How Long $1 Million in Retirement Will Last in Every State J. ArkyJuly 16, 2025 at 5:15 AM Nuthawut Somsuk / Getty Images Determining the exact amount of money you need to save to retire comfortably is difficult — and reaching that goal may be even grueling.
- - - How Long $1 Million in Retirement Will Last in Every State
J. ArkyJuly 16, 2025 at 5:15 AM
Nuthawut Somsuk / Getty Images
Determining the exact amount of money you need to save to retire comfortably is difficult — and reaching that goal may be even grueling.
The traditional standard for a comfortable retirement is around $1 million — although you can get by on less in some states and need much more in other states. This number is way out of reach for many Americans, though, considering 28% of people recently told GOBankingRates that they had nothing saved and most of the rest don't have close to seven figures.
Check Out: The Money You Need To Save Monthly To Retire Comfortably in Every State
Learn More: 5 Unusual Ways To Make Extra Money That Actually Work
As big a chunk of change a $1 million sounds like, surprisingly it doesn't last quite as long as you might think it would — but that all depends on the state you live in when you retire.
If you live in one of the more expensive states, like Hawaii or New York, you'll want to work as long as possible and save as much money as possible because $1 million won't even cover your living expenses for 15 years. There is a bit more cushion in many Midwestern and Southern states, though, if you live there or planning a move.
Find out how long $1 million in savings will last in your state — in order from shortest time to longest.
emperorcosar / Shutterstock.comHawaii -
Annual groceries cost: $6,463
Annual housing cost: $37,135
Annual utilities cost: $8,573
Annual transportation cost: $6,168
Annual healthcare cost: $9,607
Total annual expenditures: $137,773
How long $1 million will last: 7.3 years
Also See: The Living Wage a Family of Four Needs in All 50 States
Discover More: How Much You Need To Earn To Be Upper Middle Class in Every State
Trending Now: Suze Orman's Secret to a Wealthy Retirement--Have You Made This Money Move?
Evan Bracken / Shutterstock.comCalifornia -
Annual groceries cost: $5,536
Annual housing cost: $25,000
Annual utilities cost: $6,053
Annual transportation cost: $6,283
Annual healthcare cost: $8,554
Total annual expenditures: $101,718
How long $1 million will last: 9.2 years
Explore More: Here's How Much Your State Collects on Every Type of Tax
Sean Pavone / Shutterstock.comMassachusetts -
Annual groceries cost: $5,174
Annual housing cost: $26,210
Annual utilities cost: $6,495
Annual transportation cost: $5,067
Annual healthcare cost: $9,972
Total annual expenditures: $99,573
How long $1 million will last: 10 years
Hugo Lancaster / Shutterstock.comWashington -
Annual groceries cost: $5,234
Annual housing cost: $15,201
Annual utilities cost: $4,010
Annual transportation cost: $5,724
Annual healthcare cost: $9,369
Total annual expenditures: $83,426
How long $1 million will last: 12 years
kropic1 / Shutterstock.comNew Jersey -
Annual groceries cost: $5,164
Annual housing cost: $16,399
Annual utilities cost: $4,356
Annual transportation cost: $4,886
Annual healthcare cost: $8,528
Total annual expenditures: $79,957
How long $1 million will last: 12.5 years
Evan Bracken / Shutterstock.comNew York -
Annual groceries cost: $5,149
Annual housing cost: $20,125
Annual utilities cost: $4,317
Annual transportation cost: $4,942
Annual healthcare cost: $8,639
Total annual expenditures: $76,515
How long $1 million will last: 13.1 years
Ami Parikh / Shutterstock.comOregon -
Annual groceries cost: $5,263
Annual housing cost: $15,968
Annual utilities cost: $3,884
Annual transportation cost: $5,488
Annual healthcare cost: $8,703
Total annual expenditures: $75,660
How long $1 million will last: 13.2 years
Find Out: How Much Money Is Needed To Be Considered Middle Class in Every State?
