How Long $1 Million Will Last in Retirement in America’s Biggest Cities
Achieving a retirement nest egg of $1 million is no small feat — but is that amount still enough to last you through your whole golden years if you’re living in the big city? That answer greatly depends on which city you plan to live in.
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To find out how long $1 million in retirement savings would last in America’s 50 biggest cities, GOBankingRates found the average annual expenditures for people 65 and older in each city, and used that number to calculate how many years $1 million would last, both with and without Social Security as supplemental income.
In America’s most affordable big city — El Paso, Texas — $1 million in retirement savings will last you over 21 years without any Social Security income, or nearly 40 years if you do receive benefits. In the most expensive big city — San Francisco — it would last less than nine years, even with Social Security income.
Here’s a complete look at how long $1 million in retirement savings would last in America’s 50 biggest cities, ranked from longest to shortest amount of time.
1. El Paso, Texas
How long $1 million would last (without Social Security): 21 years, 1 month, 12 days
How long $1 million would last (with Social Security): 39 years, 11 months, 27 days
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2. Wichita, Kansas
How long $1 million would last (without Social Security): 20 years, 10 months, 20 days
How long $1 million would last (with Social Security): 39 years, 2 months, 2 days
3. Tulsa, Oklahoma
How long $1 million would last (without Social Security): 20 years, 3 months, 11 days
How long $1 million would last (with Social Security): 37 years, 0 months, 24 days
4. Oklahoma City
How long $1 million would last (without Social Security): 20 years, 2 months, 24 days
How long $1 million would last (with Social Security): 36 years, 10 months, 27 days
5. Indianapolis
How long $1 million would last (without Social Security): 20 years, 2 months, 5 days
How long $1 million would last (with Social Security): 36 years, 9 months, 3 days
6. Memphis, Tennessee
How long $1 million would last (without Social Security): 20 years, 1 month, 27 days
How long $1 million would last (with Social Security): 36 years, 8 months, 4 days
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7. Milwaukee
How long $1 million would last (without Social Security): 19 years, 7 months, 25 days
How long $1 million would last (with Social Security): 35 years, 0 months, 14 days
8. Kansas City, Missouri
How long $1 million would last (without Social Security): 19 years, 6 months, 26 days
How long $1 million would last (with Social Security): 34 years, 9 months, 4 days
9. Louisville, Kentucky
How long $1 million would last (without Social Security): 19 years, 3 months, 4 days
How long $1 million would last (with Social Security): 33 years, 9 months, 22 days
10. Omaha, Nebraska
How long $1 million would last (without Social Security): 19 years, 0 months, 18 days
How long $1 million would last (with Social Security): 33 years, 1 month, 26 days
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11. San Antonio
How long $1 million would last (without Social Security): 18 years, 11 months, 8 days
How long $1 million would last (with Social Security): 32 years, 10 months, 5 days
12. Columbus, Ohio
How long $1 million would last (without Social Security): 18 years, 11 months, 1 day
How long $1 million would last (with Social Security): 32 years, 9 months, 14 days
13. Detroit
How long $1 million would last (without Social Security): 18 years, 10 months, 2 days
How long $1 million would last (with Social Security): 32 years, 6 months, 15 days
14. Albuquerque, New Mexico
How long $1 million would last (without Social Security): 18 years, 9 months, 18 days
How long $1 million would last (with Social Security): 32 years, 5 months, 1 day
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15. Baltimore
How long $1 million would last (without Social Security): 18 years, 8 months, 4 days
How long $1 million would last (with Social Security): 32 years, 0 months, 21 days
16. Jacksonville, Florida
How long $1 million would last (without Social Security): 18 years, 0 months, 25 days
How long $1 million would last (with Social Security): 30 years, 3 months, 22 days
17. Houston
How long $1 million would last (without Social Security): 17 years, 10 months, 5 days
How long $1 million would last (with Social Security): 29 years, 8 months, 8 days
18. Tucson, Arizona
How long $1 million would last (without Social Security): 17 years, 9 months, 29 days
How long $1 million would last (with Social Security): 29 years, 7 months, 21 days
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19. Bakersfield, California
How long $1 million would last (without Social Security): 17 years, 3 months, 29 days
How long $1 million would last (with Social Security): 28 years, 3 months, 11 days
20. Dallas
How long $1 million would last (without Social Security): 17 years, 3 months, 4 days
How long $1 million would last (with Social Security): 28 years, 1 month, 5 days
21. (tie) Arlington, Texas
How long $1 million would last (without Social Security): 17 years, 0 months, 13 days
How long $1 million would last (with Social Security): 27 years, 6 months, 8 days
21. (tie) Fort Worth, Texas
How long $1 million would last (without Social Security): 17 years, 0 months, 13 days
How long $1 million would last (with Social Security): 27 years, 6 months, 8 days
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23. Charlotte, North Carolina
How long $1 million would last (without Social Security): 16 years, 10 months, 12 days
How long $1 million would last (with Social Security): 27 years, 1 month, 1 day
24. Fresno, California
How long $1 million would last (without Social Security): 16 years, 8 months, 4 days
How long $1 million would last (with Social Security): 26 years, 7 months, 2 days
25. Philadelphia
How long $1 million would last (without Social Security): 16 years, 6 months, 29 days
