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

adamkaz / Getty Images
adamkaz / Getty Images

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.

Learn More: Here’s Exactly How Much Savings You Need To Retire In Your State

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.

Save More: Savings Tricks From Regular People Who Are Sitting on Millions

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: March 12, 2021

11674, Hawaii, How Long $1 Million Will Last in Retirement in Every State, States, USA, United States of America, america, horizonta
11674, Hawaii, How Long $1 Million Will Last in Retirement in Every State, States, USA, United States of America, america, horizonta

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

Read: 17 Biggest Budgeting Mistakes You’re Making

11674, How Long $1 Million Will Last in Retirement in Every State, Los Angeles, States, USA, United States of America, america, horizonta
11674, How Long $1 Million Will Last in Retirement in Every State, Los Angeles, States, USA, United States of America, america, horizonta

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

Helpful: 19 Effective Ways To Tackle Your Budget

11674, How Long $1 Million Will Last in Retirement in Every State, New York, States, USA, United States of America, america, horizonta
11674, How Long $1 Million Will Last in Retirement in Every State, New York, States, USA, United States of America, america, horizonta

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

Check Out: Best Cities To Retire on a Budget of $1,500 a Month

11674, How Long $1 Million Will Last in Retirement in Every State, Oregon, Portland, States, USA, United States of America, america, horizonta
11674, How Long $1 Million Will Last in Retirement in Every State, Oregon, Portland, States, USA, United States of America, america, horizonta

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

Read: Tips To Keep Your Finances in Order Without Sacrificing What You Want

11674, How Long $1 Million Will Last in Retirement in Every State, Massachusetts, States, USA, United States of America, america, horizonta
11674, How Long $1 Million Will Last in Retirement in Every State, Massachusetts, States, USA, United States of America, america, horizonta

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: 17 Dumb Home-Buying Mistakes That Hurt Your Wallet

11674, How Long $1 Million Will Last in Retirement in Every State, States, USA, United States of America, alaska, america, horizonta
11674, How Long $1 Million Will Last in Retirement in Every State, States, USA, United States of America, alaska, america, horizonta

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

Try: 50 Easy Things You Should Do To Save Money

11674, How Long $1 Million Will Last in Retirement in Every State, Maryland, States, USA, United States of America, america, horizonta
11674, How Long $1 Million Will Last in Retirement in Every State, Maryland, States, USA, United States of America, america, horizonta

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

Stop Now: 50 Terrible Ways To Try and Save Money

11674, Connecticut, How Long $1 Million Will Last in Retirement in Every State, States, USA, United States of America, america, horizonta
11674, Connecticut, How Long $1 Million Will Last in Retirement in Every State, States, USA, United States of America, america, horizonta

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

Find Out: Things To Cut Out Right Now To Save Money During the Health Crisis

11674, How Long $1 Million Will Last in Retirement in Every State, New Jersey, States, USA, United States of America, america, horizonta, jersey city
11674, How Long $1 Million Will Last in Retirement in Every State, New Jersey, States, USA, United States of America, america, horizonta, jersey city

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

Options: 16 Ways To Save Money on Food

11674, How Long $1 Million Will Last in Retirement in Every State, Providence, Rhode Island, States, USA, United States of America, america, horizonta
11674, How Long $1 Million Will Last in Retirement in Every State, Providence, Rhode Island, States, USA, United States of America, america, horizonta

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

Read: 25 Tips for Saving Money With Your Spouse

Portland is Maine's cultural, social and economic capital.
Portland is Maine's cultural, social and economic capital.

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

Helpful: 16 Effective Ways To Trick Yourself Into Saving Money

11674, How Long $1 Million Will Last in Retirement in Every State, States, USA, United States of America, Vermont, america, horizonta
11674, How Long $1 Million Will Last in Retirement in Every State, States, USA, United States of America, Vermont, america, horizonta

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

Good To Know: 16 Splurges That Save You Money in the Long Run

11674, How Long $1 Million Will Last in Retirement in Every State, Seattle, States, USA, United States of America, Washington State, america, horizonta
11674, How Long $1 Million Will Last in Retirement in Every State, Seattle, States, USA, United States of America, Washington State, america, horizonta

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

Keep Reading: 25 Ways To Save 20% More of Your Paycheck Without Even Trying

Downtown Manchester, New Hampshire along the banks of the Merrimack River.
Downtown Manchester, New Hampshire along the banks of the Merrimack River.

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

Try: Cutting Out These 25 Expenses Will Save You $16,142.08 a Year

11674, How Long $1 Million Will Last in Retirement in Every State, Las Vegas, Nevada, States, USA, United States of America, america, horizonta
11674, How Long $1 Million Will Last in Retirement in Every State, Las Vegas, Nevada, States, USA, United States of America, america, horizonta

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

Learn More: Surprising Ways Gen Z and Millennials Are Worlds Apart Financially

Wilmington is the largest city in the state of Delaware, United States and is located at the confluence of the Christina River and Brandywine Creek.
Wilmington is the largest city in the state of Delaware, United States and is located at the confluence of the Christina River and Brandywine Creek.

