Americans' lack of savings has caused financial experts to paint a dismal picture when it comes to retirement. Analysts at Blacktower Financial Management Group calculated that you would need to save approximately $386,100 over your lifetime to retire at 67. That means the youngest millennials — who currently are 24 — already should have stashed away $8,775. And the oldest millennials, now 39, should have saved $140,400 for retirement by now. For those who haven't aggressively put money away for the future, that number could be tough to swallow.
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Pinpointing the exact amount that you need to save to retire comfortably is a difficult task — and reaching that goal is even harder. According to the 2019 Planning and Progress Study by Northwestern Mutual, more than 22% of Americans have less than $5,000 saved for retirement and nearly 50% plan on working past retirement age. Every day, 10,000 baby boomers turn 65, and 17% of them have less than $5,000 in their retirement funds.
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Now, a $1 million nest egg certainly sounds like it would be enough to support you for the rest of your lifetime. But how long would that really last? It depends on where you live.
To determine how long $1 million in savings will last across the country, GOBankingRates analyzed data from the Bureau of Labor Statistics' 2018 Consumer Expenditure Survey. This study found the number of years, months and days that $1 million will last by multiplying the annual expenditures by each state's overall cost-of-living index. Annual costs then were multiplied by other annual expenditure figures, including the cost of living, housing costs, utility costs, transportation costs and healthcare costs. The states were ranked from the shortest to the longest period of time that $1 million will stretch.
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Unfortunately, $1 million doesn't last quite as long as you might think it would. If you live in one of the more expensive states, such as Hawaii or California, you shouldn't quit your day job early, and $1 million won't even cover your living expenses for 18 years in most Northeastern states. There is a bit more cushion in many 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.
Last updated: Oct. 6, 2021
Hawaii
- Annual groceries cost: $6,598.81
- Annual housing cost: $30,775.17
- Annual utilities cost: $6,565.35
- Annual transportation cost: $6,347.54
- Annual healthcare cost: $8,073.97
- Total annual expenditures: $97,549.48
How long $1 million will last in savings: 10 years, 2 months, 29 days
California
- Annual groceries cost: $4,782.74
- Annual housing cost: $18,227.44
- Annual utilities cost: $4,380.71
- Annual transportation cost: $6,181.83
- Annual healthcare cost: $7,679.46
- Total annual expenditures: $70,034.22
How long $1 million will last in savings: 14 years, 3 months, 7 days
New York
- Annual groceries cost: $4,586.30
- Annual housing cost: $19,322.21
- Annual utilities cost: $4,076.23
- Annual transportation cost: $4,975.84
- Annual healthcare cost: $6,972.05
- Total annual expenditures: $69,830.78
How long $1 million will last in savings: 14 years, 3 months, 22 days
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Oregon
- Annual groceries cost: $4,494.09
- Annual housing cost: $17,244.95
- Annual utilities cost: $3,318.83
- Annual transportation cost: $6,020.72
- Annual healthcare cost: $7,863.11
- Total annual expenditures: $68,152.40
How long $1 million will last in savings: 14 years, 7 months, 29 days
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Massachusetts
- Annual groceries cost: $4,562.24
- Annual housing cost: $15,888.19
- Annual utilities cost: $4,095.26
- Annual transportation cost: $5,017.27
- Annual healthcare cost: $8,298.44
- Total annual expenditures: $66,168.86
How long $1 million will last in savings: 15 years, 1 month, 6 days
