For how long does $1 million last during retirement? differs significantly throughout the U.S. — extending over 80 years in certain states but expiring within less than 20 in others.
That is the conclusion of a recent GOBankingRates analysis , which looked at how far $1 million in retirement savings combined with Social Security benefits would stretch in each state.
The research incorporated fundamental living costs for an individual based on information from the Missouri Economic Research and Information Center, along with retirement expenditure details per state sourced from the Bureau of Labor Statistics. These computations encompass the prices of food, accommodation, energy services, travel, medical care, and various other outlays; however, they do not factor in tax-related elements.
The research incorporated home values from Zillow, factoring in a 10% down payment along with a 6.91% interest rate for mortgages.
In Hawaii, $1 million only provides enough for about 12 years of retirement—the lowest duration among all states. This is succeeded by California with approximately 16 years and Massachusetts with around 19 years; both these states are also recognized for their high cost of living. experiencing expensive living costs The primary driver of increased living costs in these states is higher housing prices, though healthcare, utility bills, and food expenses also contribute significantly to this issue.
On the opposite end of the scale, $1 million might endure for over 80 years in certain low-cost states, potentially lasting up to 87 years in Mississippi and reaching as high as 89 years in West Virginia.
Here’s an overview of how long $1 million might last for one individual in every state, as per GOBankingRates, presented here in alphabetical sequence.
Alabama
- Monthly expenses : $1,794
- Yearly expense following Social Security assistance : $14,874
- Years $1 million lasts : 67
Alaska
- Monthly expenses : $2,601
- Yearly expense following Social Security : $35,853
- Years $1 million lasts : 28
Arizona
- Monthly expenses : $1,890
- Yearly expense following Social Security benefits : $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
- Yearly expense following Social Security benefits : $61,406
- Years $1 million lasts : 16
Colorado
- Monthly expenses : $1,899
- Yearly expense following Social Security assistance : $39,759
- Years $1 million lasts : 25
Connecticut
- Monthly expenses : $2,154
- Yearly expense following Social Security : $34,113
- Years $1 million lasts : 29
Delaware
- Monthly expenses : $1,930
- Yearly expense following Social Security benefits : $27,919
- Years $1 million lasts : 36
Florida
- Monthly expenses : $1,893
- Yearly expense following Social Security : $29,362
- Years $1 million lasts : 34
Georgia
- Monthly expenses : $1,863
- Yearly expense following Social Security : $23,206
- Years $1 million lasts : 43
Hawaii
- Monthly expenses : $2,761
- Yearly expense following Social Security : $80,125
- Years $1 million lasts : 12
Idaho
- Monthly expenses : $1,887
- Yearly expense following Social Security assistance : $32,289
- Years $1 million lasts : 31
Illinois
- Monthly expenses : $1,931
- Yearly expense following Social Security benefits : $19,937
- Years $1 million lasts : 50
Indiana
- Monthly expenses : $1,854
- Yearly expense following Social Security benefits : $16,826
- Years $1 million lasts : 59
Iowa
- Monthly expenses : $1,836
- Yearly expense following Social Security benefits : $15,158
- Years $1 million lasts : 66
Kansas
- Monthly expenses : $1,801
- Yearly expense following Social Security : $15,315
- Years $1 million lasts : 65
Kentucky
- Monthly expenses : $1,864
- Yearly expense following Social Security assistance : $14,456
- Years $1 million lasts : 69
Louisiana
- Monthly expenses : $1,785
- Yearly expense following Social Security assistance : $13,065
- Years $1 million lasts : 77
Maine
- Monthly expenses : $2,070
- Yearly expense following Social Security assistance : $30,194
- Years $1 million lasts : 33
Maryland
- Monthly expenses : $1,931
- Yearly expense following Social Security assistance : $31,301
- Years $1 million lasts : 32
Massachusetts
- Monthly expenses : $2,340
- Yearly expense following Social Security assistance : $51,686
- Years $1 million lasts : 19
Michigan
- Monthly expenses : $1,835
- Yearly expense following Social Security benefits : $16,561
- Years $1 million lasts : 60
Minnesota
- Monthly expenses : $1,936
- Yearly expense following Social Security benefits : $24,654
- Years $1 million lasts : 41
Mississippi
- Monthly expenses : $1,784
- Yearly expense following Social Security benefits : $11,473
- Years $1 million lasts : 87
Missouri
- Monthly expenses : $1,780
- Yearly expense following Social Security assistance : $16,403
- Years $1 million lasts : 61
Montana
- Monthly expenses : $1,825
- Yearly expense following Social Security assistance : $31,651
- Years $1 million lasts : 32
Nebraska
- Monthly expenses : $1,857
- Yearly expense following Social Security assistance : $18,172
- Years $1 million lasts : 55
Nevada
- Monthly expenses : $1,855
- Yearly expense following Social Security benefits : $32,332
- Years $1 million lasts : 31
New Hampshire
- Monthly expenses : $2,081
- Yearly expense following 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
- Yearly expense following Social Security benefits : $20,976
- Years $1 million lasts : 48
New York
- Monthly expenses : $2,028
- Yearly expense following Social Security : $34,570
- Years $1 million lasts : 29
North Carolina
- Monthly expenses : $1,883
- Yearly expense following Social Security assistance : $23,429
- Years $1 million lasts : 43
North Dakota
- Monthly expenses : $1,862
- Yearly expense following Social Security benefits : $19,006
- Years $1 million lasts : 53
Ohio
- Monthly expenses : $1,853
- Yearly expense following Social Security benefits : $16,099
- Years $1 million lasts : 62
Oklahoma
- Monthly expenses : $1,832
- Yearly expense following Social Security benefits : $14,048
- Years $1 million lasts : 71
Oregon
- Monthly expenses : $2,017
- Yearly expense following Social Security assistance : $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
- Yearly expense following Social Security assistance : $21,074
- Years $1 million lasts : 47
Tennessee
- Monthly expenses : $1,713
- Yearly expense following Social Security benefits : $20,466
- Years $1 million lasts : 49
Texas
- Monthly expenses : $1,851
- Yearly expense following Social Security : $21,155
- Years $1 million lasts : 47
Utah
- Monthly expenses : $1,893
- Yearly expense following Social Security : $37,797
- Years $1 million lasts : 26
Vermont
- Monthly expenses : $2,050
- Yearly expense following Social Security assistance : $30,022
- Years $1 million lasts : 33
Virginia
- Monthly expenses : $1,927
- Yearly expense following Social Security assistance : $28,916
- Years $1 million lasts : 35
Washington
- Monthly expenses : $2,096
- Yearly expense following Social Security benefits : $45,629
- Years $1 million lasts : 22
West Virginia
- Monthly expenses : $1,833
- Yearly expense following Social Security : $11,263
- Years $1 million lasts : 89
Wisconsin
- Monthly expenses : $1,895
- Yearly expense following Social Security benefits : $22,148
- Years $1 million lasts : 45
Wyoming
- Monthly expenses : $1,864
- Yearly expense following Social Security : $24,836
- Years $1 million lasts : 40
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