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

Alexandria Bova
·16 min read
IM_photo / Shutterstock.com
IM_photo / Shutterstock.com

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: Dec. 28, 2020

emperorcosar / Shutterstock.com
emperorcosar / Shutterstock.com

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

Evan Bracken / Shutterstock.com
Evan Bracken / Shutterstock.com

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

Evan Bracken / Shutterstock.com
Evan Bracken / Shutterstock.com

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

Ami Parikh / Shutterstock.com
Ami Parikh / Shutterstock.com

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

Sean Pavone / Shutterstock.com
Sean Pavone / Shutterstock.com

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

BILD LLC / Shutterstock.com
BILD LLC / Shutterstock.com

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

Sean Pavone / Shutterstock.com
Sean Pavone / Shutterstock.com

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

Sean Pavone / Shutterstock.com
Sean Pavone / Shutterstock.com

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

kropic1 / Shutterstock.com
kropic1 / Shutterstock.com

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

Sean Pavone / Shutterstock.com
Sean Pavone / Shutterstock.com

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

DenisTangneyJr / Getty Images
DenisTangneyJr / Getty Images

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

Sean Pavone / Shutterstock.com
Sean Pavone / Shutterstock.com

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

Hugo Lancaster / Shutterstock.com
Hugo Lancaster / Shutterstock.com

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

DenisTangneyJr / Getty Images
DenisTangneyJr / Getty Images

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

f11photo / Shutterstock.com
f11photo / Shutterstock.com

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

DenisTangneyJr / Getty Images
DenisTangneyJr / Getty Images

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

Pierdelune / Shutterstock.com
Pierdelune / Shutterstock.com

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

Andrew Zarivny / Shutterstock.com
Andrew Zarivny / Shutterstock.com

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

Sean Pavone / Shutterstock.com
Sean Pavone / Shutterstock.com

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

WitGorski / Getty Images
WitGorski / Getty Images

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

RudyBalasko / Getty Images
RudyBalasko / Getty Images

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

Sean Pavone / Shutterstock.com
Sean Pavone / Shutterstock.com

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

Steven Frame / Shutterstock.com
Steven Frame / Shutterstock.com

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

tonda / Getty Images
tonda / Getty Images

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

Sean Pavone / Shutterstock.com
Sean Pavone / Shutterstock.com

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

Solange_Z / Getty Images
Solange_Z / Getty Images

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

Maks Ershov / Shutterstock.com
Maks Ershov / Shutterstock.com

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

f11photo / Shutterstock.com
f11photo / Shutterstock.com

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

EQRoy / Shutterstock.com
EQRoy / Shutterstock.com

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

ESB Professional / Shutterstock.com
ESB Professional / Shutterstock.com

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

Tam Patra / Shutterstock.com
Tam Patra / Shutterstock.com

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

Charles Knowles / Shutterstock.com
Charles Knowles / Shutterstock.com

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

Sean Pavone / Shutterstock.com
Sean Pavone / Shutterstock.com

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

Davel5957 / Getty Images
Davel5957 / Getty Images

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

f11photo / Shutterstock.com
f11photo / Shutterstock.com

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

f11photo / Shutterstock.com
f11photo / Shutterstock.com

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

Henryk Sadura / Shutterstock.com
Henryk Sadura / Shutterstock.com

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

Christopher Boswell / Shutterstock.com
Christopher Boswell / Shutterstock.com

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

Davel5957 / Getty Images
Davel5957 / Getty Images

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

Ron_Thomas / Getty Images
Ron_Thomas / Getty Images

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

Steven_Kriemadis / Getty Images
Steven_Kriemadis / Getty Images

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

Sean Pavone / Shutterstock.com
Sean Pavone / Shutterstock.com

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

SeanPavonePhoto / Getty Images
SeanPavonePhoto / Getty Images

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

f11photo / Shutterstock.com
f11photo / Shutterstock.com

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

f11photo / Shutterstock.com
f11photo / Shutterstock.com

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

Davel5957 / Getty Images
Davel5957 / Getty Images

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

Davel5957 / Getty Images
Davel5957 / Getty Images

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

Davel5957 / Getty Images
Davel5957 / Getty Images

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

Davel5957 / Getty Images
Davel5957 / Getty Images

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

Sean Pavone / Shutterstock.com
Sean Pavone / Shutterstock.com

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