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How Long $250,000 Will Last in Retirement in Each State

perinjo / iStock/Getty Images
perinjo / iStock/Getty Images

It’s hard to plan for exactly how much money you’ll need in retirement, due to it depending upon a numerous amount of factors, including where you live and what sort of expenses you have.

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See Also: 3 Things You Must Do When Your Savings Reach $50,000

Some people are lucky to have a lot of money in their golden years — with retirees either giving thanks to their pensions or maybe it’s their well aimed retirement investments — while others may just be scraping by. To help you plan for your future retirement, GOBankingRates set out to find out how long $250,000 will last in every state.

Using data from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey, GOBankingRates looked at the average annual cost of groceries, housing, utilities, transportation and healthcare for people 65 and older in every state. All data was collected on and up to date as of June 15, 2023.

Take a look at how long $250,000 will last in every state (and Washington, D.C.), ranked from the shortest amount of time to the longest. Keep reading to find out where you can get the most out of your retirement funds.

SMJoness / Getty Images/iStockphoto
SMJoness / Getty Images/iStockphoto

Hawaii

$250,000 will last:

  • Years, months and days: 2 years, 8 months, 5 days

  • Annual expenditure: $93,332

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Tanarch / Getty Images/iStockphoto
Tanarch / Getty Images/iStockphoto

Washington, D.C.

$250,000 will last:

  • Years, months and days: 3 years, 2 months, 19 days

  • Annual expenditure: $77,534

See Why: Why I’m Not Passing Generational Wealth to My Kids

DenisTangneyJr / Getty Images
DenisTangneyJr / Getty Images

Massachusetts

$250,000 will last:

  • Years, months and days: 3 years, 2 months, 22 days

  • Annual expenditure: $77,377

Alex Potemkin / Getty Images
Alex Potemkin / Getty Images

California

$250,000 will last:

  • Years, months and days: 3 years, 6 months, 23 days

  • Annual expenditure: $70,130

New York

$250,000 will last:

  • Years, months and days: 3 years, 9 months, 29 days

  • Annual expenditure: $65,228

Roman Sorokin / Shutterstock.com
Roman Sorokin / Shutterstock.com

Alaska

$250,000 will last:

  • Years, months and days: 3 years, 10 months, 7 days

  • Annual expenditure: $64,863

aimintang / Getty Images
aimintang / Getty Images

Maryland

$250,000 will last:

  • Years, months and days: 4 years, 0 months, 4 days

  • Annual expenditure: $64,863

Oregon

$250,000 will last:

  • Years, months and days: 4 years, 2 months, 1 day

  • Annual expenditure: $60,014

Sean Pavone / Getty Images
Sean Pavone / Getty Images

Washington

$250,000 will last:

  • Years, months and days: 4 years, 2 months, 1 day

  • Annual expenditure: $60,014

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

New Hampshire

$250,000 will last:

  • Years, months and days: 4 years, 2 months, 1 day

  • Annual expenditure: $59,962

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

Vermont

$250,000 will last:

  • Years, months and days: 4 years, 2 months, 1 day

  • Annual expenditure: $59,910

Davel5957 / Getty Images/iStockphoto
Davel5957 / Getty Images/iStockphoto

New Jersey

$250,000 will last:

  • Years, months and days: 4 years, 2 months, 12 days

  • Annual expenditure: $59,493

Connecticut

$250,000 will last:

  • Years, months and days: 4 years, 2 months, 26 days

  • Annual expenditure: $58,971

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

Maine

$250,000 will last:

  • Years, months and days: 4 years, 3 months, 19 days

  • Annual expenditure: $58,137

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Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

Rhode Island

$250,000 will last:

  • Years, months and days: 4 years, 4 months, 3 days

  • Annual expenditure: $57,616

DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

Arizona

$250,000 will last:

  • Years, months and days: 4 years, 5 months, 20 days

  • Annual expenditure: $55,895

vkbhat / Getty Images
vkbhat / Getty Images

Idaho

$250,000 will last:

  • Years, months and days: 4 years, 6 months, 7 days

  • Annual expenditure: $55,322

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

Colorado

$250,000 will last:

  • Years, months and days: 4 years, 6 months, 15 days

  • Annual expenditure: $55,009

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peeterv / Getty Images/iStockphoto
peeterv / Getty Images/iStockphoto

Montana

$250,000 will last:

  • Years, months and days: 4 years, 7 months, 14 days

  • Annual expenditure: $54,070

Virginia

$250,000 will last:

  • Years, months and days: 4 years, 7 months, 25 days

  • Annual expenditure: $53,757

DenisTangneyJr / Getty Images
DenisTangneyJr / Getty Images

Delaware

$250,000 will last:

  • Years, months and days: 4 years, 8 months, 1 day

  • Annual expenditure: $53,497

Florida

$250,000 will last:

  • Years, months and days: 4 years, 8 months, 9 days

  • Annual expenditure: $53,340

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Utah

$250,000 will last:

  • Years, months and days: 4 years, 8 months, 19 days

  • Annual expenditure: $52,923

4kodiak / Getty Images
4kodiak / Getty Images

Nevada

$250,000 will last:

  • Years, months and days: 4 years, 8 months, 23 days

  • Annual expenditure: $52,819

benedek / Getty Images
benedek / Getty Images

Pennsylvania

$250,000 will last:

  • Years, months and days: 4 years, 10 months, 2 days

  • Annual expenditure: $51,620

SeanPavonePhoto / Getty Images/iStockphoto
SeanPavonePhoto / Getty Images/iStockphoto

South Carolina

$250,000 will last:

