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

·6 min read
Johnny Greig / iStock.com
Johnny Greig / iStock.com

It's hard to plan for exactly how much money you'll need in retirement because it depends upon a number of factors, including where you live and what sort of expenses you have. Some people are lucky to have a lot of money in their golden years, from pensions and retirement investments, while others may be scraping by. GOBankingRates set out to find out how long $250,000 will last in every state.

See: 15 Cheap, Beautiful Places To Retire
Find Out: The Best Southern Cities To Retire on $2,000 a Month

Using data from the Bureau of Labor Statistics' 2020 Consumer Expenditure Survey and the Missouri Economic Research and Information Center, 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 27, 2022. 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.

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

Hawaii

$250,000 will last:

  •  Years, Months and Days: 2 years, 8 months, 23 days

  • Annual expenditure: $91,684.73

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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, 3 months, 22 days

  • Annual expenditure: $75,555.45

OlegAlbinsky / iStock.com
OlegAlbinsky / iStock.com

New York

$250,000 will last:

  •  Years, Months and Days: 3 years, 5 months, 13 days

  • Annual expenditure: $72,367.66

Alex Potemkin / Getty Images
Alex Potemkin / Getty Images

California

$250,000 will last:

  •  Years, Months and Days: 3 years, 9 months, 4 days

  • Annual expenditure: $66,467.86

DenisTangneyJr / Getty Images
DenisTangneyJr / Getty Images

Massachusetts

$250,000 will last:

  •  Years, Months and Days: 4 years, 0 months, 14 days

  • Annual expenditure: $61,947.86

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

Alaska

$250,000 will last:

  •  Years, Months and Days: 4 years, 1 month, 16 days

  • Annual expenditure: $60,568.07

aimintang / Getty Images
aimintang / Getty Images

Maryland

$250,000 will last:

  •  Years, Months and Days: 4 years, 1 month, 27 days

  • Annual expenditure: $60,139.86

Shutterstock.com
Shutterstock.com

Oregon

$250,000 will last:

  •  Years, Months and Days: 4 years, 2 months, 13 days

  • Annual expenditure: $59,568.91

benedek / Getty Images
benedek / Getty Images

Connecticut

$250,000 will last:

  •  Years, Months and Days: 4 years, 5 months, 1 day

  • Annual expenditure: $56,571.43

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

New Hampshire

$250,000 will last:

  •  Years, Months and Days: 4 years, 5 months, 23 days

  • Annual expenditure: $55,857.75

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

Vermont

$250,000 will last:

  •  Years, Months and Days: 4 years, 5 months, 26 days

  • Annual expenditure: $55,619.85

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

Maine

$250,000 will last:

  •  Years, Months and Days: 4 years, 6 months, 26 days

  • Annual expenditure: $54,763.43

Sean Pavone / Getty Images
Sean Pavone / Getty Images

Washington

$250,000 will last:

  •  Years, Months and Days: 4 years, 7 months, 9 days

  • Annual expenditure: $54,192.48

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

New Jersey

$250,000 will last:

  •  Years, Months and Days: 4 years, 7 months, 24 days

  • Annual expenditure: $53,716.69

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

Rhode Island

$250,000 will last:

  •  Years, Months and Days: 4 years, 7 months, 28 days

  • Annual expenditure: $53,669.11

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

Arizona

$250,000 will last:

  •  Years, Months and Days: 4 years, 11 months, 1 day

  • Annual expenditure: $50,766.79

DenisTangneyJr / Getty Images
DenisTangneyJr / Getty Images

Delaware

$250,000 will last:

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

  • Annual expenditure: $50,338.58

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

Montana

$250,000 will last:

  •  Years, Months and Days: 5 years, 0 months, 10 days

  • Annual expenditure: $49,672.48

4kodiak / Getty Images/iStockphoto
4kodiak / Getty Images/iStockphoto

Utah

$250,000 will last:

  •  Years, Months and Days: 5 years, 0 months, 13 days

  • Annual expenditure: $49,577.32

4kodiak / Getty Images
4kodiak / Getty Images

Nevada

$250,000 will last:

  •  Years, Months and Days: 5 years, 1 month, 4 days

  • Annual expenditure: $49,053.95

virsuziglis / Getty Images/iStockphoto
virsuziglis / Getty Images/iStockphoto

Virginia

$250,000 will last:

  •  Years, Months and Days: 5 years, 1 month, 12 days

  • Annual expenditure: $48,863.63

csfotoimages / Getty Images
csfotoimages / Getty Images

Florida

$250,000 will last:

  •  Years, Months and Days: 5 years, 1 month, 12 days

  • Annual expenditure: $48,816.05

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

Colorado

$250,000 will last:

  •  Years, Months and Days: 5 years, 1 month, 15 days

  • Annual expenditure: $48,720.90

vkbhat / Getty Images
vkbhat / Getty Images

Idaho

$250,000 will last:

