How Long $1 Million in Savings Will Last in Every State
Americans’ lack of savings has caused financial experts to paint a dismal picture when it comes to retirement. Analysts at Blacktower Financial Management Group calculated that you would need to save approximately $386,100 over your lifetime to retire at 67. That means the youngest millennials — who currently are 24 — already should have stashed away $8,775. And the oldest millennials, now 39, should have saved $140,400 for retirement by now. For those who haven’t aggressively put money away for the future, that number could be tough to swallow.
Pinpointing the exact amount that you need to save to retire comfortably is a difficult task — and reaching that goal is even harder. According to the 2019 Planning and Progress Study by Northwestern Mutual, more than 22% of Americans have less than $5,000 saved for retirement, and nearly 50% plan on working past retirement age. Every day, 10,000 baby boomers turn 65, and 17% of them have less than $5,000 in their retirement funds.
Now, a $1 million nest egg certainly sounds like it would be enough to support you for the rest of your lifetime. But how long would that really last? It depends on where you live.
To determine how long $1 million in savings will last across the country, GOBankingRates analyzed data from the Bureau of Labor Statistics’ 2018 Consumer Expenditure Survey. This study found the number of years, months and days that $1 million will last by multiplying the annual expenditures by each state’s overall cost-of-living index. Annual costs then were multiplied by other annual expenditure figures, including cost of living, housing costs, utilities costs, transportation costs and healthcare costs. The states were ranked from the shortest to the longest period of time that $1 million will stretch.
Unfortunately, $1 million doesn’t last quite as long as you might think it would. If you live in one of the more expensive states, such as Hawaii or California, you shouldn’t quit your day job early, and $1 million won’t even cover your living expenses for 18 years in most Northeastern states. There is a bit more cushion in many Southern states, though, if you live there or plan on making a move. Find out how long $1 million in savings will last in your state.
Last updated: Sept. 15, 2020
Hawaii
Annual groceries cost: $6,598.81
Annual housing cost: $30,775.17
Annual utilities cost: $6,565.35
Annual transportation cost: $6,347.54
Annual healthcare cost: $8,073.97
Total annual expenditures: $97,549.48
How long $1 million will last in savings: 10 years, 2 months, 29 days
California
Annual groceries cost: $4,782.74
Annual housing cost: $18,227.44
Annual utilities cost: $4,380.71
Annual transportation cost: $6,181.83
Annual healthcare cost: $7,679.46
Total annual expenditures: $70,034.22
How long $1 million will last in savings: 14 years, 3 months, 7 days
New York
Annual groceries cost: $4,586.30
Annual housing cost: $19,322.21
Annual utilities cost: $4,076.23
Annual transportation cost: $4,975.84
Annual healthcare cost: $6,972.05
Total annual expenditures: $69,830.78
How long $1 million will last in savings: 14 years, 3 months, 22 days
Oregon
Annual groceries cost: $4,494.09
Annual housing cost: $17,244.95
Annual utilities cost: $3,318.83
Annual transportation cost: $6,020.72
Annual healthcare cost: $7,863.11
Total annual expenditures: $68,152.40
How long $1 million will last in savings: 14 years, 7 months, 29 days
Massachusetts
Annual groceries cost: $4,562.24
Annual housing cost: $15,888.19
Annual utilities cost: $4,095.26
Annual transportation cost: $5,017.27
Annual healthcare cost: $8,298.44
Total annual expenditures: $66,168.86
How long $1 million will last in savings: 15 years, 1 month, 6 days
Related: 47 Places You Can Buy a Mansion for Less Than $1 Million
Alaska
Annual groceries cost: $5,372.06
Annual housing cost: $12,594.52
Annual utilities cost: $5,952.58
Annual transportation cost: $5,588.04
Annual healthcare cost: $10,257.42
Total annual expenditures: $65,253.38
How long $1 million will last in savings: 15 years, 3 months, 24 days
Maryland
Annual groceries cost: $4,502.11
Annual housing cost: $16,926.81
Annual utilities cost: $4,083.84
Annual transportation cost: $5,077.11
Annual healthcare cost: $5,924.54
Total annual expenditures: $64,897.36
How long $1 million will last in savings: 15 years, 4 months, 25 days
Connecticut
Annual groceries cost: $4,413.91