Alaska
- Annual groceries cost: $5,372.06
- Annual housing cost: $12,594.52
- Annual utilities cost: $5,952.58
- Annual transportation cost: $5,588.04
- Annual healthcare cost: $10,257.42
- Total annual expenditures: $65,253.38
How long $1 million will last in savings: 15 years, 3 months, 24 days
Maryland
- Annual groceries cost: $4,502.11
- Annual housing cost: $16,926.81
- Annual utilities cost: $4,083.84
- Annual transportation cost: $5,077.11
- Annual healthcare cost: $5,924.54
- Total annual expenditures: $64,897.36
How long $1 million will last in savings: 15 years, 4 months, 25 days
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Connecticut
- Annual groceries cost: $4,413.91
- Annual housing cost: $13,502.15
- Annual utilities cost: $4,985.86
- Annual transportation cost: $5,187.58
- Annual healthcare cost: $7,604.64
- Total annual expenditures: $64,337.90
How long $1 million will last in savings: 15 years, 6 months, 13 days
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New Jersey
- Annual groceries cost: $4,389.86
- Annual housing cost: $15,233.20
- Annual utilities cost: $3,893.54
- Annual transportation cost: $5,003.46
- Annual healthcare cost: $6,910.83
- Total annual expenditures: $62,913.82
How long $1 million will last in savings: 15 years, 10 months, 18 days
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Rhode Island
- Annual groceries cost: $4,265.58
- Annual housing cost: $12,285.74
- Annual utilities cost: $4,818.40
- Annual transportation cost: $5,155.36
- Annual healthcare cost: $7,434.59
- Total annual expenditures: $60,370.82
How long $1 million will last in savings: 16 years, 6 months, 19 days
Maine
- Annual groceries cost: $4,341.75
- Annual housing cost: $11,958.25
- Annual utilities cost: $4,186.60
- Annual transportation cost: $4,939.02
- Annual healthcare cost: $7,999.15
- Total annual expenditures: $59,302.76
How long $1 million will last in savings: 16 years, 10 months, 5 days
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Vermont
- Annual groceries cost: $4,441.97
- Annual housing cost: $12,220.24
- Annual utilities cost: $4,536.75
- Annual transportation cost: $5,187.58
- Annual healthcare cost: $6,842.81
- Total annual expenditures: $58,132.98
How long $1 million will last in savings: 17 years, 2 months, 9 days
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Washington
- Annual groceries cost: $4,305.67
- Annual housing cost: $11,003.83
- Annual utilities cost: $3,387.34
- Annual transportation cost: $5,403.92
- Annual healthcare cost: $8,094.38
- Total annual expenditures: $55,996.86
How long $1 million will last in savings: 17 years, 10 months, 4 days
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New Hampshire
- Annual groceries cost: $4,089.18
- Annual housing cost: $10,142.99
- Annual utilities cost: $4,491.08
- Annual transportation cost: $4,782.52
- Annual healthcare cost: $7,883.52
- Total annual expenditures: $55,183.10
How long $1 million will last in savings: 18 years, 1 month, 8 days
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Nevada
- Annual groceries cost: $4,289.63
- Annual housing cost: $11,293.90
- Annual utilities cost: $3,516.74
- Annual transportation cost: $5,519.00
- Annual healthcare cost: $7,278.14
- Total annual expenditures: $55,132.24
How long $1 million will last in savings: 18 years, 1 month, 14 days
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Delaware
- Annual groceries cost: $4,698.55
- Annual housing cost: $9,151.15
- Annual utilities cost: $3,608.09
- Annual transportation cost: $4,777.91
- Annual healthcare cost: $6,713.57
- Total annual expenditures: $54,877.94
How long $1 million will last in savings: 18 years, 2 months, 17 days
Montana
- Annual groceries cost: $4,173.37
- Annual housing cost: $11,022.55
- Annual utilities cost: $3,185.62
- Annual transportation cost: $4,754.90
- Annual healthcare cost: $6,516.32
- Total annual expenditures: $54,064.18
