How Long $1 Million in Savings Will Last in Every State
Pinpointing the exact amount that you need to save to retire comfortably is a difficult task -- and reaching that goal is equally hard. According to the 2021 Planning and Progress Study by Northwestern Mutual, people surveyed believed they will need slightly more than $1 million -- $1,047,200 -- to retire comfortably, even as the average amount Americans have saved is a tick under $100,000.
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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 for someone 65 or older, GOBankingRates analyzed data from the Bureau of Labor Statistics' 2020 Consumer Expenditure Survey and factored in the state's overall cost of living index score for 2021 from the Missouri Economic Research and Information Center. Annual costs were further broken down by multiplying more specific annual expenditure figures from the CES by MERIC's cost of living for groceries, utilities, transportation and heath care. All 50 states then were ranked with No. 1 being the state where $1 million will last the longest and No. 50 being the state where it will run out most quickly.
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 New York, you shouldn't quit your day job early, and $1 million won't even cover your living expenses for 20 years in the 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.
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Hawaii
Annual groceries cost: $6,427.92
Annual housing cost: $31,232.25
Annual utilities cost: $6,211.69
Annual transportation cost: $4,802.50
Annual healthcare cost: $7,688.20
Total annual expenditures: $91,970.21
How long $1 million will last in savings: 10 years, 10 months, 11 days
New York
Annual groceries cost: $4,977.54
Annual housing cost: $22,814.42
Annual utilities cost: $3,775.43
Annual transportation cost: $3,904.50
Annual healthcare cost: $6,834.70
Total annual expenditures: $70,512.08
How long $1 million will last in savings: 14 years, 2 months, 3 days
California
Annual groceries cost: $4,779.95
Annual housing cost: $20,018.39
Annual utilities cost: $4,702.27
Annual transportation cost: $4,730.66
Annual healthcare cost: $7,381.48
Total annual expenditures: $67,657.34
How long $1 million will last in savings: 14 years, 9 months, 7 days
Massachusetts
Annual groceries cost: $5,015.37
Annual housing cost: $17,609.04
Annual utilities cost: $4,202.91
Annual transportation cost: $3,997.90
Annual healthcare cost: $7,921.58
Total annual expenditures: $64,231.65
How long $1 million will last in savings: 15 years, 6 months, 22 days
Oregon
Annual groceries cost: $4,531.91
Annual housing cost: $17,113.29
Annual utilities cost: $3,412.27
Annual transportation cost: $4,522.33
Annual healthcare cost: $7,714.88
Total annual expenditures: $61,900.28
How long $1 million will last in savings: 16 years, 1 month, 21 days
Alaska
Annual groceries cost: $5,654.38
Annual housing cost: $12,582.14
Annual utilities cost: $5,856.08
Annual transportation cost: $3,947.61
Annual healthcare cost: $10,282.06
Total annual expenditures: $60,472.91
How long $1 million will last in savings: 16 years, 6 months, 9 days
Maryland
Annual groceries cost: $4,641.22
Annual housing cost: $16,448.99
Annual utilities cost: $3,975.93
Annual transportation cost: $3,864.99
Annual healthcare cost: $5,521.10
Total annual expenditures: $58,997.96
How long $1 million will last in savings: 16 years, 11 months, 7 days
Connecticut
Annual groceries cost: $4,473.06
Annual housing cost: $13,345.59
Annual utilities cost: $5,008.69
Annual transportation cost: $3,990.71
Annual healthcare cost: $7,421.48
Total annual expenditures: $57,856.06
How long $1 million will last in savings: 17 years, 3 months, 8 days
Rhode Island
Annual groceries cost: $4,527.71
Annual housing cost: $12,066.56
Annual utilities cost: $4,827.11
Annual transportation cost: $3,864.99
