How Long $1.5M Will Last in Retirement in Every State

March 29, 2024

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Retirement is often sold as a glorious time to revel in traveling, dining out, playing golf and enjoying your leisure time in the comfortable shade. What isn’t often made clear is that doing all those wonderful things can cost a lot of money.

By the time most people retire, there’s no longer any income from work, only potentially from pensions, retirement accounts and Social Security. Preparing to retire takes a lot of savvy financial planning to make sure you have enough money saved to continue to live the lifestyle you’re used to. Some financial experts recommend having $1 million or more saved — but $1.5 million is even better.

In order to find how long $1.5 million will last across the country, GOBankingRates first found the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey data. Then, we multiplied the national figure by each state’s overall cost-of-living index score for 2023 from the Missouri Economic Research and Information Center. The states were ranked after dividing $1.5 million by the expenditures.

Find out how long $1.5 million will last in retirement in every state, listed in descending order.

Oklahoma

Annual cost of groceries: $4,528
Annual cost of housing: $8,009
Annual cost of utilities: $4,160
Annual cost of transportation: $4,577
Annual cost of healthcare: $6,982
Total annual expenditures: $49,839
Length of time $1.5 million will last: 30 years, 1 month, 5 days

Mississippi

Annual cost of groceries: $4,663
Annual cost of housing: $8,290
Annual cost of utilities: $3,643
Annual cost of transportation: $4,335
Annual cost of healthcare: $7,419
Total annual expenditures: $49,897
Length of time $1.5 million will last: 30 years, 0 months, 21 days

Kansas

Annual cost of groceries: $4,663
Annual cost of housing: $7,880
Annual cost of utilities: $4,516
Annual cost of transportation: $4,454
Annual cost of healthcare: $7,306
Total annual expenditures: $50,359
Length of time $1.5 million will last: 29 years, 9 months, 14 days

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West Virginia

Annual cost of groceries: $4,720
Annual cost of housing: $7,822
Annual cost of utilities: $4,054
Annual cost of transportation: $4,646
Annual cost of healthcare: $7,284
Total annual expenditures: $50,706
Length of time $1.5 million will last: 29 years, 6 months, 30 days

Alabama

Annual cost of groceries: $4,610
Annual cost of housing: $8,184
Annual cost of utilities: $4,338
Annual cost of transportation: $4,488
Annual cost of healthcare: $6,560
Total annual expenditures: $51,053
Length of time $1.5 million will last: 29 years, 4 months, 18 days

Missouri

Annual cost of groceries: $4,572
Annual cost of housing: $9,003
Annual cost of utilities: $4,177
Annual cost of transportation: $4,493
Annual cost of healthcare: $6,778
Total annual expenditures: $51,169
Length of time $1.5 million will last: 29 years, 3 months, 22 days

Arkansas

Annual cost of groceries: $4,572
Annual cost of housing: $8,722
Annual cost of utilities: $3,880
Annual cost of transportation: $4,429
Annual cost of healthcare: $6,598
Total annual expenditures: $51,458
Length of time $1.5 million will last: 29 years, 1 month, 23 days

Iowa

Annual cost of groceries: $4,634
Annual cost of housing: $8,664
Annual cost of utilities: $4,045
Annual cost of transportation: $4,874
Annual cost of healthcare: $7,495
Total annual expenditures: $52,210
Length of time $1.5 million will last: 28 years, 8 months, 22 days

Tennessee

Annual cost of groceries: $4,687
Annual cost of housing: $9,634
Annual cost of utilities: $3,923
Annual cost of transportation: $4,384
Annual cost of healthcare: $6,643
Total annual expenditures: $52,210
Length of time $1.5 million will last: 28 years, 8 months, 22 days

Michigan

Annual cost of groceries: $4,739
Annual cost of housing: $9,015
Annual cost of utilities: $4,283
Annual cost of transportation: $4,780
Annual cost of healthcare: $7,035
Total annual expenditures: $52,383
Length of time $1.5 million will last: 28 years, 7 months, 20 days

Georgia

Annual cost of groceries: $4,706
Annual cost of housing: $9,143
Annual cost of utilities: $3,622
Annual cost of transportation: $4,622
Annual cost of healthcare: $7,563
Total annual expenditures: $52,499
Length of time $1.5 million will last: 28 years, 6 months, 26 days