How long $1 million will last in savings: 18 years, 5 months, 25 days
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Colorado
- Annual groceries cost: $3,996.97
- Annual housing cost: $11,172.26
- Annual utilities cost: $3,349.28
- Annual transportation cost: $4,561.57
- Annual healthcare cost: $7,060.48
- Total annual expenditures: $53,301.28
How long $1 million will last in savings: 18 years, 8 months, 29 days
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Pennsylvania
- Annual groceries cost: $4,269.59
- Annual housing cost: $9,553.50
- Annual utilities cost: $4,080.03
- Annual transportation cost: $5,035.68
- Annual healthcare cost: $6,319.06
- Total annual expenditures: $52,080.64
How long $1 million will last in savings: 19 years, 2 months, 9 days
Wyoming
- Annual groceries cost: $4,113.23
- Annual housing cost: $9,431.86
- Annual utilities cost: $3,231.29
- Annual transportation cost: $4,257.78
- Annual healthcare cost: $6,842.81
- Total annual expenditures: $51,724.62
How long $1 million will last in savings: 19 years, 3 months, 26 days
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Minnesota
- Annual groceries cost: $4,261.57
- Annual housing cost: $8,234.16
- Annual utilities cost: $3,760.33
- Annual transportation cost: $4,658.24
- Annual healthcare cost: $7,584.23
- Total annual expenditures: $51,622.90
How long $1 million will last in savings: 19 years, 4 months, 10 days
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Virginia
- Annual groceries cost: $3,880.71
- Annual housing cost: $10,395.63
- Annual utilities cost: $3,756.52
- Annual transportation cost: $4,156.51
- Annual healthcare cost: $6,611.54
- Total annual expenditures: $51,572.04
How long $1 million will last in savings: 19 years, 4 months, 17 days
South Dakota
- Annual groceries cost: $4,165.35
- Annual housing cost: $10,348.84
- Annual utilities cost: $3,497.71
- Annual transportation cost: $4,524.75
- Annual healthcare cost: $6,870.02
- Total annual expenditures: $51,216.02
How long $1 million will last in savings: 19 years, 6 months, 5 days
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Arizona
- Annual groceries cost: $3,944.86
- Annual housing cost: $9,300.86
- Annual utilities cost: $4,030.55
- Annual transportation cost: $4,929.81
- Annual healthcare cost: $6,611.54
- Total annual expenditures: $50,656.56
How long $1 million will last in savings: 19 years, 8 months, 22 days
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Florida
- Annual groceries cost: $4,145.31
- Annual housing cost: $8,973.36
- Annual utilities cost: $3,870.70
- Annual transportation cost: $4,428.09
- Annual healthcare cost: $6,597.94
- Total annual expenditures: $49,944.52
How long $1 million will last in savings: 20 years, 0 months, 3 days
North Dakota
- Annual groceries cost: $4,245.53
- Annual housing cost: $8,636.51
- Annual utilities cost: $3,512.94
- Annual transportation cost: $4,860.77
- Annual healthcare cost: $7,557.02
- Total annual expenditures: $49,741.08
How long $1 million will last in savings: 20 years, 1 month, 1 day
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Utah
- Annual groceries cost: $3,996.97
- Annual housing cost: $8,608.44
- Annual utilities cost: $3,486.30
- Annual transportation cost: $4,708.87
- Annual healthcare cost: $6,421.09
- Total annual expenditures: $49,537.64
How long $1 million will last in savings: 20 years, 2 months, 3 days
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South Carolina
- Annual groceries cost: $4,077.15
- Annual housing cost: $8,037.66
- Annual utilities cost: $4,102.87
- Annual transportation cost: $4,170.32
- Annual healthcare cost: $6,461.90
- Total annual expenditures: $49,079.90
How long $1 million will last in savings: 20 years, 4 months, 10 days
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Wisconsin
- Annual groceries cost: $3,908.78
- Annual housing cost: $8,234.16
- Annual utilities cost: $3,767.94
