See How Long Your $1M in Retirement Lasts in 50 Major Cities

Study shows $1 million doesn't go as far as it used to.

Half a century ago, people worked and saved their entire lives to enjoy their golden years, a period that lasted about 10 to 15 years. But today, it’s not uncommon for people to work for 40 years or past the ideal retirement age to support 30 years of retirement.

All that extra time beyond your earning years is great. The bad news: You still have to pay for it, which is why it’s important to make sure your retirement savings can help you survive the cost of living in retirement.

Although how much you need saved in retirement depends on a variety of factors — your annual expenses, cost of living, etc. — $1 million is often considered a solid savings goal. However, is $1 million really enough for retirement these days?

To truth is, depending on where you live, $1 million might not be enough to last more than two decades in some major cities, found a recent GOBankingRates study.

In the study, GOBankingRates determined the number of years and months $1 million will last throughout retirement by analyzing the annual expenditures for someone 65 or older and the cost of living for each city. Among the living costs considered in the report are housing, transportation, utilities, healthcare, groceries and miscellaneous expenses.

This data can help you narrow down your search for the perfect retirement city, depending on how much money you have saved, your age, your lifestyle and other variables that will affect your decision on where to retire.

GOBankingRates

The median length of time that retirees can stretch $1 million is 22.06 years. The places where it lasts the longest are concentrated in the South, Southwest and Southern Midwest. Some of the most forgiving cities include Houston; Oklahoma City; Austin, Texas; Tulsa, Okla.; and Memphis, Tenn. — all of which will give you more than 24 years on $1 million.

Large, coastal cities dominate the areas where $1 million will run out the quickest. Among the hardest cities to make a nest egg last are New York; Philadelphia; San Jose, Calif.; San Francisco; and Boston. The best you can expect to get out of $1 million in those cities is a little more than 18 years.

Here’s the full list of how long $1 million will last in 50 major cities:

CityNumber of Years $1M Will Last
Houston25.96
Oklahoma City24.58
Austin24.53
Tulsa24.31
Memphis24.23
Columbus24.07
Indianapolis23.73
Louisville23.68
Omaha23.60
San Antonio23.15
Nashville23.10
Fort Worth22.98
Arlington22.98
Detroit22.93
Los Angeles22.88
Long Beach22.88
Milwaukee22.62
Colorado Springs22.62
Tampa22.60
Virginia Beach22.58
Albuquerque22.48
Dallas22.39
Tucson22.28
Denver22.23
Phoenix22.17
Mesa22.17
Kansas City22.14
New Orleans22.10
Jacksonville22.03
El Paso21.99
Las Vegas21.51
Raleigh21.51
Atlanta21.18
Charlotte21.05
Fresno20.81
Miami20.70
Minneapolis20.54
San Diego20.46
Portland20.33
Seattle19.83
Washington, D.C.19.80
Chicago19.72
Sacramento19.55
Baltimore19.43
Oakland18.46
San Jose18.15
Philadelphia18.03
San Francisco17.97
Boston17.94
New York17.48

Click through to see how long $1 million lasts in every state.

Methodology: GOBankingRates found the number of years and months that $1,000,000 will last during retirement by multiplying the annual expenditures for someone 65 and older from the Bureau of Labor Statistics by the Cost of Living for each city from Sperling’s Best Places, sourced on March 8, 2018.