If you had $1 million saved for retirement, you’d be set, right? Let’s do the math.
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The average retirement age is about 62 for women and nearly 65 for men, and the average life expectancy in the United States is 79 years. That means your savings would need to last between 14 and 17 years.
On average, adults 65 and older spend $50,860 a year, according to the Bureau of Labor Statistics. That would be $712,040 over 14 years and $864,620 over 17 years. Keep in mind, though, that Social Security benefits can cover a portion of annual expenditures in retirement. When you factor in the average monthly Social Security benefit of $1,381.79 and consider the average cost of living in the United States, $1 million could actually last as long as 29 years, 1 month and 24 days.
But, as you know, there are plenty of places in the U.S. where the cost of living is much higher than the national average, so $1 million won’t last nearly as long as that. On the other hand, if you live in a place where the cost of living is low, a nest egg that large could keep you living comfortably for years.
To find out how long $1 million will last in retirement in the 50 largest U.S. cities, GOBankingRates calculated average annual expenditures in each city for people 65 and older using data from the Bureau of Labor Statistics and cost-of-living indices from Sperling’s Best Places. This annual expenditure figure then was reduced by the average annual Social Security benefit. GOBankingRates then divided 1 million by that number to calculate how long $1 million in retirement savings would last in each of the 50 cities. This study is ranked from the shortest to the longest amount of time, and there is a big difference from city to city when it comes to how long $1 million will last in retirement. In many places, it doesn’t go nearly as far as you might think.
