GOBankingRates

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

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vorDa / Getty Images

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 is a tick above $168,000. However, $1 million might be more doable.

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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.

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 New York, you shouldn’t quit your day job early, and $1 million won’t even cover your living expenses for 20 years in the 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.

Retire Comfortably
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Hawaii

  • Annual groceries cost: $6,419.51
  • Annual housing cost: $31,797.41
  • Annual utilities cost: $5,470.22
  • Annual transportation cost: $4,461.26
  • Annual healthcare cost: $8,008.27
  • Total annual expenditures: $91,684.73

How long $1 million will last in savings: 10 years, 10 months, 24 days

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New York

  • Annual groceries cost: $5,107.86
  • Annual housing cost: $23,558.04
  • Annual utilities cost: $3,820.83
  • Annual transportation cost: $3,893.73
  • Annual healthcare cost: $6,934.72
  • Total annual expenditures: $72,367.66

How long $1 million will last in savings: 13 years, 9 months, 21 days

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California

  • Annual groceries cost: $4,918.68
  • Annual housing cost: $18,987.23
  • Annual utilities cost: $4,706.05
  • Annual transportation cost: $4,658.82
  • Annual healthcare cost: $7,421.48
  • Total annual expenditures: $66,467.86

How long $1 million will last in savings: 15 years, 0 months, 12 days

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Massachusetts

  • Annual groceries cost: $4,695.87
  • Annual housing cost: $16,528.31
  • Annual utilities cost: $4,131.04
  • Annual transportation cost: $4,389.42
  • Annual healthcare cost: $7,741.55
  • Total annual expenditures: $61,947.86

How long $1 million will last in savings: 16 years, 1 month, 17 days

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Alaska

  • Annual groceries cost: $5,423.16
  • Annual housing cost: $12,720.95
  • Annual utilities cost: $5,829.60
  • Annual transportation cost: $4,084.10
  • Annual healthcare cost: $10,122.02
  • Total annual expenditures: $60,568.07

How long $1 million will last in savings: 16 years, 5 months, 30 days 

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Maryland

  • Annual groceries cost: $4,615.99
  • Annual housing cost: $16,984.40
  • Annual utilities cost: $4,051.59
  • Annual transportation cost: $3,811.11
  • Annual healthcare cost: $5,694.47
  • Total annual expenditures: $60,139.86

How long $1 million will last in savings: 16 years, 7 months, 12 days 

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Oregon

  • Annual groceries cost: $4,594.97
  • Annual housing cost: $15,338.51
  • Annual utilities cost: $4,051.59
  • Annual transportation cost: $4,834.83
  • Annual healthcare cost: $6,861.37
  • Total annual expenditures: $59,568.91

How long $1 million will last in savings: 16 years, 9 months, 9 days 

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Connecticut

  • Annual groceries cost: $4,443.63
  • Annual housing cost: $12,919.25
  • Annual utilities cost: $4,902.77
  • Annual transportation cost: $4,005.08
  • Annual healthcare cost: $6,894.71
  • Total annual expenditures: $56,571.43

How long $1 million will last in savings: 17 years, 7 months, 30 days 

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New Hampshire

  • Annual groceries cost: $4,586.56
  • Annual housing cost: $11,194.04
  • Annual utilities cost: $4,399.63
  • Annual transportation cost: $3,732.09
  • Annual healthcare cost: $8,274.99
  • Total annual expenditures: $55,857.75

How long $1 million will last in savings: 17 years, 10 months, 20 days 

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Vermont

  • Annual groceries cost: $4,359.55
  • Annual housing cost: $13,593.47
  • Annual utilities cost: $4,622.83
  • Annual transportation cost: $4,285.26
  • Annual healthcare cost: $7,448.16
  • Total annual expenditures: $55,619.85

How long $1 million will last in savings: 17 years, 11 months, 18 days

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Maine

  • Annual groceries cost: $4,435.22
  • Annual housing cost: $12,512.73
  • Annual utilities cost: $4,108.34
  • Annual transportation cost: $3,918.87
  • Annual healthcare cost: $7,041.41
  • Total annual expenditures: $54,763.43

How long $1 million will last in savings: 18 years, 2 months, 31 days

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Washington

  • Annual groceries cost: $4,611.79
  • Annual housing cost: $12,254.94
  • Annual utilities cost: $3,393.35
  • Annual transportation cost: $4,109.25
  • Annual healthcare cost: $8,034.94
  • Total annual expenditures: $54,192.48