  • Years, months and days: 4 years, 11 months, 19 days

  • Annual expenditure: $50,316

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SeanPavonePhoto / Getty Images/iStockphoto
SeanPavonePhoto / Getty Images/iStockphoto

North Carolina

$250,000 will last:

  • Years, months and days: 4 years, 11 months, 26 days

  • Annual expenditure: $50,108

Wisconsin

$250,000 will last:

  • Years, months and days: 5 years, 0 months, 18 days

  • Annual expenditure: $49,534

North Dakota

$250,000 will last:

  • Years, months and days: 5 years, 0 months, 25 days

  • Annual expenditure: $49,325

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

New Mexico

$250,000 will last:

  • Years, months and days: 5 years, 1 month, 2 days

  • Annual expenditure: $49,117

Davel5957 / Getty Images
Davel5957 / Getty Images

Minnesota

$250,000 will last:

  • Years, months and days: 5 years, 1 month, 5 days

  • Annual expenditure: $49,065

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

Ohio

$250,000 will last:

  • Years, months and days: 5 years, 1 month, 5 days

  • Annual expenditure: $49,013

South Dakota

$250,000 will last:

  • Years, months and days: 5 years, 1 month, 9 days

  • Annual expenditure: $48,908

Kentucky

$250,000 will last:

  • Years, months and days: 5 years, 1 month, 9 days

  • Annual expenditure: $48,908

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f11photo / Shutterstock.com
f11photo / Shutterstock.com

Texas

$250,000 will last:

  • Years, months and days: 5 years, 1 month, 27 days

  • Annual expenditure: $48,491

Wyoming

$250,000 will last:

  • Years, months and days: 5 years, 2 months, 0 days

  • Annual expenditure: $48,387

Michigan

$250,000 will last:

  • Years, months and days: 5 years, 2 months, 0 days

  • Annual expenditure: $48,335

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

Louisiana

$250,000 will last:

  • Years, months and days: 5 years, 2 months, 14 days

  • Annual expenditure: $47,970

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DenisTangneyJr / Getty Images/iStockphoto
DenisTangneyJr / Getty Images/iStockphoto

Indiana

$250,000 will last:

  • Years, months and days: 5 years, 2 months, 25 days

  • Annual expenditure: $47,709

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

Georgia

$250,000 will last:

  • Years, months and days: 5 years, 3 months, 8 days

  • Annual expenditure: $47,448

Mlenny / Getty Images
Mlenny / Getty Images

Illinois

$250,000 will last:

  • Years, months and days: 5 years, 3 months, 12 days

  • Annual expenditure: $47,448

SeanPavonePhoto / Getty Images/iStockphoto
SeanPavonePhoto / Getty Images/iStockphoto

Tennessee

$250,000 will last:

  • Years, months and days: 5 years, 3 months, 19 days

  • Annual expenditure: $47,135

shuttersv / Shutterstock.com
shuttersv / Shutterstock.com

Arkansas

$250,000 will last:

  • Years, months and days: 5 years, 3 months, 23 days

  • Annual expenditure: $47,083

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

West Virginia

$250,000 will last:

  • Years, months and days: 5 years, 3 months, 23 days

  • Annual expenditure: $47,083

Davel5957 / Getty Images/iStockphoto
Davel5957 / Getty Images/iStockphoto

Nebraska

$250,000 will last:

  • Years, months and days: 5 years, 3 months, 27 days

  • Annual expenditure: $46,979

Iowa

$250,000 will last:

  • Years, months and days: 5 years, 4 months, 7 days

  • Annual expenditure: $46,770

See More: I Lost $400K of My Retirement Savings in a Roth 401(k) — If You’re Not Careful, You Could, Too

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

Alabama

$250,000 will last:

  • Years, months and days: 5 years, 4 months, 25 days

  • Annual expenditure: $46,301

f11photo / Getty Images/iStockphoto
f11photo / Getty Images/iStockphoto

Missouri

$250,000 will last:

  • Years, months and days: 5 years, 5 months, 2 days

  • Annual expenditure: $46,093

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

Kansas

$250,000 will last:

  • Years, months and days: 5 years, 5 months, 20 days

  • Annual expenditure: $45,728

Oklahoma

$250,000 will last:

  • Years, months and days: 5 years, 7 months, 0 days

  • Annual expenditure: $44,841

JayL / Shutterstock.com
JayL / Shutterstock.com

Mississippi

$250,000 will last:

  • Years, months and days: 5 years, 7 months, 14 days

  • Annual expenditure: $44,476

Despite the magic retirement number being often cited as $1 million, that’s not necessarily what you’ll need to live a happy and fulfilling life during your golden years. If you have $250,000 saved for your retirement, this guide offers a look at how long that will last you — but it’s a good idea to consult with a financial advisor to find out what steps you can take to make that money last.

Jordan Rosenfeld contributed to the reporting for this article.

Methodology: In order to find how long $250,000 will last across the country, GOBankingRates first 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) state-level annual expenditure estimates by multiplying the national figure by each state’s overall cost of living index score for the 1Q 2023 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $250,000 will last in each state by dividing $250,000 by each state’s average annual expenditures estimate. All 50 states and the District of Columbia were then ranked with No. 1 being the state where $250,000 will last the longest and No. 51 being the state where it will run out most quickly. GOBankingRates provided supplemental information on the average annual cost of groceries, housing, utilities, transportation and healthcare for people 65 and older in each state by again using MERIC’s cost of living indices for each category to factor out national estimates from the CES. All data was collected on and up to date as of June 15, 2023.

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This article originally appeared on GOBankingRates.com: How Long $250,000 Will Last in Retirement in Each State

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