How long $1 million lasts in retirement varies widely across the U.S. — stretching more than 80 years in some states but running out in less than 20 in others.
Those are the findings of a recent GOBankingRates analysis, which examined how far $1 million in retirement savings plus Social Security benefits would go in each state.
The study factored in basic cost-of-living expenses for a single person using data from the Missouri Economic Research and Information Center and retiree spending data for each state from the Bureau of Labor Statistics. The calculations include the cost of groceries, housing, utilities, transportation, health care and miscellaneous expenses, but exclude taxes.
Home prices from Zillow, assuming a 10% down payment and a 6.91% mortgage rate, were also used in the study.
In Hawaii, $1 million covers just 12 years of retirement — the shortest span of any state. That’s followed by 16 years in California and 19 in Massachusetts, two other states known for having a high cost of living. Higher housing costs are the biggest factor behind higher living expenses in these states, but health care, utilities and groceries also add to the burden.
At the other end of the spectrum, $1 million could last more than 80 years in some of the least expensive states, stretching 87 years in Mississippi and up to 89 in West Virginia.
Here’s a look at how long $1 million could last a single person in each state, according to GOBankingRates, listed in alphabetical order.
Alabama
- Monthly expenses: $1,794
- Annual cost after Social Security: $14,874
- Years $1 million lasts: 67
Alaska
- Monthly expenses: $2,601
- Annual cost after Social Security: $35,853
- Years $1 million lasts: 28
Arizona
- Monthly expenses: $1,890
- Annual cost after Social Security: $31,215
- Years $1 million lasts: 32
Arkansas
- Monthly expenses: $1,725
- Annual cost after Social Security: $13,000
- Years $1 million lasts: 77
California
- Monthly expenses: $2,269
- Annual cost after Social Security: $61,406
- Years $1 million lasts: 16
Colorado
- Monthly expenses: $1,899
- Annual cost after Social Security: $39,759
- Years $1 million lasts: 25
Connecticut
- Monthly expenses: $2,154
- Annual cost after Social Security: $34,113
- Years $1 million lasts: 29
Delaware
- Monthly expenses: $1,930
- Annual cost after Social Security: $27,919
- Years $1 million lasts: 36
Florida
- Monthly expenses: $1,893
- Annual cost after Social Security: $29,362
- Years $1 million lasts: 34
Georgia
- Monthly expenses: $1,863
- Annual cost after Social Security: $23,206
- Years $1 million lasts: 43
Hawaii
- Monthly expenses: $2,761
- Annual cost after Social Security: $80,125
- Years $1 million lasts: 12
Idaho
- Monthly expenses: $1,887
- Annual cost after Social Security: $32,289
- Years $1 million lasts: 31
Illinois
- Monthly expenses: $1,931
- Annual cost after Social Security: $19,937
- Years $1 million lasts: 50
Indiana
- Monthly expenses: $1,854
- Annual cost after Social Security: $16,826
- Years $1 million lasts: 59
Iowa
- Monthly expenses: $1,836
- Annual cost after Social Security: $15,158
- Years $1 million lasts: 66
Kansas
- Monthly expenses: $1,801
- Annual cost after Social Security: $15,315
- Years $1 million lasts: 65
Kentucky
- Monthly expenses: $1,864
- Annual cost after Social Security: $14,456
- Years $1 million lasts: 69
Louisiana
- Monthly expenses: $1,785
- Annual cost after Social Security: $13,065
- Years $1 million lasts: 77
Maine
- Monthly expenses: $2,070
- Annual cost after Social Security: $30,194
- Years $1 million lasts: 33
Maryland
- Monthly expenses: $1,931
- Annual cost after Social Security: $31,301
- Years $1 million lasts: 32
Massachusetts
- Monthly expenses: $2,340
- Annual cost after Social Security: $51,686
- Years $1 million lasts: 19
Michigan
- Monthly expenses: $1,835
- Annual cost after Social Security: $16,561
- Years $1 million lasts: 60
Minnesota
- Monthly expenses: $1,936
- Annual cost after Social Security: $24,654
- Years $1 million lasts: 41
Mississippi
- Monthly expenses: $1,784
- Annual cost after Social Security: $11,473
- Years $1 million lasts: 87
Missouri
- Monthly expenses: $1,780
- Annual cost after Social Security: $16,403
- Years $1 million lasts: 61
Montana
- Monthly expenses: $1,825
- Annual cost after Social Security: $31,651
- Years $1 million lasts: 32
Nebraska
- Monthly expenses: $1,857
- Annual cost after Social Security: $18,172
- Years $1 million lasts: 55
Nevada
- Monthly expenses: $1,855
- Annual cost after Social Security: $32,332
- Years $1 million lasts: 31
New Hampshire
- Monthly expenses: $2,081
- Annual cost after Social Security: $38,052
- Years $1 million lasts: 26
New Jersey
- Monthly expenses: $2,001
- Annual cost after Social Security: $41,315
- Years $1 million lasts: 24
New Mexico
- Monthly expenses: $1,829
- Annual cost after Social Security: $20,976
- Years $1 million lasts: 48
New York
- Monthly expenses: $2,028
- Annual cost after Social Security: $34,570
- Years $1 million lasts: 29
North Carolina
- Monthly expenses: $1,883
- Annual cost after Social Security: $23,429
- Years $1 million lasts: 43
North Dakota
- Monthly expenses: $1,862
- Annual cost after Social Security: $19,006
- Years $1 million lasts: 53
Ohio
- Monthly expenses: $1,853
- Annual cost after Social Security: $16,099
- Years $1 million lasts: 62
Oklahoma
- Monthly expenses: $1,832
- Annual cost after Social Security: $14,048
- Years $1 million lasts: 71
Oregon
- Monthly expenses: $2,017
- Annual cost after Social Security: $37,346
- Years $1 million lasts: 27
Pennsylvania
- Monthly expenses: $1,878
- Annual cost after Social Security: $18,974
- Years $1 million lasts: 53
Rhode Island
- Monthly expenses: $2,113
- Annual cost after Social Security: $36,920
- Years $1 million lasts: 27
South Carolina
- Monthly expenses: $1,838
- Annual cost after Social Security: $20,595
- Years $1 million lasts: 49
South Dakota
- Monthly expenses: $1,834
- Annual cost after Social Security: $21,074
- Years $1 million lasts: 47
Tennessee
- Monthly expenses: $1,713
- Annual cost after Social Security: $20,466
- Years $1 million lasts: 49
Texas
- Monthly expenses: $1,851
- Annual cost after Social Security: $21,155
- Years $1 million lasts: 47
Utah
- Monthly expenses: $1,893
- Annual cost after Social Security: $37,797
- Years $1 million lasts: 26
Vermont
- Monthly expenses: $2,050
- Annual cost after Social Security: $30,022
- Years $1 million lasts: 33
Virginia
- Monthly expenses: $1,927
- Annual cost after Social Security: $28,916
- Years $1 million lasts: 35
Washington
- Monthly expenses: $2,096
- Annual cost after Social Security: $45,629
- Years $1 million lasts: 22
West Virginia
- Monthly expenses: $1,833
- Annual cost after Social Security: $11,263
- Years $1 million lasts: 89
Wisconsin
- Monthly expenses: $1,895
- Annual cost after Social Security: $22,148
- Years $1 million lasts: 45
Wyoming
- Monthly expenses: $1,864
- Annual cost after Social Security: $24,836
- Years $1 million lasts: 40
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