How long $1 million will last in savings: 18 years, 5 months, 9 days

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New Jersey

  • Annual groceries cost: $4,464.65
  • Annual housing cost: $12,939.08
  • Annual utilities cost: $4,093.21
  • Annual transportation cost: $3,699.76
  • Annual healthcare cost: $6,441.29
  • Total annual expenditures: $53,716.69

How long $1 million will last in savings: 18 years, 7 months, 7 days

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Rhode Island

  • Annual groceries cost: $4,153.55
  • Annual housing cost: $11,858.34
  • Annual utilities cost: $4,649.31
  • Annual transportation cost: $3,839.85
  • Annual healthcare cost: $6,714.68
  • Total annual expenditures: $53,669.11

How long $1 million will last in savings: 18 years, 7 months, 13 days 

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Arizona

  • Annual groceries cost: $4,313.30
  • Annual housing cost: $11,818.68
  • Annual utilities cost: $3,748.95
  • Annual transportation cost: $3,606.37
  • Annual healthcare cost: $6,541.31
  • Total annual expenditures: $50,766.79

How long $1 million will last in savings: 19 years, 8 months, 6 days

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Delaware

  • Annual groceries cost: $4,460.44
  • Annual housing cost: $10,539.65
  • Annual utilities cost: $3,590.07
  • Annual transportation cost: $4,152.35
  • Annual healthcare cost: $6,914.72
  • Total annual expenditures: $50,338.58

How long $1 million will last in savings: 19 years, 10 months, 6 days

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Montana

  • Annual groceries cost: $4,178.78
  • Annual housing cost: $11,531.15
  • Annual utilities cost: $3,230.68
  • Annual transportation cost: $3,699.76
  • Annual healthcare cost: $6,654.66
  • Total annual expenditures: $49,672.48

How long $1 million will last in savings: 20 years, 1 month, 12 days

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Utah

  • Annual groceries cost: $4,233.43
  • Annual housing cost: $10,926.33
  • Annual utilities cost: $3,518.19
  • Annual transportation cost: $3,728.50
  • Annual healthcare cost: $6,094.55
  • Total annual expenditures: $49,577.32

How long $1 million will last in savings: 20 years, 1 month, 26 days

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Nevada

  • Annual groceries cost: $4,330.12
  • Annual housing cost: $11,332.85
  • Annual utilities cost: $3,465.23
  • Annual transportation cost: $4,109.25
  • Annual healthcare cost: $6,761.35
  • Total annual expenditures: $49,053.95

How long $1 million will last in savings: 20 years, 4 months, 14 days 

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Virginia

  • Annual groceries cost: $4,010.62
  • Annual housing cost: $10,817.27
  • Annual utilities cost: $3,779.22
  • Annual transportation cost: $3,509.38
  • Annual healthcare cost: $6,834.70
  • Total annual expenditures: $48,863.63

How long $1 million will last in savings: 20 years, 5 months, 12 days 

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Florida

  • Annual groceries cost: $4,456.24
  • Annual housing cost: $10,529.73
  • Annual utilities cost: $3,873.79
  • Annual transportation cost: $3,570.45
  • Annual healthcare cost: $6,427.95
  • Total annual expenditures: $48,816.05

How long $1 million will last in savings: 20 years, 5 months, 20 days

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Colorado

  • Annual groceries cost: $4,048.45
  • Annual housing cost: $11,223.78
  • Annual utilities cost: $3,434.96
  • Annual transportation cost: $3,649.47
  • Annual healthcare cost: $6,401.28
  • Total annual expenditures: $48,720.90

How long $1 million will last in savings: 20 years, 6 months, 4 days

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Idaho

  • 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: 21 years, 1 month, 15 days

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Pennsylvania

  • Annual groceries cost: $4,452.04
  • Annual housing cost: $8,477.33
  • Annual utilities cost: $4,127.25
  • Annual transportation cost: $3,785.97
  • Annual healthcare cost: $6,434.62
  • Total annual expenditures: $46,389.53

How long $1 million will last in savings: 21 years, 6 months, 16 days 

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Minnesota

  • Annual groceries cost: $4,367.96
  • Annual housing cost: $8,477.33
  • Annual utilities cost: $3,684.64
  • Annual transportation cost: $3,570.45
  • Annual healthcare cost: $7,148.10
  • Total annual expenditures: $46,246.79

How long $1 million will last in savings: 21 years, 7 months, 9 days

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North Dakota

  • Annual groceries cost: $4,262.86
  • Annual housing cost: $9,072.23
  • Annual utilities cost: $3,669.51
  • Annual transportation cost: $3,516.57
  • Annual healthcare cost: $7,428.15
  • Total annual expenditures: $46,056.47