Andrew Zarivny / Shutterstock.comColorado -
Annual groceries cost: $4,991
Annual housing cost: $12,901
Annual utilities cost: $3,867
Annual transportation cost: $4,386
Annual healthcare cost: $8,274
Total annual expenditures: $74,621
How long $1 million will last: 13.4 years
Maks Ershov / Shutterstock.comUtah -
Annual groceries cost: $4,842
Annual housing cost: $13,991
Annual utilities cost: $4,165
Annual transportation cost: $5,002
Annual healthcare cost: $7,013
Total annual expenditures: $73,465
How long $1 million will last: 13.6 years
DenisTangneyJr / Getty ImagesNew Hampshire -
Annual groceries cost: $4,951
Annual housing cost: $14,075
Annual utilities cost: $4,867
Annual transportation cost: $4,886
Annual healthcare cost: $8,258
Total annual expenditures: $73,355
How long $1 million will last: 13.6 years
BILD LLC / Shutterstock.comAlaska -
Annual groceries cost: $6,299
Annual housing cost: $14,135
Annual utilities cost: $6,616
Annual transportation cost: $5,289
Annual healthcare cost: $11,900
Total annual expenditures: $72,349
How long $1 million will last: 13.8 years
Sean Pavone / Shutterstock.comRhode Island -
Annual groceries cost: $5,050
Annual housing cost: $13,584
Annual utilities cost: $6,062
Annual transportation cost: $4,456
Annual healthcare cost: $8,298
Total annual expenditures: $72,220
How long $1 million will last: 13.9
Read More: How Far $750,000 in Retirement Savings Plus Social Security Goes in Every State
Sean Pavone / Shutterstock.comMaryland -
Annual groceries cost: $5,308
Annual housing cost: $16,267
Annual utilities cost: $4,776
Annual transportation cost: $4,706
Annual healthcare cost: $8,004
Total annual expenditures: $70,645
How long $1 million will last: 14.2 years
Sean Pavone / Shutterstock.comConnecticut -
Annual groceries cost: $5,085
Annual housing cost: $14,039
Annual utilities cost: $5,884
Annual transportation cost: $4,849
Annual healthcare cost: $8,718
Total annual expenditures: $70,133
How long $1 million will last: 14.3 years
tonda / Getty ImagesArizona -
Annual groceries cost: $5,011
Annual housing cost: $15,800
Annual utilities cost: $4,559
Annual transportation cost: $4,831
Annual healthcare cost: $7,354
Total annual expenditures: $69,352
How long $1 million will last: 14.4 years
f11photo / Shutterstock.comNevada -
Annual groceries cost: $5,115
Annual housing cost: $12,901
Annual utilities cost: $4,499
Annual transportation cost: $5,506
Annual healthcare cost: $6,910
Total annual expenditures: $68,336
How long $1 million will last: 14.6 years
DenisTangneyJr / Getty ImagesMaine -
Annual groceries cost: $5,030
Annual housing cost: $15,417
Annual utilities cost: $4,806
Annual transportation cost: $4,974
Annual healthcare cost: $9,020
Total annual expenditures: $67,770
How long $1 million will last: 14.8 years
Read Next: How Long $1 Million in Retirement Will Last in Every State
Sean Pavone / Shutterstock.comVermont -
Annual groceries cost: $5,263
Annual housing cost: $15,537
Annual utilities cost: $5,007
Annual transportation cost: $4,433
Annual healthcare cost: $8,837
Total annual expenditures: $67,589
How long $1 million will last: 14.8 years
Charles Knowles / Shutterstock.comIdaho -
Annual groceries cost: $5,134
Annual housing cost: $12,087
Annual utilities cost: $3,373
Annual transportation cost: $5,071
Annual healthcare cost: $7,814
Total annual expenditures: $66,598
How long $1 million will last: 15 years
Pierdelune / Shutterstock.comMontana -
Annual groceries cost: $5,020
Annual housing cost: $10,362
Annual utilities cost: $3,607
Annual transportation cost: $5,076
Annual healthcare cost: $8,433
Total annual expenditures: $65,359
How long $1 million will last: 15.3 years
Sean Pavone / Shutterstock.comFlorida -
Annual groceries cost: $5,214
Annual housing cost: $12,949
Annual utilities cost: $4,412
Annual transportation cost: $4,571
Annual healthcare cost: $7,854
Total annual expenditures: $64,693
How long $1 million will last: 15.5 years
Sean Pavone / Shutterstock.comVirginia -
Annual groceries cost: $4,936
Annual housing cost: $12,518
Annual utilities cost: $4,321
Annual transportation cost: $4,391
Annual healthcare cost: $8,330
Total annual expenditures: $63,720
How long $1 million will last: 15.7
Trending Now: Here's the Cost of Living in Every State
DenisTangneyJr / Getty ImagesDelaware -
Annual groceries cost: $5,080
Annual housing cost: $11,668
Annual utilities cost: $4,252
Annual transportation cost: $4,729
Annual healthcare cost: $8,123
Total annual expenditures: $61,855
How long $1 million will last: 16.2 years
WitGorski / Getty ImagesWyoming -
Annual groceries cost: $4,971