Last updated: May 20, 2021
50. San Francisco
- Total population: 870,044
- Cost-of-living index: 269.3
- Annual expenditures: $136,965.98
- Annual expenditures after using annual Social Security income: $120,355.70
How long $1 million will last: 8 years, 3 months, 19 days
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49. San Jose, California
- Total population: 1,026,658
- Cost-of-living index: 214.5
- Annual expenditures: $109,094.70
- Annual expenditures after using annual Social Security income: $92,484.42
How long $1 million will last: 10 years, 9 months, 20 days
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48. New York
- Total population: 8,443,713
- Cost-of-living index: 187.2
- Annual expenditures: $95,209.92
- Annual expenditures after using annual Social Security income: $78,599.64
How long $1 million will last: 12 years, 8 months, 16 days
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47. Oakland, California
- Total population: 421,042
- Cost-of-living index: 174.4
- Annual expenditures: $88,699.84
- Annual expenditures after using annual Social Security income: $72,089.56
How long $1 million will last: 13 years, 10 months, 10 days
46. Los Angeles
- Total population: 3,959,657
- Cost-of-living index: 173.3
- Annual expenditures: $88,140.38
- Annual expenditures after using annual Social Security income: $71,530.10
How long $1 million will last: 13 years, 11 months, 19 days
45. Seattle
- Total population: 708,823
- Cost-of-living index: 172.3
- Annual expenditures: $87,631.78
- Annual expenditures after using annual Social Security income: $71,021.50
How long $1 million will last: 14 years, 0 months, 25 days
44. Boston
- Total population: 679,413
- Cost-of-living index: 162.4
- Annual expenditures: $82,596.64
- Annual expenditures after using annual Social Security income: $65,986.36
How long $1 million will last: 15 years, 1 month, 21 days
43. Long Beach, California
- Total population: 468,883
- Cost-of-living index: 160.4
- Annual expenditures: $81,579.44
- Annual expenditures after using annual Social Security income: $64,969.16
How long $1 million will last: 15 years, 4 months, 19 days
42. San Diego
- Total population: 1,401,932
- Cost-of-living index: 160.1
- Annual expenditures: $81,426.86
- Annual expenditures after using annual Social Security income: $64,816.58
How long $1 million will last: 15 years, 5 months, 1 day
41. Washington, D.C.
- Total population: 684,498
- Cost-of-living index: 152.1
- Annual expenditures: $77,358.06
- Annual expenditures after using annual Social Security income: $60,747.78
How long $1 million will last: 16 years, 5 months, 12 days
40. Portland, Oregon
- Total population: 639,387
- Cost of living index: 130.8
- Annual expenditures: $66,524.88
- Annual expenditures after using annual Social Security income: $49,914.60
How long $1 million will last: 20 years, 0 months, 7 days
39. Denver
- Total population: 693,417
- Cost-of-living index: 128.7
- Annual expenditures: $65,456.82
- Annual expenditures after using annual Social Security income: $48,846.54
How long $1 million will last: 20 years, 5 months, 15 days
38. Miami
- Total population: 451,214
- Cost-of-living index: 123.1
- Annual expenditures: $62,608.66
- Annual expenditures after using annual Social Security income: $45,998.38
How long $1 million will last: 21 years, 8 months, 21 days
37. Austin, Texas
- Total population: 935,755
- Cost-of-living index: 119.3
- Annual expenditures: $60,675.98
- Annual expenditures after using annual Social Security income: $44,065.70
How long $1 million will last: 22 years, 8 months, 4 days
36. Sacramento, California
- Total population: 495,011
- Cost-of-living index: 118.2
- Annual expenditures: $60,116.52
- Annual expenditures after using annual Social Security income: $43,506.24
How long $1 million will last: 22 years, 11 months, 19 days
35. Las Vegas
- Total population: 626,637
- Cost-of-living index: 111.6
- Annual expenditures: $56,759.76
- Annual expenditures after using annual Social Security income: $40,149.48
How long $1 million will last: 24 years, 10 months, 20 days
34. Atlanta
- Total population: 479,655
- Cost-of-living index: 107.5
- Annual expenditures: $54,674.50
- Annual expenditures after using annual Social Security income: $38,064.22
How long $1 million will last: 26 years, 3 months, 2 days
33. Chicago
- Total population: 2,718,555
- Cost-of-living index: 106.9
- Annual expenditures: $54,369.34
- Annual expenditures after using annual Social Security income: $37,759.06
How long $1 million will last: 26 years, 5 months, 18 days
32. Minneapolis
- Total population: 416,021
- Cost-of-living index: 106.5
- Annual expenditures: $54,165.90
- Annual expenditures after using annual Social Security income: $37,555.62
How long $1 million will last: 26 years, 7 months, 9 days
31. Virginia Beach, Virginia
- Total population: 450,135
- Cost-of-living index: 105.6
- Annual expenditures: $53,708.16
- Annual expenditures after using annual Social Security income: $37,097.88
How long $1 million will last: 26 years, 11 months, 7 days
30. Colorado Springs, Colorado
- Total population: 457,502
- Cost-of-living index: 104.5
- Annual expenditures: $53,148.70
- Annual expenditures after using annual Social Security income: $36,538.42
How long $1 million will last: 27 years, 4 months, 7 days
29. Mesa, Arizona
- Total population: 491,194
- Cost-of-living index: 104.2
- Annual expenditures: $52,996.12
- Annual expenditures after using annual Social Security income: $36,385.84
How long $1 million will last: 27 years, 5 months, 18 days
28. Phoenix
- Total population: 1,610,071
- Cost-of-living index: 103.7
- Annual expenditures: $52,741.82
- Annual expenditures after using annual Social Security income: $36,131.54
How long $1 million will last: 27 years, 7 months, 27 days
27. Fresno, California
- Total population: 522,277
- Cost-of-living index: 102.6
- Annual expenditures: $52,182.36
- Annual expenditures after using annual Social Security income: $35,572.08
How long $1 million will last: 28 years, 1 month, 2 days
26. Raleigh, North Carolina
- Total population: 457,159
- Cost-of-living index: 102.3
- Annual expenditures: $52,029.78
- Annual expenditures after using annual Social Security income: $35,419.50
How long $1 million will last: 28 years, 2 months, 18 days
25. Dallas
- Total population: 1,318,806
- Cost-of-living index: 101.6
- Annual expenditures: $51,673.76
- Annual expenditures after using annual Social Security income: $35,063.48
How long $1 million will last: 28 years, 5 months, 30 days
24. Nashville, Tennessee
- Total population: 660,062
- Cost-of-living index: 101.4
- Annual expenditures: $51,572.04
- Annual expenditures after using annual Social Security income: $34,961.76
How long $1 million will last: 28 years, 6 months, 30 days
23. Philadelphia
- Total population: 1,575,522
- Cost-of-living index: 101.2
