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

If you’re wondering, “How long will my savings last?” the answer depends on which state you call home. Depending on where you live, $1 million in savings could last you less than 10 years or over two decades.

To determine how long a million will last, GOBankingRates calculated how much a million-dollar windfall would grow over time, assuming a 20 percent deposit in savings based on the annual median income and the average savings account annual percentage yield (APY) for each state. Then, we calculated how long $1 million would cover the average annual expenses — including groceries, housing, utilities, healthcare and transportation — for each state.

Are you living in a state where your money goes far? Click through to see how long $1 million will last in your state.

50. Hawaii

$1 million in savings will last: 9.41 years

Hawaii has the highest cost of living in the U.S., so $1 million in savings won’t last as long in the island state as elsewhere. Hawaii also has the second-lowest average savings APY at 0.13% among the states, so you’ll earn less interest on your $1 million than you would in other states.

Hawaii is also one the most expensive states to retire in. A previous GOBankingRates study found that you would need to save about $2.1 million to get through retirement there.

49. California

$1 million in savings will last: 12.72 years

It costs the average Californian $80,522 to cover annual expenses, so $1 million in savings won’t take you as far in California as in other states where the cost of living is lower. Even with interest and a median annual savings of $1,063, $1 million will last under 13 years.

48. New York

$1 million in savings will last: 13.31 years

The cost to live comfortably in New York is high. The average New Yorker will save $1,012 a year but spend $76,854 on necessities. Even with a relatively high average savings APY of 1.08%, $1 million in savings will last just over 13 years in New York.

47. Alaska

$1 million in savings will last: 13.44 years

Alaska has the second-highest median income, so residents can add an average of $1,241 per year if they save the equivalent of 20 percent of the median paycheck. However, the cost of living is still high, with estimated annual expenditures of $75,593. So, $1 million in savings will last just shy of 13.5 years.

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46. Maryland

$1 million in savings will last: 13.85 years

Maryland has the highest median income among the states at $76,067. But, its cost of living is also high, with estimated annual expenditures of $73,587. Because of the higher-than-average living expenses, $1 million will last less than 14 years in Maryland.

45. Oregon

$1 million in savings will last: 14.05 years

The average Oregon resident will be able to save $888 annually if they save 20 percent of their paycheck. A contribution of less than $1,000 annually and a low average savings APY of 0.16% mean that not much gets added each year to the $1 million held in savings, so it won’t last very long in Oregon.

44. Massachusetts

$1 million in savings will last: 14.06 years

A million dollars in savings will last just slightly longer in Massachusetts than in Oregon. Even though the cost of living is slightly higher in Massachusetts, the state has a higher median income and a higher average savings APY of 1.16%, so savings will grow at a higher rate in Massachusetts, making the $1 million last longer.

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43. Connecticut

$1 million in savings will last: 14.2 years

The annual expenditures in Connecticut are an estimated $71,581, so even with added savings thanks to an above-average median income, $1 million will only last 14.2 years in Connecticut. The state also has a relatively low average savings APY of 0.23%.

42. Rhode Island

$1 million in savings will last: 14.44 years

The average person in Rhode Island will be able to save $973 a year, but will spend $70,493 annually. The high cost of living means $1 million in savings will last less than 14.5 years in Rhode Island.

41. Vermont

$1 million in savings will last: 14.7 years

Vermont has a higher-than-average cost of living, but a lower-than-average median income. Vermont also has the third-lowest average savings APY at 0.14%, so people who live there will save less than in most other states and earn less interest on the savings they do have.

Because of its low savings rates, Vermont is also one of the worst states to grow your money in 2018, according to a separate GOBankingRates study.

40. New Jersey

$1 million in savings will last: 14.84 years

New Jersey has the third-highest median income of $73,702, so people who live there can save about $1,228 per year. However, the state also has a high cost of living. So even with added savings, $1 million will last less than 15 years in New Jersey.