Annual housing cost: $13,502.15
Annual utilities cost: $4,985.86
Annual transportation cost: $5,187.58
Annual healthcare cost: $7,604.64
Total annual expenditures: $64,337.90
How long $1 million will last in savings: 15 years, 6 months, 13 days
New Jersey
Annual groceries cost: $4,389.86
Annual housing cost: $15,233.20
Annual utilities cost: $3,893.54
Annual transportation cost: $5,003.46
Annual healthcare cost: $6,910.83
Total annual expenditures: $62,913.82
How long $1 million will last in savings: 15 years, 10 months, 18 days
Rhode Island
Annual groceries cost: $4,265.58
Annual housing cost: $12,285.74
Annual utilities cost: $4,818.40
Annual transportation cost: $5,155.36
Annual healthcare cost: $7,434.59
Total annual expenditures: $60,370.82
How long $1 million will last in savings: 16 years, 6 months, 19 days
Maine
Annual groceries cost: $4,341.75
Annual housing cost: $11,958.25
Annual utilities cost: $4,186.60
Annual transportation cost: $4,939.02
Annual healthcare cost: $7,999.15
Total annual expenditures: $59,302.76
How long $1 million will last in savings: 16 years, 10 months, 5 days
Vermont
Annual groceries cost: $4,441.97
Annual housing cost: $12,220.24
Annual utilities cost: $4,536.75
Annual transportation cost: $5,187.58
Annual healthcare cost: $6,842.81
Total annual expenditures: $58,132.98
How long $1 million will last in savings: 17 years, 2 months, 9 days
Washington
Annual groceries cost: $4,305.67
Annual housing cost: $11,003.83
Annual utilities cost: $3,387.34
Annual transportation cost: $5,403.92
Annual healthcare cost: $8,094.38
Total annual expenditures: $55,996.86
How long $1 million will last in savings: 17 years, 10 months, 4 days
New Hampshire
Annual groceries cost: $4,089.18
Annual housing cost: $10,142.99
Annual utilities cost: $4,491.08
Annual transportation cost: $4,782.52
Annual healthcare cost: $7,883.52
Total annual expenditures: $55,183.10
How long $1 million will last in savings: 18 years, 1 month, 8 days
Nevada
Annual groceries cost: $4,289.63
Annual housing cost: $11,293.90
Annual utilities cost: $3,516.74
Annual transportation cost: $5,519.00
Annual healthcare cost: $7,278.14
Total annual expenditures: $55,132.24
How long $1 million will last in savings: 18 years, 1 month, 14 days
Delaware
Annual groceries cost: $4,698.55
Annual housing cost: $9,151.15
Annual utilities cost: $3,608.09
Annual transportation cost: $4,777.91
Annual healthcare cost: $6,713.57
Total annual expenditures: $54,877.94
How long $1 million will last in savings: 18 years, 2 months, 17 days
Montana
Annual groceries cost: $4,173.37
Annual housing cost: $11,022.55
Annual utilities cost: $3,185.62
Annual transportation cost: $4,754.90
Annual healthcare cost: $6,516.32
Total annual expenditures: $54,064.18
How long $1 million will last in savings: 18 years, 5 months, 25 days
Colorado
Annual groceries cost: $3,996.97
Annual housing cost: $11,172.26
Annual utilities cost: $3,349.28
Annual transportation cost: $4,561.57
Annual healthcare cost: $7,060.48
Total annual expenditures: $53,301.28
How long $1 million will last in savings: 18 years, 8 months, 29 days
Pennsylvania
Annual groceries cost: $4,269.59
Annual housing cost: $9,553.50
Annual utilities cost: $4,080.03
Annual transportation cost: $5,035.68
Annual healthcare cost: $6,319.06
Total annual expenditures: $52,080.64
How long $1 million will last in savings: 19 years, 2 months, 9 days
Wyoming
Annual groceries cost: $4,113.23
Annual housing cost: $9,431.86
Annual utilities cost: $3,231.29
Annual transportation cost: $4,257.78
Annual healthcare cost: $6,842.81
Total annual expenditures: $51,724.62
How long $1 million will last in savings: 19 years, 3 months, 26 days
Minnesota
Annual groceries cost: $4,261.57
Annual housing cost: $8,234.16
Annual utilities cost: $3,760.33
Annual transportation cost: $4,658.24
Annual healthcare cost: $7,584.23
Total annual expenditures: $51,622.90
How long $1 million will last in savings: 19 years, 4 months, 10 days
Learn: How One Man Saved $1 Million in 5 Years
Virginia
Annual groceries cost: $3,880.71
Annual housing cost: $10,395.63
Annual utilities cost: $3,756.52
Annual transportation cost: $4,156.51
Annual healthcare cost: $6,611.54
Total annual expenditures: $51,572.04
How long $1 million will last in savings: 19 years, 4 months, 17 days
South Dakota
Annual groceries cost: $4,165.35
Annual housing cost: $10,348.84
Annual utilities cost: $3,497.71
Annual transportation cost: $4,524.75
