How Long $1 Million in Savings Will Last in Every State
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: March 12, 2021
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
Read: 17 Biggest Budgeting Mistakes You’re Making
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
Helpful: 19 Effective Ways To Tackle Your Budget
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
Check Out: Best Cities To Retire on a Budget of $1,500 a Month
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
Read: Tips To Keep Your Finances in Order Without Sacrificing What You Want
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: 17 Dumb Home-Buying Mistakes That Hurt Your Wallet
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
Try: 50 Easy Things You Should Do To Save Money
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
Stop Now: 50 Terrible Ways To Try and Save Money
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
Find Out: Things To Cut Out Right Now To Save Money During the Health Crisis
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
Options: 16 Ways To Save Money on Food
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
Read: 25 Tips for Saving Money With Your Spouse
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
Helpful: 16 Effective Ways To Trick Yourself Into Saving Money
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
Good To Know: 16 Splurges That Save You Money in the Long Run
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
Keep Reading: 25 Ways To Save 20% More of Your Paycheck Without Even Trying
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
Try: Cutting Out These 25 Expenses Will Save You $16,142.08 a Year
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
Learn More: Surprising Ways Gen Z and Millennials Are Worlds Apart Financially
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
Exclusive: Americans’ Savings Drop to Lowest Point in Years
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
Whoa: 9 Successful Money-Making ‘Schemes’ That Are Actually Legal
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
Rich vs. Wealthy: What’s the Difference Between the Two?
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
Read: 20 Hobbies of the Rich Only They Can Afford
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
Find Out: 31 Dumb Things That Are Keeping You From Being Wealthy
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
See: Do You Think the Minimum Wage Should Be $15? Take Our Poll
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
See: 42 Easy Ways To Save For Retirement
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
Take Action: Do These 13 Things To Boost Your Retirement Savings Now
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
Are High-Yield Savings Accounts Worth It? Here’s Everything You Need To Know
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
Learn: What Is a Savings Bond and How Does It Work?
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
Avoid: 35 Retirement Planning Mistakes That Waste Your Money
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
Read: 19 Things You’ll Need To Sacrifice Now for a Healthy Retirement
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
Check Out: Here’s How To Retire Early and Quit the Daily Grind
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
Start Cutting Costs: How To Save Money on All Your Monthly Expenses and Bills
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
More Tips: 20 Ways To Save Money Fast
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
Read: Why It’s Harder To Save For Retirement Today Than 50 Years Ago
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
See: 10 Signs You’re Not Saving Enough for Retirement
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
Watch Out: 15 Retirement Mistakes and Why They’ll Shrink Your Nest Egg
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
Read More: Is Now a Good Time To Raid Your 401(k)?
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
Find Out: What Social Security Will Look Like in 2035
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
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
Read: 10 Simple Habits of Money-Smart Individuals
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
Take a Look: These Once-Hot Housing Markets Are Cooling Off
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
Discover: Most Affordable Places To Retire Near You
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
Read: How To Protect Your Retirement Savings During the Pandemic
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
Read: How Much It Cost To Retire in the Year You Were Born
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
Check Out: 100 Ways To Make Your Money Last Until You’re 100
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
Learn: How One Man Saved $1 Million in 5 Years
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
Play It Safe: 9 Stable Investments With the Highest Returns
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
Find Out: How Much You Need To Live Comfortably in 50 Major US Cities
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
Look: 20 Hidden Sources of Income Lying Around Your House
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
Read More: Want To Retire In One of America’s Safest Cities? $1 Million Might Not Get You Far
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
Find Out: Minimum Salary You Need To Be Happy in Every State
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
See: Most and Least Expensive States To Build a Home
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
Nominate Your Favorite Small Business and Share With Your Community
City National Bank Review: Plenty of Account Options and a User-Friendly Website
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