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

Exclusive: Americans’ Savings Drop to Lowest Point in Years

11674, How Long $1 Million Will Last in Retirement in Every State, Jackson Hole, States, Tetons, USA, United States of America, Wyoming, america, horizonta
11674, How Long $1 Million Will Last in Retirement in Every State, Jackson Hole, States, Tetons, USA, United States of America, Wyoming, america, horizonta

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

Whoa: 9 Successful Money-Making ‘Schemes’ That Are Actually Legal

11674, Denver, How Long $1 Million Will Last in Retirement in Every State, States, USA, United States of America, america, colorado, horizonta
11674, Denver, How Long $1 Million Will Last in Retirement in Every State, States, USA, United States of America, america, colorado, horizonta

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

Rich vs. Wealthy: What’s the Difference Between the Two?

11674, How Long $1 Million Will Last in Retirement in Every State, Pennsylvania, States, USA, United States of America, america, horizonta, pittsburgh
11674, How Long $1 Million Will Last in Retirement in Every State, Pennsylvania, States, USA, United States of America, america, horizonta, pittsburgh

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

Read: 20 Hobbies of the Rich Only They Can Afford

Jackson Hole, WY, USA - May 13, 2008: Ski slopes in Jackson Hole with panorama of vintage houses.
Jackson Hole, WY, USA - May 13, 2008: Ski slopes in Jackson Hole with panorama of vintage houses.

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

Find Out: 31 Dumb Things That Are Keeping You From Being Wealthy

Image of Minneapolis downtown skyline at sunset.
Image of Minneapolis downtown skyline at sunset.

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

See: Do You Think the Minimum Wage Should Be $15? Take Our Poll

Virginia
Virginia

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

See: 42 Easy Ways To Save For Retirement

11674, How Long $1 Million Will Last in Retirement in Every State, South Dakota, States, USA, United States of America, america, horizonta
11674, How Long $1 Million Will Last in Retirement in Every State, South Dakota, States, USA, United States of America, america, horizonta

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

Take Action: Do These 13 Things To Boost Your Retirement Savings Now

Downtown Phoenix highrise buildings at dawn.
Downtown Phoenix highrise buildings at dawn.

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

Are High-Yield Savings Accounts Worth It? Here’s Everything You Need To Know

11674, Florida, How Long $1 Million Will Last in Retirement in Every State, Miami, States, USA, United States of America, america, horizonta
11674, Florida, How Long $1 Million Will Last in Retirement in Every State, Miami, States, USA, United States of America, america, horizonta

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

Learn: What Is a Savings Bond and How Does It Work?

Fargo, North Dakota , USA - July 27,2010: It's a beautiful summer day in the city of Fargo.
Fargo, North Dakota , USA - July 27,2010: It's a beautiful summer day in the city of Fargo.

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

Avoid: 35 Retirement Planning Mistakes That Waste Your Money

11674, How Long $1 Million Will Last in Retirement in Every State, Salt Lake City, States, USA, United States of America, Utah, america, horizonta
11674, How Long $1 Million Will Last in Retirement in Every State, Salt Lake City, States, USA, United States of America, Utah, america, horizonta

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

Read: 19 Things You’ll Need To Sacrifice Now for a Healthy Retirement

11674, Charleston, How Long $1 Million Will Last in Retirement in Every State, South Carolina, States, USA, United States of America, america, horizonta
11674, Charleston, How Long $1 Million Will Last in Retirement in Every State, South Carolina, States, USA, United States of America, america, horizonta

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

Check Out: Here’s How To Retire Early and Quit the Daily Grind

11674, How Long $1 Million Will Last in Retirement in Every State, Maddison, States, USA, United States of America, Wisconsin, america, horizonta
11674, How Long $1 Million Will Last in Retirement in Every State, Maddison, States, USA, United States of America, Wisconsin, america, horizonta

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

Start Cutting Costs: How To Save Money on All Your Monthly Expenses and Bills

11674, How Long $1 Million Will Last in Retirement in Every State, North Carolina, Raleigh, States, USA, United States of America, america, horizonta
11674, How Long $1 Million Will Last in Retirement in Every State, North Carolina, Raleigh, States, USA, United States of America, america, horizonta

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

More Tips: 20 Ways To Save Money Fast

11674, Chicago, How Long $1 Million Will Last in Retirement in Every State, Illinois, States, USA, United States of America, america, horizonta
11674, Chicago, How Long $1 Million Will Last in Retirement in Every State, Illinois, States, USA, United States of America, america, horizonta

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

Read: Why It’s Harder To Save For Retirement Today Than 50 Years Ago

11674, Boise, How Long $1 Million Will Last in Retirement in Every State, Idaho, States, USA, United States of America, america, horizonta
11674, Boise, How Long $1 Million Will Last in Retirement in Every State, Idaho, States, USA, United States of America, america, horizonta

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

See: 10 Signs You’re Not Saving Enough for Retirement

11674, How Long $1 Million Will Last in Retirement in Every State, Louisana, States, USA, United States of America, america, horizonta, new orleans
11674, How Long $1 Million Will Last in Retirement in Every State, Louisana, States, USA, United States of America, america, horizonta, new orleans

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

Watch Out: 15 Retirement Mistakes and Why They’ll Shrink Your Nest Egg

Louisville downtown skyline view with a park with trees in the foreground.
Louisville downtown skyline view with a park with trees in the foreground.