39. New Hampshire

$1 million in savings will last: 15.58 years

New Hampshire has a relatively low average savings APY at 0.18%, so not much interest would be added to $1 million in savings. The state also has a relatively high cost of living, so it ranks toward the bottom in terms of how long $1 million in savings will last.

38. Maine

$1 million in savings will last: 15.63 years

Like Vermont, Maine has a higher cost of living than the U.S. average. But Maine’s median income of $50,826 is lower than the national median income of $59,039, according to the Census Bureau. The annual expenditures for Mainers are estimated to be $65,048, so $1 million in savings will last less than 16 years there.

37. Washington

$1 million in savings will last: 16.46 years

The average Washingtonian will be able to add $1,047 each year to their savings. But the above-average cost of living prevents $1 million from stretching further in the Pacific Northwest state.

36. Nevada

$1 million in savings will last: 16.57 years

Annual expenditures in Nevada are estimated at $61,094, while the median income is only $53,094. Lower savings contributions and a low average savings APY of 0.15% mean that $1 million in savings will grow at a slow rate. And, due to the high cost of living, it won’t last very long in Nevada.

35. Colorado

$1 million in savings will last: 17.12 years

The cost of living in Colorado is slightly above average, with $59,603 in estimated annual expenditures. Even though a person making a median income in Colorado will be able to save $1,042 each year, $1 million in savings will only last about 17 years in the state.

If you’re looking for a better bargain, Fort Collins was one of the cities with the biggest cost-of-living decrease in 2017, according to another GOBankingRates study.

34. Delaware

$1 million in savings will last: 17.19 years

With a cost of living of about $59,317 per year, $1 million in savings will last just over 17 years in Delaware. Even though the cost of living is relatively high in Delaware, the state also has an above-average median income of $61,017 and a higher average savings APY of 0.73%. These factors prevent the state from ranking lower on the list.

33. Montana

$1 million in savings will last: 17.46 years

Montana has a cost of living higher than the national average, as well as a relatively low average savings APY of 0.27%, so it ranks toward the bottom of the list. Montana is also the worst state to grow your money in 2018.

32. Virginia

$1 million in savings will last: 17.49 years

Virginia’s cost of living is slightly above average, with annual expenditures estimated to be $58,400. Based on the median income of $66,149, the average Virginian will be able to save $1,102 per year, so $1 million in savings will last nearly 17.5 years in the state.

31. Pennsylvania

$1 million in savings will last: 17.54 years

Pennsylvania has an above-average cost of living and below-average median income. But its relatively high average savings APY — 0.92% — helps the $1 million in savings last longer.

30. North Dakota

$1 million in savings will last: 17.73 years

You won’t earn much interest on your $1 million in North Dakota, where the average savings APY is 0.35%. The low interest rate makes North Dakota one of the worst states to grow your money in 2018.

29. South Carolina

$1 million in savings will last: 17.94 years

South Carolina has one of the lowest median incomes in the country at $48,256, so people living there would likely be contributing only a small amount, about $782, to their savings each year.

In addition to low incomes, the state also has a low average savings APY of 0.21%. So the $1 million savings investment would stay pretty stagnant, preventing it from lasting longer.

28. Minnesota

$1 million in savings will last: 18 years

Minnesota ranks among the top 10 states for highest median income at $63,217, and it has a high average savings APY of 0.83%. The cost of living is about average, with annual expenditures estimated to be $56,738.

27. Florida

$1 million in savings will last: 18.03 years

The cost of living in Florida is about average, but the income is lower than it is nationwide. Based on a median income of $48,900, the average person in Florida would contribute $815 to their yearly savings.

Even though the contribution is low, Florida has a high average savings APY of 1.23% — the second-highest on this list — which helps $1 million in savings to last over 18 years. Just watch out for the prices in Tampa, which had a big cost of living increase in 2017, according to another GOBankingRates study.

26. West Virginia

$1 million in savings will last: 18.28 years

Based on median income, people in West Virginia would have the third-lowest contributions to their savings at $711 annually. The cost of living is slightly below average, and the average savings APY is 0.57%.