Annual housing cost: $10,613
Annual utilities cost: $3,858
Annual transportation cost: $4,275
Annual healthcare cost: $8,274
Total annual expenditures: $57,755
How long $1 million will last: 17.3 years
ESB Professional / Shutterstock.comNorth Carolina -
Annual groceries cost: $4,877
Annual housing cost: $11,176
Annual utilities cost: $4,204
Annual transportation cost: $4,331
Annual healthcare cost: $8,306
Total annual expenditures: $57,186
How long $1 million will last: 17.5 years
RudyBalasko / Getty ImagesMinnesota -
Annual groceries cost: $5,060
Annual housing cost: $9,691
Annual utilities cost: $4,217
Annual transportation cost: $4,400
Annual healthcare cost: $8,330
Total annual expenditures: $56,487
How long $1 million will last: 17.7 years
EQRoy / Shutterstock.comWisconsin -
Annual groceries cost: $4,857
Annual housing cost: $10,973
Annual utilities cost: $4,010
Annual transportation cost: $4,548
Annual healthcare cost: $8,441
Total annual expenditures: $55,632
How long $1 million will last: 18 years
See More: Here's How Much You Need To Earn To Be 'Rich' in Every State
Sean Pavone / Shutterstock.comGeorgia -
Annual groceries cost: $4,822
Annual housing cost: $9,487
Annual utilities cost: $4,217
Annual transportation cost: $4,442
Annual healthcare cost: $7,965
Total annual expenditures: $55,060
How long $1 million will last: 18.2 years
Steven Frame / Shutterstock.comSouth Dakota -
Annual groceries cost: $4,832
Annual housing cost: $10,553
Annual utilities cost: $3,616
Annual transportation cost: $4,548
Annual healthcare cost: $8,012
Total annual expenditures: $53,903
How long $1 million will last: 18.6 years
Davel5957 / Getty ImagesNew Mexico -
Annual groceries cost: $4,778
Annual housing cost: $10,410
Annual utilities cost: $3,650
Annual transportation cost: $4,169
Annual healthcare cost: $8,147
Total annual expenditures: $53,602
How long $1 million will last: 18.7 years
f11photo / Shutterstock.comSouth Carolina -
Annual groceries cost: $4,921
Annual housing cost: $10,386
Annual utilities cost: $4,430
Annual transportation cost: $4,382
Annual healthcare cost: $7,378
Total annual expenditures: $53,507
How long $1 million will last: 18.7 years
f11photo / Shutterstock.comTennessee -
Annual groceries cost: $4,812
Annual housing cost: $9,967
Annual utilities cost: $3,776
Annual transportation cost: $4,123
Annual healthcare cost: $7,029
Total annual expenditures: $53,204
How long $1 million will last: 18.8 years
Discover More: 5 Southern States Where $750,000 in Retirement Savings Lasts Longest
f11photo / Shutterstock.comTexas -
Annual groceries cost: $4,763
Annual housing cost: $9,823
Annual utilities cost: $4,559
Annual transportation cost: $4,294
Annual healthcare cost: $7,497
Total annual expenditures: $53,174
How long $1 million will last: 18.8 years
Tam Patra / Shutterstock.comIllinois -
Annual groceries cost: $4,862
Annual housing cost: $9,979
Annual utilities cost: $4,308
Annual transportation cost: $4,784
Annual healthcare cost: $7,862
Total annual expenditures: $51,975
How long $1 million will last: 19.2 years
Sean Pavone / Shutterstock.comPennsylvania -
Annual groceries cost: $4,916
Annual housing cost: $10,098
Annual utilities cost: $4,590
Annual transportation cost: $4,826
Annual healthcare cost: $7,187
Total annual expenditures: $51,483
How long $1 million will last: 19.4 years
Solange_Z / Getty ImagesNorth Dakota -
Annual groceries cost: $4,708
Annual housing cost: $9,595
Annual utilities cost: $3,507
Annual transportation cost: $4,618
Annual healthcare cost: $8,584
Total annual expenditures: $51,077
How long $1 million will last: 19.6 years
Christopher Boswell / Shutterstock.comNebraska -
Annual groceries cost: $4,916
Annual housing cost: $9,583
Annual utilities cost: $3,828
Annual transportation cost: $4,474
Annual healthcare cost: $7,933
Total annual expenditures: $50,003
How long $1 million will last: 20 years
Explore More: 50 Cheapest Places To Retire Across America
f11photo / Shutterstock.comOhio -
Annual groceries cost: $4,901
Annual housing cost: $10,266
Annual utilities cost: $4,300
Annual transportation cost: $4,437
Annual healthcare cost: $7,497
Total annual expenditures: $48,627
How long $1 million will last: 20.6 years
Ron_Thomas / Getty ImagesIndiana -
Annual groceries cost: $4,822
Annual housing cost: $9,236
Annual utilities cost: $3,919
Annual transportation cost: $4,567
Annual healthcare cost: $7,719
Total annual expenditures: $48,124
How long $1 million will last: 20.8 years
f11photo / Shutterstock.comMissouri -
Annual groceries cost: $4,758
Annual housing cost: $9,320
Annual utilities cost: $4,278