- Annual expenditures: $51,470.32
- Annual expenditures after using annual Social Security income: $34,860.04
How long $1 million will last: 28 years, 7 months, 30 days
22. Arlington, Texas
- Total population: 392,462
- Cost-of-living index: 100.6
- Annual expenditures: $51,165.16
- Annual expenditures after using annual Social Security income: $34,554.88
How long $1 million will last: 28 years, 10 months, 30 days
21. Fort Worth, Texas
- Total population: 855,786
- Cost-of-living index: 99.8
- Annual expenditures: $50,758.28
- Annual expenditures after using annual Social Security income: $34,148.00
How long $1 million will last: 29 years, 3 months, 5 days
20. Charlotte, North Carolina
- Total population: 841,611
- Cost-of-living index: 98.9
- Annual expenditures: $50,300.54
- Annual expenditures after using annual Social Security income: $33,690.26
How long $1 million will last: 29 years, 7 months, 28 days
19. Houston
- Total population: 2,295,982
- Cost-of-living index: 96.5
- Annual expenditures: $49,079.90
- Annual expenditures after using annual Social Security income: $32,469.62
How long $1 million will last: 30 years, 9 months, 10 days
18. New Orleans
- Total population: 389,648
- Cost-of-living index: 96.3
- Annual expenditures: $48,978.18
- Annual expenditures after using annual Social Security income: $32,367.90
How long $1 million will last: 30 years, 10 months, 14 days
17. Jacksonville, Florida
- Total population: 878,907
- Cost-of-living index: 93.5
- Annual expenditures: $47,554.10
- Annual expenditures after using annual Social Security income: $30,943.82
How long $1 million will last: 32 years, 3 months, 16 days
16. Tucson, Arizona
- Total population: 539,216
- Cost-of-living index: 91.6
- Annual expenditures: $46,587.76
- Annual expenditures after using annual Social Security income: $29,977.48
How long $1 million will last: 33 years, 4 months, 1 day
15. Albuquerque, New Mexico
- Total population: 559,202
- Cost-of-living index: 91.1
- Annual expenditures: $46,333.46
- Annual expenditures after using annual Social Security income: $29,723.18
How long $1 million will last: 33 years, 7 months, 13 days
14. Omaha, Nebraska
- Total population: 465,112
- Cost-of-living index: 89.8
- Annual expenditures: $45,672.28
- Annual expenditures after using annual Social Security income: $29,062.00
How long $1 million will last: 34 years, 4 months, 20 days
13. San Antonio
- Total population: 1,486,521
- Cost-of-living index: 89.7
- Annual expenditures: $45,621.42
- Annual expenditures after using annual Social Security income: $29,011.14
How long $1 million will last: 34 years, 5 months, 11 days
12. Louisville, Kentucky
- Total population: 617,032
- Cost-of-living index: 88.4
- Annual expenditures: $44,960.24
- Annual expenditures after using annual Social Security income: $28,349.96
How long $1 million will last: 35 years, 3 months, 0 days
11. Baltimore
- Total population: 614,700
- Cost-of-living index: 88.2
- Annual expenditures: $44,858.52
- Annual expenditures after using annual Social Security income: $28,248.24
How long $1 million will last: 35 years, 4 months, 17 days
10. Detroit
- Total population: 677,155
- Cost-of-living index: 87.6
- Annual expenditures: $44,553.36
- Annual expenditures after using annual Social Security income: $27,943.08
How long $1 million will last: 35 years, 9 months, 5 days
9. Kansas City, Missouri
- Total population: 481,417
- Cost-of-living index: 86.2
- Annual expenditures: $43,841.32
- Annual expenditures after using annual Social Security income: $27,231.04
How long $1 million will last: 36 years, 8 months, 10 days
8. Columbus, Ohio
- Total population: 867,628
- Cost-of-living index: 85.5
- Annual expenditures: $43,485.30
- Annual expenditures after using annual Social Security income: $26,875.02
How long $1 million will last: 37 years, 2 months, 7 days
7. Oklahoma City
- Total population: 637,284
- Cost-of-living index: 85.4
- Annual expenditures: $43,434.44
- Annual expenditures after using annual Social Security income: $26,824.16
How long $1 million will last: 37 years, 3 months, 2 days
6. Milwaukee
- Total population: 596,886
- Cost-of-living index: 84.9
- Annual expenditures: $43,180.14
- Annual expenditures after using annual Social Security income: $26,569.86
How long $1 million will last: 37 years, 7 months, 10 days
5. Indianapolis
- Total population: 857,637
- Cost-of-living index: 83.5
- Annual expenditures: $42,468.10
- Annual expenditures after using annual Social Security income: $25,857.82
How long $1 million will last: 38 years, 7 months, 23 days
4. Tulsa, Oklahoma
- Total population: 402,223
- Cost-of-living index: 83.2
- Annual expenditures: $42,315.52
- Annual expenditures after using annual Social Security income: $25,705.24
How long $1 million will last: 38 years, 10 months, 15 days
3. Wichita, Kansas
- Total population: 389,563
- Cost-of-living index: 82.1
- Annual expenditures: $41,756.06
- Annual expenditures after using annual Social Security income: $25,145.78
How long $1 million will last: 39 years, 8 months, 27 days
2. El Paso, Texas
- Total population: 680,354
- Cost-of-living index: 81.4
- Annual expenditures: $41,400.04
- Annual expenditures after using annual Social Security income: $24,789.76
How long $1 million will last: 40 years, 3 months, 22 days
1. Memphis, Tennessee
- Total population: 653,248
- Cost-of-living index: 76.0
- Annual expenditures: $38,653.60
- Annual expenditures after using annual Social Security income: $22,043.32
How long $1 million will last: 45 years, 4 months, 1 day
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Methodology: To find out how long $1 million will last in retirement in 50 U.S. cities, GOBankingRates first identified the 50 most-populated cities, as sourced from the 2018 American Community Survey. GOBankingRates then determined how long $1 million would last during retirement in each city by multiplying the annual expenditures for someone 65 and older, sourced from the Bureau of Labor Statistics’ 2018 Consumer Expenditure Survey, by each city’s overall cost of living index as sourced from Sperling’s Best Places. This annual expenditure figure then was reduced by the annual Social Security benefits a retiree would receive based on the Social Security Administration’s Monthly Statistical Snapshot, January 2020. Once the final annual expenditure minus Social Security benefits total was found, GOBankingRates took this figure and divided it into 1 million to get the years, months and days that $1 million would last in retirement for each city. GOBankingRates also found the annual cost of groceries, healthcare, utilities and transportation for each city for supplemental data, using both the Bureau of Labor Statistics’ 2018 Consumer Expenditure Survey and cost-of-living indices from Sperling’s Best Places. All data was compiled on and is up to date as of Feb. 10, 2020.