Annual healthcare cost: $6,870.02
Total annual expenditures: $51,216.02
How long $1 million will last in savings: 19 years, 6 months, 5 days
Arizona
Annual groceries cost: $3,944.86
Annual housing cost: $9,300.86
Annual utilities cost: $4,030.55
Annual transportation cost: $4,929.81
Annual healthcare cost: $6,611.54
Total annual expenditures: $50,656.56
How long $1 million will last in savings: 19 years, 8 months, 22 days
Florida
Annual groceries cost: $4,145.31
Annual housing cost: $8,973.36
Annual utilities cost: $3,870.70
Annual transportation cost: $4,428.09
Annual healthcare cost: $6,597.94
Total annual expenditures: $49,944.52
How long $1 million will last in savings: 20 years, 0 months, 3 days
North Dakota
Annual groceries cost: $4,245.53
Annual housing cost: $8,636.51
Annual utilities cost: $3,512.94
Annual transportation cost: $4,860.77
Annual healthcare cost: $7,557.02
Total annual expenditures: $49,741.08
How long $1 million will last in savings: 20 years, 1 month, 1 day
Utah
Annual groceries cost: $3,996.97
Annual housing cost: $8,608.44
Annual utilities cost: $3,486.30
Annual transportation cost: $4,708.87
Annual healthcare cost: $6,421.09
Total annual expenditures: $49,537.64
How long $1 million will last in savings: 20 years, 2 months, 3 days
South Carolina
Annual groceries cost: $4,077.15
Annual housing cost: $8,037.66
Annual utilities cost: $4,102.87
Annual transportation cost: $4,170.32
Annual healthcare cost: $6,461.90
Total annual expenditures: $49,079.90
How long $1 million will last in savings: 20 years, 4 months, 10 days
Wisconsin
Annual groceries cost: $3,908.78
Annual housing cost: $8,234.16
Annual utilities cost: $3,767.94
Annual transportation cost: $4,658.24
Annual healthcare cost: $7,774.69
Total annual expenditures: $49,029.04
How long $1 million will last in savings: 20 years, 4 months, 18 days
North Carolina
Annual groceries cost: $3,924.81
Annual housing cost: $7,710.17
Annual utilities cost: $3,722.27
Annual transportation cost: $4,225.55
Annual healthcare cost: $7,591.03
Total annual expenditures: $48,317.00
How long $1 million will last in savings: 20 years, 8 months, 5 days
Illinois
Annual groceries cost: $3,860.67
Annual housing cost: $8,018.95
Annual utilities cost: $3,733.69
Annual transportation cost: $4,929.81
Annual healthcare cost: $6,788.40
Total annual expenditures: $48,266.14
How long $1 million will last in savings: 20 years, 8 months, 13 days
Idaho
Annual groceries cost: $3,688.28
Annual housing cost: $8,290.30
Annual utilities cost: $3,136.14
Annual transportation cost: $4,791.72
Annual healthcare cost: $6,604.74
Total annual expenditures: $47,452.38
How long $1 million will last in savings: 21 years, 0 months, 20 days
Louisiana
Annual groceries cost: $3,948.87
Annual housing cost: $7,972.16
Annual utilities cost: $3,372.12
Annual transportation cost: $4,506.34
Annual healthcare cost: $6,631.95
Total annual expenditures: $47,350.66
How long $1 million will last in savings: 21 years, 1 month, 6 days
Kentucky
Annual groceries cost: $3,632.15
Annual housing cost: $7,569.81
Annual utilities cost: $3,623.31
Annual transportation cost: $4,474.12
Annual healthcare cost: $6,264.64
Total annual expenditures: $47,350.66
How long $1 million will last in savings: 21 years, 1 month, 6 days
Ohio
Annual groceries cost: $3,928.82
Annual housing cost: $7,214.25
Annual utilities cost: $3,509.13
Annual transportation cost: $4,603.00
Annual healthcare cost: $6,631.95
Total annual expenditures: $47,198.08
How long $1 million will last in savings: 21 years, 2 months, 3 days
Texas
Annual groceries cost: $3,568.01
Annual housing cost: $7,981.52
Annual utilities cost: $3,901.15
Annual transportation cost: $4,220.95
Annual healthcare cost: $6,482.31
Total annual expenditures: $46,740.34
How long $1 million will last in savings: 21 years, 4 months, 18 days
Take a Look: 20 Geeky Collectibles That Could Make You Millions
Iowa
Annual groceries cost: $3,860.67
Annual housing cost: $7,345.25
Annual utilities cost: $3,710.85
Annual transportation cost: $4,579.99
Annual healthcare cost: $6,747.58
Total annual expenditures: $46,740.34
How long $1 million will last in savings: 21 years, 4 months, 18 days
Nebraska
Annual groceries cost: $3,868.69
Annual housing cost: $7,682.10
Annual utilities cost: $3,436.82
Annual transportation cost: $4,372.85
Annual healthcare cost: $6,788.40
Total annual expenditures: $46,587.76
How long $1 million will last in savings: 21 years, 5 months, 12 days