- Annual transportation cost: $4,658.24
- Annual healthcare cost: $7,774.69
- Total annual expenditures: $49,029.04
How long $1 million will last in savings: 20 years, 4 months, 18 days
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North Carolina
- Annual groceries cost: $3,924.81
- Annual housing cost: $7,710.17
- Annual utilities cost: $3,722.27
- Annual transportation cost: $4,225.55
- Annual healthcare cost: $7,591.03
- Total annual expenditures: $48,317.00
How long $1 million will last in savings: 20 years, 8 months, 5 days
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Illinois
- Annual groceries cost: $3,860.67
- Annual housing cost: $8,018.95
- Annual utilities cost: $3,733.69
- Annual transportation cost: $4,929.81
- Annual healthcare cost: $6,788.40
- Total annual expenditures: $48,266.14
How long $1 million will last in savings: 20 years, 8 months, 13 days
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Idaho
- Annual groceries cost: $3,688.28
- Annual housing cost: $8,290.30
- Annual utilities cost: $3,136.14
- Annual transportation cost: $4,791.72
- Annual healthcare cost: $6,604.74
- Total annual expenditures: $47,452.38
How long $1 million will last in savings: 21 years, 0 months, 20 days
Louisiana
- Annual groceries cost: $3,948.87
- Annual housing cost: $7,972.16
- Annual utilities cost: $3,372.12
- Annual transportation cost: $4,506.34
- Annual healthcare cost: $6,631.95
- Total annual expenditures: $47,350.66
How long $1 million will last in savings: 21 years, 1 month, 6 days
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Kentucky
- Annual groceries cost: $3,632.15
- Annual housing cost: $7,569.81
- Annual utilities cost: $3,623.31
- Annual transportation cost: $4,474.12
- Annual healthcare cost: $6,264.64
- Total annual expenditures: $47,350.66
How long $1 million will last in savings: 21 years, 1 month, 6 days
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Ohio
- Annual groceries cost: $3,928.82
- Annual housing cost: $7,214.25
- Annual utilities cost: $3,509.13
- Annual transportation cost: $4,603.00
- Annual healthcare cost: $6,631.95
- Total annual expenditures: $47,198.08
How long $1 million will last in savings: 21 years, 2 months, 3 days
Texas
- Annual groceries cost: $3,568.01
- Annual housing cost: $7,981.52
- Annual utilities cost: $3,901.15
- Annual transportation cost: $4,220.95
- Annual healthcare cost: $6,482.31
- Total annual expenditures: $46,740.34
How long $1 million will last in savings: 21 years, 4 months, 18 days
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Iowa
- Annual groceries cost: $3,860.67
- Annual housing cost: $7,345.25
- Annual utilities cost: $3,710.85
- Annual transportation cost: $4,579.99
- Annual healthcare cost: $6,747.58
- Total annual expenditures: $46,740.34
How long $1 million will last in savings: 21 years, 4 months, 18 days
Nebraska
- Annual groceries cost: $3,868.69
- Annual housing cost: $7,682.10
- Annual utilities cost: $3,436.82
- Annual transportation cost: $4,372.85
- Annual healthcare cost: $6,788.40
- Total annual expenditures: $46,587.76
How long $1 million will last in savings: 21 years, 5 months, 12 days
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West Virginia
- Annual groceries cost: $3,676.25
- Annual housing cost: $7,597.88
- Annual utilities cost: $3,436.82
- Annual transportation cost: $4,018.42
- Annual healthcare cost: $5,978.96
- Total annual expenditures: $46,231.74
How long $1 million will last in savings: 21 years, 7 months, 12 days
Indiana
- Annual groceries cost: $3,712.33
- Annual housing cost: $7,232.96
- Annual utilities cost: $3,733.69
- Annual transportation cost: $4,520.15
- Annual healthcare cost: $6,393.88
- Total annual expenditures: $46,231.74
How long $1 million will last in savings: 21 years, 7 months, 12 days
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Michigan
- Annual groceries cost: $3,555.98
- Annual housing cost: $7,064.54
