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

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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. 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. Learn More: Here’s Exactly How Much Savings You Need To Retire In Your State 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 cost of living, housing costs, utilities costs, transportation costs and healthcare costs. The states were ranked from the shortest to the longest period of time that $1 million will stretch. Save More: Savings Tricks From Regular People Who Are Sitting on Millions 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: March 12, 2021

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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 Read: 17 Biggest Budgeting Mistakes You’re Making
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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 Helpful: 19 Effective Ways To Tackle Your Budget
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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 Check Out: Best Cities To Retire on a Budget of $1,500 a Month
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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 Read: Tips To Keep Your Finances in Order Without Sacrificing What You Want
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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 Related: 17 Dumb Home-Buying Mistakes That Hurt Your Wallet

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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 Try: 50 Easy Things You Should Do To Save Money
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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 Stop Now: 50 Terrible Ways To Try and Save Money
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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 Find Out: Things To Cut Out Right Now To Save Money During the Health Crisis
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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 Options: 16 Ways To Save Money on Food 
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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 Read: 25 Tips for Saving Money With Your Spouse

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    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 Helpful: 16 Effective Ways To Trick Yourself Into Saving Money
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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 Good To Know: 16 Splurges That Save You Money in the Long Run
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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 Keep Reading: 25 Ways To Save 20% More of Your Paycheck Without Even Trying
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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 Try: Cutting Out These 25 Expenses Will Save You $16,142.08 a Year
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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 Learn More: Surprising Ways Gen Z and Millennials Are Worlds Apart Financially

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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 Exclusive:  Americans’ Savings Drop to Lowest Point in Years
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    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 Whoa: 9 Successful Money-Making ‘Schemes’ That Are Actually Legal
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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 Rich vs. Wealthy: What’s the Difference Between the Two?
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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 Read: 20 Hobbies of the Rich Only They Can Afford
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    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 Find Out: 31 Dumb Things That Are Keeping You From Being Wealthy

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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 See: Do You Think the Minimum Wage Should Be $15? Take Our Poll
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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 See: 42 Easy Ways To Save For Retirement
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    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 Take Action: Do These 13 Things To Boost Your Retirement Savings Now
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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 Are High-Yield Savings Accounts Worth It? Here’s Everything You Need To Know
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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 Learn: What Is a Savings Bond and How Does It Work?

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    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 Avoid: 35 Retirement Planning Mistakes That Waste Your Money
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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 Read: 19 Things You’ll Need To Sacrifice Now for a Healthy Retirement
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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 Check Out: Here’s How To Retire Early and Quit the Daily Grind
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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 Start Cutting Costs: How To Save Money on All Your Monthly Expenses and Bills
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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 More Tips: 20 Ways To Save Money Fast
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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 Read: Why It’s Harder To Save For Retirement Today Than 50 Years Ago
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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 See: 10 Signs You’re Not Saving Enough for Retirement
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      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 Watch Out: 15 Retirement Mistakes and Why They’ll Shrink Your Nest Egg
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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 Read More: Is Now a Good Time To Raid Your 401(k)?
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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 Find Out: What Social Security Will Look Like in 2035
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      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 Take a Look: 20 Geeky Collectibles That Could Make You Millions
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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 Read: 10 Simple Habits of Money-Smart Individuals
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      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 Take a Look: These Once-Hot Housing Markets Are Cooling Off
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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 Discover: Most Affordable Places To Retire Near You
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      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 Read: How To Protect Your Retirement Savings During the Pandemic
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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 Read: How Much It Cost To Retire in the Year You Were Born
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      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 Check Out: 100 Ways To Make Your Money Last Until You’re 100
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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 Learn: How One Man Saved $1 Million in 5 Years
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      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 Play It Safe: 9 Stable Investments With the Highest Returns
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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 Find Out: How Much You Need To Live Comfortably in 50 Major US Cities
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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 Look: 20 Hidden Sources of Income Lying Around Your House
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      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 Read More: Want To Retire In One of America’s Safest Cities? $1 Million Might Not Get You Far
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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 Find Out: Minimum Salary You Need To Be Happy in Every State
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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 See: Most and Least Expensive States To Build a Home
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      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
      More From GOBankingRates
        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.