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Nebraska

Annual cost of groceries: $4,596
Annual cost of housing: $9,190
Annual cost of utilities: $3,630
Annual cost of transportation: $4,943
Annual cost of healthcare: $7,382
Total annual expenditures: $52,557
Length of time $1.5 million will last: 28 years, 6 months, 15 days

Indiana

Annual cost of groceries: $4,725
Annual cost of housing: $8,863
Annual cost of utilities: $4,520
Annual cost of transportation: $4,716
Annual cost of healthcare: $7,269
Total annual expenditures: $52,614
Length of time $1.5 million will last: 28 years, 6 months, 4 days

Louisiana

Annual cost of groceries: $4,557
Annual cost of housing: $9,541
Annual cost of utilities: $3,558
Annual cost of transportation: $4,735
Annual cost of healthcare: $7,442
Total annual expenditures: $52,614
Length of time $1.5 million will last: 28 years, 6 months, 4 days

Kentucky

Annual cost of groceries: $4,859
Annual cost of housing: $8,617
Annual cost of utilities: $4,422
Annual cost of transportation: $4,548
Annual cost of healthcare: $6,311
Total annual expenditures: $53,193
Length of time $1.5 million will last: 28 years, 2 months, 13 days

Illinois

Annual cost of groceries: $4,701
Annual cost of housing: $9,330
Annual cost of utilities: $3,753
Annual cost of transportation: $5,091
Annual cost of healthcare: $7,163
Total annual expenditures: $53,250
Length of time $1.5 million will last: 28 years, 2 months, 2 days

Wyoming

Annual cost of groceries: $4,907
Annual cost of housing: $9,354
Annual cost of utilities: $3,711
Annual cost of transportation: $4,666
Annual cost of healthcare: $7,548
Total annual expenditures: $53,424
Length of time $1.5 million will last: 28 years, 0 months, 29 days

South Dakota

Annual cost of groceries: $4,653
Annual cost of housing: $10,184
Annual cost of utilities: $3,707
Annual cost of transportation: $4,814
Annual cost of healthcare: $7,382
Total annual expenditures: $53,424
Length of time $1.5 million will last: 28 years, 0 months, 29 days

Texas

Annual cost of groceries: $4,591
Annual cost of housing: $9,716
Annual cost of utilities: $4,405
Annual cost of transportation: $4,538
Annual cost of healthcare: $7,080
Total annual expenditures: $53,597
Length of time $1.5 million will last: 27 years, 11 months, 27 days

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New Mexico

Annual cost of groceries: $4,624
Annual cost of housing: $10,207
Annual cost of utilities: $3,944
Annual cost of transportation: $4,681
Annual cost of healthcare: $7,487
Total annual expenditures: $54,349
Length of time $1.5 million will last: 27 years, 7 months, 6 days

Minnesota

Annual cost of groceries: $4,711
Annual cost of housing: $9,599
Annual cost of utilities: $3,956
Annual cost of transportation: $4,805
Annual cost of healthcare: $8,234
Total annual expenditures: $54,407
Length of time $1.5 million will last: 27 years, 6 months, 26 days

North Dakota

Annual cost of groceries: $4,519
Annual cost of housing: $9,751
Annual cost of utilities: $4,202
Annual cost of transportation: $4,908
Annual cost of healthcare: $8,384
Total annual expenditures: $54,696
Length of time $1.5 million will last: 27 years, 5 months, 2 days

Ohio

Annual cost of groceries: $4,864
Annual cost of housing: $9,494
Annual cost of utilities: $4,202
Annual cost of transportation: $4,963
Annual cost of healthcare: $7,382
Total annual expenditures: $54,754
Length of time $1.5 million will last: 27 years, 4 months, 25 days

Wisconsin

Annual cost of groceries: $4,759
Annual cost of housing: $9,903
Annual cost of utilities: $4,329
Annual cost of transportation: $4,839
Annual cost of healthcare: $8,467
Total annual expenditures: $54,985
Length of time $1.5 million will last: 27 years, 3 months, 12 days

South Carolina

Annual cost of groceries: $4,759
Annual cost of housing: $10,114
Annual cost of utilities: $4,511
Annual cost of transportation: $4,488
Annual cost of healthcare: $7,125
Total annual expenditures: $55,101
Length of time $1.5 million will last: 27 years, 2 months, 21 days