25. Arizona

$1 million in savings will last: 18.42 years

The cost of living in Arizona is about average. But the state’s low average savings APY of 0.29% prevents the $1 million in savings from growing rapidly and lasting longer.

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24. South Dakota

$1 million in savings will last: 18.46 years

Living in South Dakota costs an estimated $54,847 per year, which is lower than the national average. But the state also has a low average savings APY of 0.18% — one of the lowest in the country. At that rate, $1 million in savings will last just shy of 18.5 years in South Dakota.

23. Illinois

$1 million in savings will last: 18.46 years

The cost of living is slightly higher in Illinois than in South Dakota. But $1 million in savings will last the same amount of time in both states because Illinois has a higher median income and a much higher average savings APY. At 1.03%, it’s one of the highest yields in the country.

22. Utah

$1 million in savings will last: 18.51 years

Utah has the highest average savings APY in the country at 1.3%, which means $1 million in savings will gain more interest, helping it last longer. The annual expenditures in Utah are an estimated $55,420, and $1 million in savings will last over 18.5 years in the state.

21. Wyoming

$1 million in savings will last: 18.51 years

A million dollars in savings will last the same amount of time in Utah and Wyoming, even though the cost of living in Wyoming is slightly lower than Utah’s. That’s because Wyoming has one of the lowest average savings APY in the country, at 0.15%.

20. Wisconsin

$1 million in savings will last: 18.6 years

The average savings APY in Wisconsin is relatively high at 0.81%, and the cost of living is below the national average. Those factors help $1 million in savings last for over 18.5 years in Wisconsin.

Find Out: What It Takes to Save $1 Million for Retirement

19. Louisiana

$1 million in savings will last: 18.84 years

Louisiana has one of the lowest median incomes in the U.S., so savings contributions in the state are estimated to be just $761 annually. However, the cost of living is also below average in the state, with the average expenditures estimated to be $53,815.

18. North Carolina

$1 million in savings will last: 18.89 years

The cost of living is the same in Louisiana and North Carolina, but $1 million in savings will last a little bit longer in North Carolina because the median income is higher, so people can contribute more to their savings. The average savings APY is also higher at 0.69%.

17. Kentucky

$1 million in savings will last: 18.91 years

Kentucky has one of the lowest median incomes in the country, but it also has a below-average cost of living, with estimated annual expenditures of $53,700. The lower costs help $1 million in savings stretch for nearly 19 years in the state.

If you choose to live in Louisville rather than Kentucky’s smaller towns, you can get more for your money, according to another GOBankingRates study.

16. Idaho

$1 million in savings will last: 18.93 years

Idaho has a relatively low cost of living, with annual expenditures estimated at $53,471, but it also has a low average savings APY of 0.22%.

Additionally, with a median annual income of $49,174, a 20 percent contribution to savings would be only $820 per year. Still, you can stretch $1 million for nearly 19 years if you live in Idaho.

15. New Mexico

$1 million in savings will last: 19.11 years

New Mexico’s low cost of living — an estimated $53,013 per year — helps $1 million in savings stretch for over 19 years. However, the state does have a low median income of $45,674 and a low average savings APY at 0.39%.

14. Indiana

$1 million in savings will last: 19.16 years

The cost of living is the same in Indiana as New Mexico, but $1 million in savings will last longer in Indiana because higher median incomes allow people to contribute more to savings. The state also has a higher average savings APY of 0.54%.

13. Nebraska

$1 million in savings will last: 19.23 years

The average cost of living in Nebraska is $52,898 per year. And thanks to an average savings APY of 0.63%, $1 million in savings could last over 19 years in Nebraska.

Your nest egg might last a bit longer if you move to Omaha, where you can live comfortably on $50,832 a year, according to another GOBankingRates study.

12. Ohio

$1 million in savings will last: 19.4 years

Not only does Ohio have a low cost of living — the annual expenditures are estimated to be $52,554 — it also has a relatively high average savings APY of 0.92%.