How long $1 million will last in savings: 21 years, 8 months, 11 days 

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Wisconsin

  • Annual groceries cost: $4,111.51
  • Annual housing cost: $8,596.31
  • Annual utilities cost: $3,851.09
  • Annual transportation cost: $3,473.46
  • Annual healthcare cost: $7,594.85
  • Total annual expenditures:$45,437.95

How long $1 million will last in savings: 21 years, 11 months, 27 days 

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South Dakota

  • Annual groceries cost: $4,410.00
  • Annual housing cost: $9,300.27
  • Annual utilities cost: $3,378.22
  • Annual transportation cost: $3,301.05
  • Annual healthcare cost: $6,427.95
  • Total annual expenditures: $45,295.21

How long $1 million will last in savings: 22 years, 0 months, 22 days 

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North Carolina

  • Annual groceries cost: $4,065.27
  • Annual housing cost: $8,834.27
  • Annual utilities cost: $3,612.77
  • Annual transportation cost: $3,275.90
  • Annual healthcare cost: $7,208.11
  • Total annual expenditures: $45,200.05

How long $1 million will last in savings: 22 years, 1 month, 8 days 

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Wyoming

  • Annual groceries cost: $4,414.20
  • Annual housing cost: $8,596.31
  • Annual utilities cost: $3,181.50
  • Annual transportation cost: $3,688.98
  • Annual healthcare cost: $6,541.31
  • Total annual expenditures: $44,676.68

How long $1 million will last in savings: 22 years, 4 months, 13 days 

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South Carolina

  • Annual groceries cost: $4,212.41
  • Annual housing cost: $7,922.09
  • Annual utilities cost: $4,157.52
  • Annual transportation cost: $3,365.70
  • Annual healthcare cost: $6,274.59
  • Total annual expenditures: $44,676.68

How long $1 million will last in savings: 22 years, 4 months, 13 days

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New Mexico

  • Annual groceries cost: $4,241.84
  • Annual housing cost: $8,804.52
  • Annual utilities cost: $3,423.62
  • Annual transportation cost: $3,480.65
  • Annual healthcare cost: $6,574.65
  • Total annual expenditures: $44,676.68

How long $1 million will last in savings: 22 years, 4 months, 13 days

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Kentucky

  • Annual groceries cost: $3,939.15
  • Annual housing cost: $7,575.06
  • Annual utilities cost: $3,938.10
  • Annual transportation cost: $3,635.10
  • Annual healthcare cost: $5,341.07
  • Total annual expenditures: $44,533.94

How long $1 million will last in savings: 22 years, 5 months, 8 days

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Louisiana

  • Annual groceries cost: $4,073.68
  • Annual housing cost: $8,606.22
  • Annual utilities cost: $3,310.13
  • Annual transportation cost: $3,484.24
  • Annual healthcare cost: $6,781.361
  • Total annual expenditures: $44,391.21

How long $1 million will last in savings: 22 years, 6 months, 5 days

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Texas

  • Annual groceries cost: $3,758.38
  • Annual housing cost: $8,437.67
  • Annual utilities cost: $3,858.66
  • Annual transportation cost: $3,347.74
  • Annual healthcare cost: $6,434.62
  • Total annual expenditures: $43,820.26

How long $1 million will last in savings: 22 years, 9 months, 20 days 

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Nebraska

  • Annual groceries cost: $4,077.88
  • Annual housing cost: $8,249.28
  • Annual utilities cost: $3,332.82
  • Annual transportation cost: $3,592.00
  • Annual healthcare cost: $7,061.41
  • Total annual expenditures: $43,677.52

How long $1 million will last in savings: 22 years, 10 months, 16 days 

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Illinois

  • Annual groceries cost: $4,031.64
  • Annual housing cost: $7,961.75
  • Annual utilities cost: $3,608.98
  • Annual transportation cost: $3,886.54
  • Annual healthcare cost: $6,447.96
  • Total annual expenditures: $43,629.94

How long $1 million will last in savings: 22 years, 10 months, 25 days

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Ohio

  • Annual groceries cost: $4,212.41
  • Annual housing cost: $7,406.51
  • Annual utilities cost: $3,544.67
  • Annual transportation cost: $3,426.77
  • Annual healthcare cost: $6,474.63
  • Total annual expenditures: $43,201.73