How long $1 million would last (with Social Security): 26 years, 4 months, 3 days
26. Nashville, Tennessee
How long $1 million would last (without Social Security): 16 years, 6 months, 7 days
How long $1 million would last (with Social Security): 26 years, 2 months, 6 days
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27. Virginia Beach, Virginia
How long $1 million would last (without Social Security): 16 years, 5 months, 30 days
How long $1 million would last (with Social Security): 26 years, 1 month, 19 days
28. Chicago
How long $1 million would last (without Social Security): 16 years, 4 months, 10 days
How long $1 million would last (with Social Security): 25 years, 9 months, 14 days
29. Raleigh, North Carolina
How long $1 million would last (without Social Security): 16 years, 4 months, 6 days
How long $1 million would last (with Social Security): 25 years, 9 months, 3 days
30. Minneapolis
How long $1 million would last (without Social Security): 16 years, 1 month, 16 days
How long $1 million would last (with Social Security): 25 years, 2 months, 24 days
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31. Colorado Springs, Colorado
How long $1 million would last (without Social Security): 15 years, 8 months, 5 days
How long $1 million would last (with Social Security): 24 years, 1 month, 20 days
32. Las Vegas
How long $1 million would last (without Social Security): 15 years, 7 months, 21 days
How long $1 million would last (with Social Security): 24 years, 0 months, 14 days
33. (tie) Mesa, Arizona
How long $1 million would last (without Social Security): 15 years, 3 months, 22 days
How long $1 million would last (with Social Security): 23 years, 3 months, 4 days
33. (tie) Phoenix
How long $1 million would last (without Social Security): 15 years, 3 months, 22 days
How long $1 million would last (with Social Security): 23 years, 3 months, 4 days
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35. Atlanta
How long $1 million would last (without Social Security): 15 years, 3 months, 8 days
How long $1 million would last (with Social Security): 23 years, 2 months, 2 days
36. Miami
How long $1 million would last (without Social Security): 14 years, 6 months, 19 days
How long $1 million would last (with Social Security): 21 years, 6 months, 19 days
37. Sacramento, California
How long $1 million would last (without Social Security): 13 years, 7 months, 6 days
How long $1 million would last (with Social Security): 19 years, 6 months, 12 days
38. Denver
How long $1 million would last (without Social Security): 13 years, 6 months, 19 days
How long $1 million would last (with Social Security): 19 years, 5 months, 9 days
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39. Portland, Oregon
How long $1 million would last (without Social Security): 13 years, 6 months, 15 days
How long $1 million would last (with Social Security): 19 years, 5 months, 2 days
40. Austin, Texas
How long $1 million would last (without Social Security): 13 years, 4 months, 25 days
How long $1 million would last (with Social Security): 19 years, 1 month, 12 days
41. Boston
How long $1 million would last (without Social Security): 11 years, 5 months, 20 days
How long $1 million would last (with Social Security): 15 years, 5 months, 2 days
42. Washington
How long $1 million would last (without Social Security): 11 years, 4 months, 22 days
How long $1 million would last (with Social Security): 15 years, 3 months, 8 days
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43. San Diego
How long $1 million would last (without Social Security): 11 years, 2 months, 2 days
How long $1 million would last (with Social Security): 14 years, 10 months, 16 days
44. Seattle
How long $1 million would last (without Social Security): 10 years, 11 months, 8 days
How long $1 million would last (with Social Security): 14 years, 5 months, 23 days
45. (tie) Long Beach, California
How long $1 million would last (without Social Security): 10 years, 8 months, 12 days
How long $1 million would last (with Social Security): 14 years, 0 months, 21 days
45. (tie) Los Angeles
How long $1 million would last (without Social Security): 10 years, 8 months, 12 days
How long $1 million would last (with Social Security): 14 years, 0 months, 21 days
47. New York
How long $1 million would last (without Social Security): 10 years, 0 months, 10 days
How long $1 million would last (with Social Security): 12 years, 11 months, 1 day
48. Oakland, California
How long $1 million would last (without Social Security): 8 years, 10 months, 5 days
How long $1 million would last (with Social Security): 11 years, 0 months, 10 days
49. San Jose, California
How long $1 million would last (without Social Security): 7 years, 5 months, 27 days
How long $1 million would last (with Social Security): 8 years, 11 months, 26 day
50. San Francisco
How long $1 million would last (without Social Security): 7 years, 0 months, 18 days
How long $1 million would last (with Social Security): 8 years, 4 months, 10 days
Methodology: To find how long $1,000,000 will last in America’s biggest cities, GOBankingRates first found the 50 biggest cities in terms of total population as sourced from the 2022 American Community Survey, conducted by the U.S. Census Bureau. GOBankingRates then found (1) the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey data. Then, GOBankingRates created (2) city-level annual expenditure estimates by multiplying the national figure by each state’s overall cost of living index score from Sperling’s Best. Finally, GOBankingRates found (3) how many years $1,000,000 will last in each city by dividing $1,000,000 by each state’s average annual expenditures estimate, with and without Social Security as supplemental income. All 50 cities were then ranked, with No. 1 being the state where $1,000,000 will last the longest and No. 50 being the city where it will run out most quickly. All data was collected on and up to date as of March 21, 2024.
This article originally appeared on GOBankingRates.com: How Long $1 Million Will Last in Retirement in America’s Biggest Cities