  •  Years, Months and Days: 5 years, 3 months, 15 days

  • Annual expenditure: $47,293.53

benedek / Getty Images
benedek / Getty Images

Pennsylvania

$250,000 will last:

  •  Years, Months and Days: 5 years, 4 months, 21 days

  • Annual expenditure: $46,389.53

Davel5957 / Getty Images
Davel5957 / Getty Images

Minnesota

$250,000 will last:

  •  Years, Months and Days: 5 years, 4 months, 29 days

  • Annual expenditure: $46,246.79

DenisTangneyJr / Getty Images
DenisTangneyJr / Getty Images

North Dakota

$250,000 will last:

  •  Years, Months and Days: 5 years, 5 months, 5 days

  • Annual expenditure: $46,056.47

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

Wisconsin

$250,000 will last:

  •  Years, Months and Days: 5 years, 5 months, 30 days

  • Annual expenditure: $45,437.95

DenisTangneyJr / Getty Images
DenisTangneyJr / Getty Images

South Dakota

$250,000 will last:

  •  Years, Months and Days: 5 years, 6 months, 8 days

  • Annual expenditure: $45,295.21

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

North Carolina

$250,000 will last:

  •  Years, Months and Days: 5 years, 6 months, 11 days

  • Annual expenditure: $45,200.05

DenisTangneyJr / Getty Images
DenisTangneyJr / Getty Images

Wyoming

$250,000 will last:

  •  Years, Months and Days: 5 years, 7 months, 6 days

  • Annual expenditure: $44,676.68

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

South Carolina

$250,000 will last:

  •  Years, Months and Days: 5 years, 7 months, 6 days

  • Annual expenditure: $44,676.68

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

New Mexico

$250,000 will last:

  •  Years, Months and Days: 5 years, 7 months, 6 days

  • Annual expenditure: $44,676.68

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

Kentucky

$250,000 will last:

  •  Years, Months and Days: 5 years, 7 months, 10 days

  • Annual expenditure: $44,533.94

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

Louisiana

$250,000 will last:

  •  Years, Months and Days: 5 years, 7 months, 17 days

  • Annual expenditure: $44,391.21

f11photo / Shutterstock.com
f11photo / Shutterstock.com

Texas

$250,000 will last:

  •  Years, Months and Days: 5 years, 8 months, 15 days

  • Annual expenditure: $43,820.26

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

Nebraska

$250,000 will last:

  •  Years, Months and Days: 5 years, 8 months, 19 days

  • Annual expenditure: $43,677.52

Mlenny / Getty Images
Mlenny / Getty Images

Illinois

$250,000 will last:

  •  Years, Months and Days: 5 years, 8 months, 22 days

  • Annual expenditure: $43,629.94

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

Ohio

$250,000 will last:

  •  Years, Months and Days: 5 years, 9 months, 14 days

  • Annual expenditure: $43,201.73

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

West Virginia

$250,000 will last:

  •  Years, Months and Days: 5 years, 9 months, 22 days

  • Annual expenditure: $43,059.00

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

Missouri

$250,000 will last:

  •  Years, Months and Days: 5 years, 9 months, 22 days

  • Annual expenditure: $43,059.00

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

Michigan

$250,000 will last:

  •  Years, Months and Days: 5 years, 10 months, 2 days

  • Annual expenditure: $42,773.52

shuttersv / Shutterstock.com
shuttersv / Shutterstock.com

Arkansas

$250,000 will last:

  •  Years, Months and Days: 5 years, 10 months, 2 days

  • Annual expenditure: $42,773.52

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

Tennessee

$250,000 will last:

  •  Years, Months and Days: 5 years, 10 months, 16 days

  • Annual expenditure: $42,535.63

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

Indiana

$250,000 will last:

  •  Years, Months and Days: 5 years, 10 months, 20 days

  • Annual expenditure: $42,440.47

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

Georgia

$250,000 will last:

  •  Years, Months and Days: 5 years, 11 months, 15 days

  • Annual expenditure: $41,964.68

traveler1116 / Getty Images/iStockphoto
traveler1116 / Getty Images/iStockphoto

Iowa

$250,000 will last:

  •  Years, Months and Days: 5 years, 11 months, 15 days

  • Annual expenditure: $41,917.10

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

Alabama

$250,000 will last:

  •  Years, Months and Days: 6 years, 0 months, 3 days

  • Annual expenditure: $41,631.63

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

Kansas

$250,000 will last:

  •  Years, Months and Days: 6 years, 1 month, 23 days

  • Annual expenditure: $40,632.47

DenisTangneyJr / Getty Images
DenisTangneyJr / Getty Images

Oklahoma

$250,000 will last:

  •  Years, Months and Days: 6 years, 2 months, 13 days

  • Annual expenditure: $40,346.99

JayL / Shutterstock.com
JayL / Shutterstock.com

Mississippi

$250,000 will last:

  •  Years, Months and Days: 6 years, 3 months, 26 days

  • Annual expenditure: $39,538.15

More From GOBankingRates

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' 2020 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 2022 quarter 1 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 27, 2022.

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