North Carolina

Annual cost of groceries: $4,706
Annual cost of housing: $10,546
Annual cost of utilities: $4,003
Annual cost of transportation: $4,538
Annual cost of healthcare: $8,151
Total annual expenditures: $55,101
Length of time $1.5 million will last: 27 years, 2 months, 21 days

Pennsylvania

Annual cost of groceries: $4,773
Annual cost of housing: $9,576
Annual cost of utilities: $4,545
Annual cost of transportation: $5,220
Annual cost of healthcare: $7,110
Total annual expenditures: $55,274
Length of time $1.5 million will last: 27 years, 1 month, 19 days

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Idaho

Annual cost of groceries: $4,845
Annual cost of housing: $11,224
Annual cost of utilities: $3,630
Annual cost of transportation: $5,200
Annual cost of healthcare: $7,457
Total annual expenditures: $57,009
Length of time $1.5 million will last: 26 years, 3 months, 22 days

Florida

Annual cost of groceries: $4,773
Annual cost of housing: $12,429
Annual cost of utilities: $4,122
Annual cost of transportation: $4,908
Annual cost of healthcare: $7,276
Total annual expenditures: $58,223
Length of time $1.5 million will last: 25 years, 9 months, 3 days

Nevada

Annual cost of groceries: $4,936
Annual cost of housing: $12,557
Annual cost of utilities: $4,198
Annual cost of transportation: $5,764
Annual cost of healthcare: $6,914
Total annual expenditures: $58,396
Length of time $1.5 million will last: 25 years, 8 months, 8 days

Delaware

Annual cost of groceries: $4,893
Annual cost of housing: $11,341
Annual cost of utilities: $4,147
Annual cost of transportation: $5,047
Annual cost of healthcare: $7,781
Total annual expenditures: $58,454
Length of time $1.5 million will last: 25 years, 7 months, 28 days

Virginia

Annual cost of groceries: $4,826
Annual cost of housing: $12,358
Annual cost of utilities: $4,418
Annual cost of transportation: $4,686
Annual cost of healthcare: $7,706
Total annual expenditures: $58,917
Length of time $1.5 million will last: 25 years, 5 months, 16 days

Montana

Annual cost of groceries: $4,917
Annual cost of housing: $12,136
Annual cost of utilities: $3,931
Annual cost of transportation: $5,388
Annual cost of healthcare: $7,367
Total annual expenditures: $59,495
Length of time $1.5 million will last: 25 years, 2 months, 16 days

Utah

Annual cost of groceries: $4,763
Annual cost of housing: $12,943
Annual cost of utilities: $4,020
Annual cost of transportation: $5,195
Annual cost of healthcare: $6,861
Total annual expenditures: $59,668
Length of time $1.5 million will last: 25 years, 1 month, 19 days

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Colorado

Annual cost of groceries: $4,864
Annual cost of housing: $13,282
Annual cost of utilities: $3,867
Annual cost of transportation: $5,200
Annual cost of healthcare: $7,570
Total annual expenditures: $60,767
Length of time $1.5 million will last: 24 years, 8 months, 4 days

Arizona

Annual cost of groceries: $4,903
Annual cost of housing: $14,510
Annual cost of utilities: $4,037
Annual cost of transportation: $5,245
Annual cost of healthcare: $7,073
Total annual expenditures: $62,675
Length of time $1.5 million will last: 23 years, 11 months, 5 days

Maine

Annual cost of groceries: $4,883
Annual cost of housing: $13,726
Annual cost of utilities: $4,520
Annual cost of transportation: $5,388
Annual cost of healthcare: $7,759
Total annual expenditures: $63,542
Length of time $1.5 million will last: 23 years, 7 months, 10 days

Rhode Island

Annual cost of groceries: $4,879
Annual cost of housing: $13,656
Annual cost of utilities: $4,761
Annual cost of transportation: $4,572
Annual cost of healthcare: $8,121
Total annual expenditures: $64,005
Length of time $1.5 million will last: 23 years, 5 months, 9 days

Connecticut

Annual cost of groceries: $4,879
Annual cost of housing: $14,334
Annual cost of utilities: $5,524
Annual cost of transportation: $4,963
Annual cost of healthcare: $8,196
Total annual expenditures: $65,219
Length of time $1.5 million will last: 22 years, 11 months, 30 days

New Jersey

Annual cost of groceries: $4,922
Annual cost of housing: $15,878
Annual cost of utilities: $4,588
Annual cost of transportation: $5,175
Annual cost of healthcare: $7,487
Total annual expenditures: $65,855
Length of time $1.5 million will last: 22 years, 9 months, 11 days