- Annual utilities cost: $3,756.52
- Annual transportation cost: $4,713.47
- Annual healthcare cost: $6,319.06
- Total annual expenditures: $45,672.28
How long $1 million will last in savings: 21 years, 10 months, 16 days
Georgia
- Annual groceries cost: $3,932.83
- Annual housing cost: $6,755.75
- Annual utilities cost: $3,478.68
- Annual transportation cost: $4,400.47
- Annual healthcare cost: $6,618.35
- Total annual expenditures: $45,367.12
How long $1 million will last in savings: 22 years, 0 months, 9 days
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Alabama
- Annual groceries cost: $3,828.60
- Annual housing cost: $6,540.54
- Annual utilities cost: $4,007.72
- Annual transportation cost: $4,147.30
- Annual healthcare cost: $6,094.59
- Total annual expenditures: $45,367.12
How long $1 million will last in savings: 22 years, 0 months, 9 days
Tennessee
- Annual groceries cost: $3,768.46
- Annual housing cost: $6,783.83
- Annual utilities cost: $3,752.72
- Annual transportation cost: $4,243.97
- Annual healthcare cost: $6,618.35
- Total annual expenditures: $45,061.96
How long $1 million will last in savings: 22 years, 2 months, 4 days
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Missouri
- Annual groceries cost: $3,896.75
- Annual housing cost: $6,606.04
- Annual utilities cost: $3,752.72
- Annual transportation cost: $4,243.97
- Annual healthcare cost: $6,618.35
- Total annual expenditures: $45,011.10
How long $1 million will last in savings: 22 years, 2 months, 14 days
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Kansas
- Annual groceries cost: $3,712.33
- Annual housing cost: $6,783.83
- Annual utilities cost: $3,844.06
- Annual transportation cost: $4,299.20
- Annual healthcare cost: $6,659.16
- Total annual expenditures: $45,011.10
How long $1 million will last in savings: 22 years, 2 months, 14 days
New Mexico
- Annual groceries cost: $4,045.08
- Annual housing cost: $7,289.10
- Annual utilities cost: $3,364.50
- Annual transportation cost: $4,299.20
- Annual healthcare cost: $6,747.58
- Total annual expenditures: $44,858.52
How long $1 million will last in savings: 22 years, 3 months, 10 days
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Arkansas
- Annual groceries cost: $3,656.21
- Annual housing cost: $6,914.82
- Annual utilities cost: $3,509.13
- Annual transportation cost: $3,848.11
- Annual healthcare cost: $5,822.51
- Total annual expenditures: $44,299.06
How long $1 million will last in savings: 22 years, 6 months, 22 days
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Oklahoma
- Annual groceries cost: $3,772.47
- Annual housing cost: $6,577.97
- Annual utilities cost: $3,630.92
- Annual transportation cost: $4,147.30
- Annual healthcare cost: $6,319.06
- Total annual expenditures: $43,993.90
How long $1 million will last in savings: 22 years, 8 months, 17 days
Mississippi
- Annual groceries cost: $3,760.44
- Annual housing cost: $6,297.26
- Annual utilities cost: $3,406.37
- Annual transportation cost: $4,124.29
- Annual healthcare cost: $6,094.59
- Total annual expenditures: $43,129.28
How long $1 million will last in savings: 23 years, 2 months, 2 days
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Methodology: GOBankingRates determined the number of years and months that $1 million will last during retirement by multiplying the annual expenditures for someone 65 and older, sourced from the Bureau of Labor Statistics' 2018 Consumer Expenditure Survey, by each state's overall cost-of-living index, sourced from the Missouri Economic Research and Information Center's annual 2019 cost-of-living indices. Annual costs were further broken down by multiplying more specific annual expenditure figures from the CES by MERIC's grocery cost of living, housing cost of living, utilities cost of living, transportation cost of living and healthcare cost-of-living indices. All data was compiled and is up to date as of Feb. 19, 2020.