 million will last: 21.6

Louisiana

  • Annual groceries cost: $4,763
  • Annual housing cost: $7,663
  • Annual utilities cost: $3,399
  • Annual transportation cost: $4,414
  • Annual healthcare cost: $7,663
  • Total annual expenditures: $45,337

How long $1 million will last: 22.1 years

Alabama

  • Annual groceries cost: $4,817
  • Annual housing cost: $8,325
  • Annual utilities cost: $4,330
  • Annual transportation cost: $4,201
  • Annual healthcare cost: $6,902
  • Total annual expenditures: $45,321

How long $1 million will last: 22.1

Oklahoma

  • Annual groceries cost: $4,728
  • Annual housing cost: $8,218
  • Annual utilities cost: $4,131
  • Annual transportation cost: $4,197
  • Annual healthcare cost: $7,663
  • Total annual expenditures: $44,412

How long $1 million will last: 22.5 years

Arkansas

  • Annual groceries cost: $4,718
  • Annual housing cost: $8,960
  • Annual utilities cost: $3,927
  • Annual transportation cost: $4,164
  • Annual healthcare cost: $6,799
  • Total annual expenditures: $44,353

How long $1 million will last: 22.6 years

Mississippi

  • Annual groceries cost: $4,773
  • Annual housing cost: $8,852
  • Annual utilities cost: $3,849
  • Annual transportation cost: $4,155
  • Annual healthcare cost: $7,877
  • Total annual expenditures: $43,005

How long $1 million will last: 23.3 years

West Virginia

  • Annual groceries cost: $4,906
  • Annual housing cost: $7,175
  • Annual utilities cost: $4,183
  • Annual transportation cost: $4,308
  • Annual healthcare cost: $7,751
  • Total annual expenditures: $40,816

How long $1 million will last in savings: 24.5 years

Travis Woods and Jordan Rosenfeld contributed to the reporting for this article.

Methodology: GOBankingRates found total population, population ages 65 and over, total households and household median income — all sourced from the U.S. Census American Community Survey — and used the Missouri Economic Research Information Center for grocery, healthcare, housing, utilities, transportation and miscellaneous cost-of-living indexes. Using the cost of living indexes and the national average expenditure costs for retired households, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location was calculated. The average single-family home value was sourced from Zillow Home Value Index for Feb. 27, 2025. Using the home value, assuming a 10% down payment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage was calculated. Using the average mortgage and average expenditure costs, the average cost of living was calculated. Assuming $1 million in retirement savings, the number of years to draw down was calculated. The states were sorted to show the shortest to longest years until your savings is depleted. All data was collected on and is up to date as of Feb. 27, 2025.

Exit mobile version