Annual transportation cost: $4,035
Annual healthcare cost: $7,282
Total annual expenditures: $48,093
How long $1 million will last: 20.8 years
Steven_Kriemadis / Getty ImagesMichigan -
Annual groceries cost: $4,867
Annual housing cost: $8,829
Annual utilities cost: $4,243
Annual transportation cost: $4,608
Annual healthcare cost: $7,084
Total annual expenditures: $47,603
How long $1 million will last: 21 years
Davel5957 / Getty ImagesKentucky -
Annual groceries cost: $4,946
Annual housing cost: $9,427
Annual utilities cost: $3,633
Annual transportation cost: $4,479
Annual healthcare cost: $8,457
Total annual expenditures: $46,774
How long $1 million will last: 21.4 years
Find Out: America's 50 Most Expensive Retirement Towns
Henryk Sadura / Shutterstock.comIowa -
Annual groceries cost: $4,787
Annual housing cost: $8,960
Annual utilities cost: $4,023
Annual transportation cost: $4,516
Annual healthcare cost: $7,600
Total annual expenditures: $46,367
How long $1 million will last: 21.6 years
Davel5957 / Getty ImagesKansas -
Annual groceries cost: $4,698
Annual housing cost: $8,673
Annual utilities cost: $4,274
Annual transportation cost: $4,169
Annual healthcare cost: $7,497
Total annual expenditures: $46,212
How long $1 million will last: 21.6
Sean Pavone / Shutterstock.comLouisiana -
Annual groceries cost: $4,763
Annual housing cost: $7,663
Annual utilities cost: $3,399
Annual transportation cost: $4,414
Annual healthcare cost: $7,663
Total annual expenditures: $45,337
How long $1 million will last: 22.1 years
SeanPavonePhoto / Getty ImagesAlabama -
Annual groceries cost: $4,817
Annual housing cost: $8,325
Annual utilities cost: $4,330
Annual transportation cost: $4,201
Annual healthcare cost: $6,902
Total annual expenditures: $45,321
How long $1 million will last: 22.1
Davel5957 / Getty ImagesOklahoma -
Annual groceries cost: $4,728
Annual housing cost: $8,218
Annual utilities cost: $4,131
Annual transportation cost: $4,197
Annual healthcare cost: $7,663
Total annual expenditures: $44,412
How long $1 million will last: 22.5 years
For You: 5 Cities You Need To Consider If You're Retiring in 2025
Davel5957 / Getty ImagesArkansas -
Annual groceries cost: $4,718
Annual housing cost: $8,960
Annual utilities cost: $3,927
Annual transportation cost: $4,164
Annual healthcare cost: $6,799
Total annual expenditures: $44,353
How long $1 million will last: 22.6 years
Sean Pavone / Shutterstock.comMississippi -
Annual groceries cost: $4,773
Annual housing cost: $8,852
Annual utilities cost: $3,849
Annual transportation cost: $4,155
Annual healthcare cost: $7,877
Total annual expenditures: $43,005
How long $1 million will last: 23.3 years
Davel5957 / Getty ImagesWest Virginia -
Annual groceries cost: $4,906
Annual housing cost: $7,175
Annual utilities cost: $4,183
Annual transportation cost: $4,308
Annual healthcare cost: $7,751
Total annual expenditures: $40,816
How long $1 million will last in savings: 24.5 years
Travis Woods and Jordan Rosenfeld contributed to the reporting for this article.
Methodology: GOBankingRates found total population, population ages 65 and over, total households and household median income — all sourced from the U.S. Census American Community Survey — and used the Missouri Economic Research Information Center for grocery, healthcare, housing, utilities, transportation and miscellaneous cost-of-living indexes. Using the cost of living indexes and the national average expenditure costs for retired households, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location was calculated. The average single-family home value was sourced from Zillow Home Value Index for Feb. 27, 2025. Using the home value, assuming a 10% down payment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage was calculated. Using the average mortgage and average expenditure costs, the average cost of living was calculated. Assuming $1 million in retirement savings, the number of years to draw down was calculated. The states were sorted to show the shortest to longest years until your savings is depleted. All data was collected on and is up to date as of Feb. 27, 2025.
More From GOBankingRates
6 Costco Products That Have the Most Customer Complaints
Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard
How Middle-Class Earners Are Quietly Becoming Millionaires -- and How You Can, Too
4 Low-Risk Ways To Build Your Savings in 2025
This article originally appeared on GOBankingRates.com: How Long $1 Million in Retirement Will Last in Every State
Source: "AOL Money"
Source: Astro Blog
Read More >> Full Article on Source: Astro Blog
#LALifestyle #USCelebrities