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

Read More: Is Now a Good Time To Raid Your 401(k)?

11674, Cleveland, How Long $1 Million Will Last in Retirement in Every State, Ohio, States, USA, United States of America, america, horizonta
11674, Cleveland, How Long $1 Million Will Last in Retirement in Every State, Ohio, States, USA, United States of America, america, horizonta

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

Find Out: What Social Security Will Look Like in 2035

11674, How Long $1 Million Will Last in Retirement in Every State, States, Texas, USA, United States of America, america, dallas, horizonta
11674, How Long $1 Million Will Last in Retirement in Every State, States, Texas, USA, United States of America, america, dallas, horizonta

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

11674, Des Moines, How Long $1 Million Will Last in Retirement in Every State, Iowa, States, USA, United States of America, america, horizonta
11674, Des Moines, How Long $1 Million Will Last in Retirement in Every State, Iowa, States, USA, United States of America, america, horizonta

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

Read: 10 Simple Habits of Money-Smart Individuals

11674, How Long $1 Million Will Last in Retirement in Every State, Oklahoma, Oklahoma City, States, USA, United States of America, america, horizonta
11674, How Long $1 Million Will Last in Retirement in Every State, Oklahoma, Oklahoma City, States, USA, United States of America, america, horizonta

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

Take a Look: These Once-Hot Housing Markets Are Cooling Off

Charleston, West Virginia skyline with the Kanawha River in the foreground and a blue sky with clouds.
Charleston, West Virginia skyline with the Kanawha River in the foreground and a blue sky with clouds.

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

Discover: Most Affordable Places To Retire Near You

Indianapolis skyline with the White River, Indiana.
Indianapolis skyline with the White River, Indiana.

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

Read: How To Protect Your Retirement Savings During the Pandemic

View of Detroit from Windsor, Ontario during a golden sunset.
View of Detroit from Windsor, Ontario during a golden sunset.

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

Read: How Much It Cost To Retire in the Year You Were Born

11674, Atlanta, Georgia, How Long $1 Million Will Last in Retirement in Every State, States, USA, United States of America, america, horizonta
11674, Atlanta, Georgia, How Long $1 Million Will Last in Retirement in Every State, States, USA, United States of America, america, horizonta

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

Check Out: 100 Ways To Make Your Money Last Until You’re 100

Mobile, Alabama, USA skyline with historic Fort Conde.
Mobile, Alabama, USA skyline with historic Fort Conde.

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

Learn: How One Man Saved $1 Million in 5 Years

11674, How Long $1 Million Will Last in Retirement in Every State, Nashville, States, Tennessee, USA, United States of America, america, horizonta
11674, How Long $1 Million Will Last in Retirement in Every State, Nashville, States, Tennessee, USA, United States of America, america, horizonta

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

Play It Safe: 9 Stable Investments With the Highest Returns

St. Louis Missouri
St. Louis Missouri

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

Find Out: How Much You Need To Live Comfortably in 50 Major US Cities

Wichita, Kansas downtown skyline during Autumn, with Autumn trees in the foreground.
Wichita, Kansas downtown skyline during Autumn, with Autumn trees in the foreground.

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

Look: 20 Hidden Sources of Income Lying Around Your House

Hillside houses and trees in Santa Fe, New Mexico, with  clouds in the background.
Hillside houses and trees in Santa Fe, New Mexico, with clouds in the background.

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

Read More: Want To Retire In One of America’s Safest Cities? $1 Million Might Not Get You Far

Downtown Little Rock skyline with the Arkansas River in the foreground.
Downtown Little Rock skyline with the Arkansas River in the foreground.

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

Find Out: Minimum Salary You Need To Be Happy in Every State

Tulsa downtown skyline and highway interchange / junction ramp with cars.
Tulsa downtown skyline and highway interchange / junction ramp with cars.

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

See: Most and Least Expensive States To Build a Home

11674, How Long $1 Million Will Last in Retirement in Every State, Jackson - Mississippi, Mississippi, States, USA, United States of America, america, horizonta
11674, How Long $1 Million Will Last in Retirement in Every State, Jackson - Mississippi, Mississippi, States, USA, United States of America, america, horizonta

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

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

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