New Hampshire

Annual cost of groceries: $4,893
Annual cost of housing: $12,803
Annual cost of utilities: $5,549
Annual cost of transportation: $5,432
Annual cost of healthcare: $8,535
Total annual expenditures: $65,970
Length of time $1.5 million will last: 22 years, 8 months, 26 days

Oregon

Annual cost of groceries: $5,219
Annual cost of housing: $15,936
Annual cost of utilities: $4,062
Annual cost of transportation: $5,764
Annual cost of healthcare: $7,940
Total annual expenditures: $66,317
Length of time $1.5 million will last: 22 years, 7 months, 13 days

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Vermont

Annual cost of groceries: $5,027
Annual cost of housing: $15,562
Annual cost of utilities: $5,117
Annual cost of transportation: $5,284
Annual cost of healthcare: $7,992
Total annual expenditures: $66,664
Length of time $1.5 million will last: 22 years, 6 months, 1 day

Washington

Annual cost of groceries: $5,267
Annual cost of housing: $15,048
Annual cost of utilities: $3,901
Annual cost of transportation: $6,095
Annual cost of healthcare: $9,078
Total annual expenditures: $67,069
Length of time $1.5 million will last: 22 years, 4 months, 14 days

Maryland

Annual cost of groceries: $5,104
Annual cost of housing: $17,117
Annual cost of utilities: $4,689
Annual cost of transportation: $4,859
Annual cost of healthcare: $7,344
Total annual expenditures: $67,358
Length of time $1.5 million will last: 22 years, 3 months, 8 days

Alaska

Annual cost of groceries: $5,924
Annual cost of housing: $14,323
Annual cost of utilities: $6,689
Annual cost of transportation: $5,699
Annual cost of healthcare: $11,167
Total annual expenditures: $72,388
Length of time $1.5 million will last: 20 years, 8 months, 18 days

New York

Annual cost of groceries: $4,951
Annual cost of housing: $20,578
Annual cost of utilities: $4,367
Annual cost of transportation: $5,240
Annual cost of healthcare: $8,023
Total annual expenditures: $72,793
Length of time $1.5 million will last: 20 years, 7 months, 9 days

California

Annual cost of groceries: $5,373
Annual cost of housing: $23,244
Annual cost of utilities: $5,371
Annual cost of transportation: $6,208
Annual cost of healthcare: $8,181
Total annual expenditures: $80,078
Length of time $1.5 million will last: 18 years, 8 months, 23 days

Massachusetts

Annual cost of groceries: $5,051
Annual cost of housing: $25,547
Annual cost of utilities: $5,672
Annual cost of transportation: $5,808
Annual cost of healthcare: $8,513
Total annual expenditures: $84,703
Length of time $1.5 million will last: 17 years, 8 months, 15 days

District of Columbia

Annual cost of groceries: $5,056
Annual cost of housing: $27,792
Annual cost of utilities: $4,685
Annual cost of transportation: $5,215
Annual cost of healthcare: $8,294
Total annual expenditures: $84,877
Length of time $1.5 million will last: 17 years, 7 months, 31 days

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Hawaii

Annual cost of groceries: $5,598
Annual cost of housing: $36,608
Annual cost of utilities: $6,409
Annual cost of transportation: $6,673
Annual cost of healthcare: $9,282
Total annual expenditures: $104,246
Length of time $1.5 million will last: 14 years, 4 months, 21 days

Gabrielle Olya contributed to the reporting for this story.

Methodology: In order to find how long $1,500,000 in retirement savings will last across the country, GOBankingRates first found (1) the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey data. Then, GOBankingRates created (2) state-level annual expenditure estimates by multiplying the national figure by each state’s overall cost of living index score for 2023 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $1,500,000 will last in each state by dividing $1,500,000 by each state’s average annual expenditures estimate. All 50 states and the District of Columbia were then ranked, with No. 1 being the state where $1,500,000 will last the longest and No. 51 being the state where it will run out most quickly. GOBankingRates provided supplemental information on the average annual cost of groceries, housing, utilities, transportation and healthcare for people 65 and older in each state by again using MERIC’s cost of living indices for each category to factor out national estimates from the CEX. All data was collected on and up to date as of Feb. 19, 2024.

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