West Virginia
Annual groceries cost: $3,676.25
Annual housing cost: $7,597.88
Annual utilities cost: $3,436.82
Annual transportation cost: $4,018.42
Annual healthcare cost: $5,978.96
Total annual expenditures: $46,231.74
How long $1 million will last in savings: 21 years, 7 months, 12 days
Indiana
Annual groceries cost: $3,712.33
Annual housing cost: $7,232.96
Annual utilities cost: $3,733.69
Annual transportation cost: $4,520.15
Annual healthcare cost: $6,393.88
Total annual expenditures: $46,231.74
How long $1 million will last in savings: 21 years, 7 months, 12 days
Michigan
Annual groceries cost: $3,555.98
Annual housing cost: $7,064.54
Annual utilities cost: $3,756.52
Annual transportation cost: $4,713.47
Annual healthcare cost: $6,319.06
Total annual expenditures: $45,672.28
How long $1 million will last in savings: 21 years, 10 months, 16 days
Georgia
Annual groceries cost: $3,932.83
Annual housing cost: $6,755.75
Annual utilities cost: $3,478.68
Annual transportation cost: $4,400.47
Annual healthcare cost: $6,618.35
Total annual expenditures: $45,367.12
How long $1 million will last in savings: 22 years, 0 months, 9 days
Alabama
Annual groceries cost: $3,828.60
Annual housing cost: $6,540.54
Annual utilities cost: $4,007.72
Annual transportation cost: $4,147.30
Annual healthcare cost: $6,094.59
Total annual expenditures: $45,367.12
How long $1 million will last in savings: 22 years, 0 months, 9 days
Tennessee
Annual groceries cost: $3,768.46
Annual housing cost: $6,783.83
Annual utilities cost: $3,752.72
Annual transportation cost: $4,243.97
Annual healthcare cost: $6,618.35
Total annual expenditures: $45,061.96
How long $1 million will last in savings: 22 years, 2 months, 4 days
Missouri
Annual groceries cost: $3,896.75
Annual housing cost: $6,606.04
Annual utilities cost: $3,752.72
Annual transportation cost: $4,243.97
Annual healthcare cost: $6,618.35
Total annual expenditures: $45,011.10
How long $1 million will last in savings: 22 years, 2 months, 14 days
Kansas
Annual groceries cost: $3,712.33
Annual housing cost: $6,783.83
Annual utilities cost: $3,844.06
Annual transportation cost: $4,299.20
Annual healthcare cost: $6,659.16
Total annual expenditures: $45,011.10
How long $1 million will last in savings: 22 years, 2 months, 14 days
New Mexico
Annual groceries cost: $4,045.08
Annual housing cost: $7,289.10
Annual utilities cost: $3,364.50
Annual transportation cost: $4,299.20
Annual healthcare cost: $6,747.58
Total annual expenditures: $44,858.52
How long $1 million will last in savings: 22 years, 3 months, 10 days
Arkansas
Annual groceries cost: $3,656.21
Annual housing cost: $6,914.82
Annual utilities cost: $3,509.13
Annual transportation cost: $3,848.11
Annual healthcare cost: $5,822.51
Total annual expenditures: $44,299.06
How long $1 million will last in savings: 22 years, 6 months, 22 days
Oklahoma
Annual groceries cost: $3,772.47
Annual housing cost: $6,577.97
Annual utilities cost: $3,630.92
Annual transportation cost: $4,147.30
Annual healthcare cost: $6,319.06
Total annual expenditures: $43,993.90
How long $1 million will last in savings: 22 years, 8 months, 17 days
Mississippi
Annual groceries cost: $3,760.44
Annual housing cost: $6,297.26
Annual utilities cost: $3,406.37
Annual transportation cost: $4,124.29
Annual healthcare cost: $6,094.59
Total annual expenditures: $43,129.28
How long $1 million will last in savings: 23 years, 2 months, 2 days
More From GOBankingRates
25 Ways To Save 20% More of Your Paycheck Without Even Trying
Tips To Keep Your Finances in Order Without Sacrificing What You Want
Methodology: GOBankingRates determined the number of years and months that $1 million will last during retirement by multiplying the annual expenditures for someone 65 and older, sourced from the Bureau of Labor Statistics’ 2018 Consumer Expenditure Survey, by each state’s overall cost-of-living index, sourced from the Missouri Economic Research and Information Center’s annual 2019 cost-of-living indices. Annual costs were further broken down by multiplying more specific annual expenditure figures from the CES by MERIC’s grocery cost of living, housing cost of living, utilities cost of living, transportation cost of living and healthcare cost-of-living indices. All data was compiled and is up to date as of Feb. 19, 2020.
This article originally appeared on GOBankingRates.com: How Long $1 Million in Savings Will Last in Every State