How long $1 million will last in savings: 23 years, 1 month, 16 days 

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Missouri

  • Annual groceries cost: $4,027.43
  • Annual housing cost: $8,249.28
  • Annual utilities cost: $3,612.77
  • Annual transportation cost: $3,218.43
  • Annual healthcare cost: $6,247.92
  • Total annual expenditures: $43,059.00

How long $1 million will last in savings: 23 years, 2 months, 16 days

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West Virginia

  • Annual groceries cost: $4,140.94
  • Annual housing cost: $7,059.48
  • Annual utilities cost: $3,552.24
  • Annual transportation cost: $3,951.20
  • Annual healthcare cost: $6,801.36
  • Total annual expenditures: $43,059.00

How long $1 million will last in savings: 23 years, 2 months, 16 days

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Michigan

  • Annual groceries cost: $3,800.42
  • Annual housing cost: $7,713.87
  • Annual utilities cost: $3,714.91
  • Annual transportation cost: $3,437.54
  • Annual healthcare cost: $6,467.96
  • Total annual expenditures: $42,773.52

How long $1 million will last in savings: 23 years, 4 months, 12 days

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Arkansas

  • Annual groceries cost: $3,905.52
  • Annual housing cost: $7,604.81
  • Annual utilities cost: $3,650.60
  • Annual transportation cost: $3,394.44
  • Annual healthcare cost: $5,341.07
  • Total annual expenditures: $42,773.52

How long $1 million will last in savings: 23 years, 4 months, 12 days

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Tennessee

  • Annual groceries cost: $3,972.78
  • Annual housing cost: $8,001.41
  • Annual utilities cost: $3,559.80
  • Annual transportation cost: $3,157.37
  • Annual healthcare cost: $6,114.56
  • Total annual expenditures: $42,535.63

How long $1 million will last in savings: 23 years, 5 months, 29 days

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Indiana

  • Annual groceries cost: $3,926.54
  • Annual housing cost: $7,525.49
  • Annual utilities cost: $3,813.26
  • Annual transportation cost: $3,487.83
  • Annual healthcare cost: $6,361.27
  • Total annual expenditures: $6,114.56

How long $1 million will last in savings: 23 years, 6 months, 18 days 

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Georgia

  • Annual groceries cost: $3,955.96
  • Annual housing cost: $7,356.93
  • Annual utilities cost: $3,450.10
  • Annual transportation cost: $3,283.09
  • Annual healthcare cost: $6,287.92
  • Total annual expenditures: $41,964.68

How long $1 million will last in savings: 23 years, 9 months, 23 days 

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Iowa

  • Annual groceries cost: $4,178.78
  • Annual housing cost: $6,890.93
  • Annual utilities cost: $3,586.28
  • Annual transportation cost: $3,354.93
  • Annual healthcare cost: $6,607.99
  • Total annual expenditures: $41,917.10

How long $1 million will last in savings: 23 years, 10 months, 2 days

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Alabama

  • Annual groceries cost: $4,077.88
  • Annual housing cost: $6,831.44
  • Annual utilities cost: $3,824.61
  • Annual transportation cost: $3,232.80
  • Annual healthcare cost: $6,034.54
  • Total annual expenditures: $41,631.63

How long $1 million will last in savings: 24 years, 0 months, 1 day

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Kansas

  • Annual groceries cost: $3,855.07
  • Annual housing cost: $6,762.03
  • Annual utilities cost: $3,733.82
  • Annual transportation cost: $3,383.66
  • Annual healthcare cost: $6,854.70
  • Total annual expenditures: $40,632.47

How long $1 million will last in savings: 24 years, 7 months, 3 days

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Oklahoma

  • Annual groceries cost: $3,951.76
  • Annual housing cost: $6,821.52
  • Annual utilities cost: $3,601.42
  • Annual transportation cost: $3,243.58
  • Annual healthcare cost: $6,194.57
  • Total annual expenditures: $40,346.99

How long $1 million will last in savings: 24 years, 9 months, 6 days

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Mississippi

  • Annual groceries cost: $3,880.29
  • Annual housing cost: $6,325.77
  • Annual utilities cost: $3,404.70
  • Annual transportation cost: $3,200.47
  • Annual healthcare cost: $6,494.63
  • Total annual expenditures: $39,538.15

How long $1 million will last in savings: 25 years, 3 months, 9 days

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Methodology: GOBankingRates determined the number of years and months that $1,000,000 will last during retirement by multiplying the annual expenditures for someone 65 and older, sourced from the Bureau of Labor Statistics’ 2020 Consumer Expenditure Survey, by each state’s overall cost of living index, sourced from the Missouri Economic Research and Information Center’s Q1 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 July 27, 2022.