11. Georgia

$1 million in savings will last: 19.47 years

It costs an estimated $52,210 a year to live in Georgia, so $1 million in savings will last nearly 19.5 years in the Southern state. A person making the median income will contribute an estimated $851 a year to their savings, plus earn interest at an average rate of 0.65%.

10. Texas

$1 million in savings will last: 19.48 years

It actually costs more to live in Texas than Georgia, but $1 million in savings lasts longer in Texas thanks to a higher median income and its high average savings APY of 1.17%.

The Southern state has the third-highest average savings APY in the country, which also makes it one of the best states to grow your money in 2018, a previous GOBankingRates study found.

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9. Kansas

$1 million in savings will last: 19.58 years

The average Kansas resident will spend $51,981 per year to cover the cost of living and contribute $893 to savings each year. Because living costs are low and the average savings APY is relatively high at 0.71%, $1 million in savings will last over 19.5 years in Kansas.

8. Tennessee

$1 million in savings will last: 19.59 years

Tennessee has a below-average median income and low interest rates, with an average APY of 0.25%. But the cost of living is also low enough that $1 million in savings will last 19.59 years. The estimated annual expenditures in the state are $51,637.

7. Alabama

$1 million in savings will last: 19.61 years

In Alabama, the cost of living is slightly higher and the median income is slightly lower than in Tennessee. But $1 million in savings will stretch further in Alabama thanks to a higher average savings account APY of 0.45%.

6. Iowa

$1 million in savings will last: 19.7 years

Based on a median income of $54,570, a 20 percent annual savings contribution would be $910, which is significant when the cost of living is so low: $51,580 per year.

The low living costs and an average 0.53% APY help $1 million in savings to last almost 20 years in Iowa. You might even make your savings last longer if you own a home in Iowa, which is cheaper than renting there, a separate GOBankingRates study found.

5. Oklahoma

$1 million in savings will last: 19.86 years

One million dollars in savings can last for a long time in Oklahoma, where the estimated expenses are $51,179 per year. A 0.68% APY helps $1 million in a savings account to last 19.86 years in the state.

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4. Michigan

$1 million in savings will last: 19.91 years

Michigan’s low living costs mean $1 million in savings can really last. The estimated annual expenditures in the state total $51,007, while the median income is $50,803.

3. Missouri

$1 million in savings will last: 19.93 years

Missouri’s annual expenditures are low at $51,121. And a high average interest rate for savings accounts helps $1 million to last even longer. The average savings APY in the state is 0.9%.

2. Arkansas

$1 million in savings will last: 20.12 years

Arkansas has the second-lowest median income in the country and a low average interest rate for savings accounts — 0.28%. But it’s also the second-least expensive state to live in, which means $1 million in savings there could last over 20 years.

1. Mississippi

$1 million in savings will last: 20.92 years

One million dollars in savings could last you nearly 21 years in Mississippi, where the living costs are the lowest in the country at an average of $48,256 per year. It’s also the least expensive state to retire in, a separate GOBankingRates study found.

Make More Money: 12 Realistic Ways to Make Your First $1 Million

How Long Will My Savings Last?

If you want to make your savings last, it’s important to live in a place with a low cost of living. The lower your expenses, the less money you have to spend and the more money you put in your savings. Additionally, you need to stash your savings in an account that will continue to grow interest, such as a high-yield savings account.

Up Next: Cities Where You Can Realistically Live on Minimum Wage

Methodology: GOBankingRates sourced the annual expenditures for each state, which include groceries, housing, utilities, transportation and healthcare, from the Bureau of Labor Statistics’ Consumer Expenditure Survey and the Missouri Economic Research Center’s cost of living rankings. The median household income is based on Census Bureau data, and annual savings contributions are based on a 20 percent yearly contribution. The savings APY was sourced from the GOBankingRates Rates Database, using the average of the four highest savings account APYs in each state. Annual savings, with a base of $1 million plus savings contributions and interest, was calculated using the FINRA Savings Calculator.

About the Author

Gabrielle Olya

Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and People.com. Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert. 

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