26 Major Cities Where $1 Million in Retirement Savings Lasts the Longest

One million dollars has long been considered enough to retire comfortably, but that is likely not enough in many major cities.

With an average life expectancy of 76 and the traditional retirement age at 65, Americans should plan to fund at least 11 years of life in retirement — yet in high-cost cities like San Francisco, $1 million in retirement savings will only last eight years.

To find the major cities where $1 million in retirement savings lasts the longest, GOBankingRates analyzed annual living costs in the 50 most populous U.S. cities for Americans ages 65 and older. Costs analyzed include groceries, healthcare, utilities, transportation, rent and miscellaneous living costs.

Here’s a look at the cities where $1 million in retirement savings will last 18 years or more. Cities are ranked from shortest to longest time $1 million will last.

• Annual cost of living: $55,455
• How many years $1 million will last: 18.03

• Annual cost of living: $55,043
• How many years $1 million will last: 18.17

• Annual cost of living:$54,886
• How many years $1 million will last: 18.22

• Annual cost of living: $54,681
• How many years $1 million will last: 18.29

• Annual cost of living: $52,676
• How many years $1 million will last: 18.98

• Annual cost of living: $52,459
• How many years $1 million will last: 19.06

• Annual cost of living: $52,039
• How many years $1 million will last: 19.22

• Annual cost of living: $51,599 
• How many years $1 million will last: 19.38

• Annual cost of living: $50,286
• How many years $1 million will last: 19.89

• Annual cost of living: $49,139
• How many years $1 million will last: 20.35

• Annual cost of living: $49,065
• How many years $1 million will last: 20.38

• Annual cost of living: $48,715
• How many years $1 million will last: 20.53

• Annual cost of living: $47,993
• How many years $1 million will last: 20.84

• Annual cost of living: $47,136
• How many years $1 million will last: 21.22

• Annual cost of living: $46,202
• How many years $1 million will last: 21.64

• Annual cost of living: $45,414
• How many years $1 million will last: 22.02

• Annual cost of living: $45,114
• How many years $1 million will last: 22.17

• Annual cost of living: $44,557
• How many years $1 million will last: 22.44

• Annual cost of living: $44,399
• How many years $1 million will last: 22.52

• Annual cost of living: $44,176
• How many years $1 million will last: 22.64

• Annual cost of living: $42,983
• How many years $1 million will last: 23.26

• Annual cost of living: $42,801
• How many years $1 million will last: 23.36

• Annual cost of living: $42,285
• How many years $1 million will last: 23.65

• Annual cost of living: $41,618
• How many years $1 million will last: 24.03

• Annual cost of living: $41,039
• How many years $1 million will last: 24.37

• Annual cost of living: $37,505
• How many years $1 million will last: 26.66

Methodology: In this study, GOBankingRates analyzed major U.S. cities to find how long $1 million would last during retirement. For this study, GOBankingRates assumed a person retires at age 65. GOBankingRates first found the [1] top 50 most populated cities by total population, as well as the [2] population ages 65 and older, as sourced from the U.S. Census American Community Survey. GOBankingRates then analyzed each city for a variety of factors including [3] grocery cost of living index, [4] healthcare cost of living index, [5] utilities cost of living index, [6] transportation cost of living index and [7] miscellaneous cost of living index, all sourced from Sperlings BestPlaces and multiplied by the [8] national average expenditure costs for someone age 65 or older, sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, to find the average expenditure cost within each city. The [9] average rental cost from December 2023 for each city was sourced from Zillow Observed Rental Index and added to the average annual expenditure costs to find the total annual cost of living. By dividing the $1 million savings by the total annual cost of living, GOBankingRates calculated the years it would take to draw down $1 million in savings in each of the major U.S. cities. All data was collected and is up-to-date as of May 24, 2024.