Annual healthcare cost: $7,054.74
Total annual expenditures: $55,762.59
How long $1 million will last in savings: 17 years, 11 months, 1 day
Vermont
Annual groceries cost: $4,590.77
Annual housing cost: $13,504.23
Annual utilities cost: $4,501.77
Annual transportation cost: $4,102.06
Annual healthcare cost: $6,621.32
Total annual expenditures: $55,667.43
How long $1 million will last in savings: 17 years, 11 months, 12 days
New Jersey
Annual groceries cost: $4,510.89
Annual housing cost: $13,543.89
Annual utilities cost: $3,957.02
Annual transportation cost: $3,789.56
Annual healthcare cost: $6,481.30
Total annual expenditures: $54,811.01
How long $1 million will last in savings: 18 years, 2 months, 25 days
Maine
Annual groceries cost: $4,296.49
Annual housing cost: $13,543.89
Annual utilities cost: $3,870.01
Annual transportation cost: $3,757.23
Annual healthcare cost: $7,521.50
Total annual expenditures: $54,715.85
How long $1 million will last in savings: 18 years, 3 months, 5 days
Washington
Annual groceries cost: $4,557.14
Annual housing cost: $11,798.85
Annual utilities cost: $3,434.96
Annual transportation cost: $4,217.01
Annual healthcare cost: $8,081.62
Total annual expenditures: $53,098.16
How long $1 million will last in savings: 18 years, 9 months, 26 days
New Hampshire
Annual groceries cost: $4,355.34
Annual housing cost: $10,718.12
Annual utilities cost: $4,297.49
Annual transportation cost: $3,491.42
Annual healthcare cost: $7,721.54
Total annual expenditures: $52,289.32
How long $1 million will last in savings: 19 years, 1 month, 9 days
Delaware
Annual groceries cost: $4,792.56
Annual housing cost: $10,222.37
Annual utilities cost: $3,650.60
Annual transportation cost: $4,058.96
Annual healthcare cost: $7,101.42
Total annual expenditures: $51,337.74
How long $1 million will last in savings: 19 years, 5 months, 18 days
Nevada
Annual groceries cost: $4,498.28
Annual housing cost: $11,689.79
Annual utilities cost: $3,344.17
Annual transportation cost: $4,299.62
Annual healthcare cost: $6,748.02
Total annual expenditures: $50,576.48
How long $1 million will last in savings: 19 years, 9 months, 3 days
Colorado
Annual groceries cost: $4,124.12
Annual housing cost: $11,541.06
Annual utilities cost: $3,344.17
Annual transportation cost: $3,793.15
Annual healthcare cost: $6,527.97
Total annual expenditures: $50,100.69
How long $1 million will last in savings: 19 years, 11 months, 11 days
Arizona
Annual groceries cost: $4,267.06
Annual housing cost: $10,678.46
Annual utilities cost: $3,964.58
Annual transportation cost: $3,548.90
Annual healthcare cost: $6,527.97
Total annual expenditures: $49,101.53
How long $1 million will last in savings: 20 years, 4 months, 7 days
Pennsylvania
Annual groceries cost: $4,531.91
Annual housing cost: $9,716.70
Annual utilities cost: $4,149.95
Annual transportation cost: $3,793.15
Annual healthcare cost: $6,361.27
Total annual expenditures: $48,768.48
How long $1 million will last in savings: 20 years, 5 months, 27 days
Idaho
Annual groceries cost: $3,943.35
Annual housing cost: $10,946.16
Annual utilities cost: $3,113.41
Annual transportation cost: $4,012.26
Annual healthcare cost: $6,854.70
Total annual expenditures: $48,578.16
How long $1 million will last in savings: 20 years, 6 months, 26 days
Virginia
Annual groceries cost: $4,002.21
Annual housing cost: $11,055.23
Annual utilities cost: $3,658.16
Annual transportation cost: $3,247.17
Annual healthcare cost: $6,728.01
Total annual expenditures: $48,435.42
How long $1 million will last in savings: 20 years, 7 months, 17 days
South Dakota
Annual groceries cost: $4,292.28
Annual housing cost: $11,184.12
Annual utilities cost: $3,472.79
Annual transportation cost: $3,222.02
Annual healthcare cost: $6,494.63
Total annual expenditures: $48,054.79
How long $1 million will last in savings: 20 years, 9 months, 16 days
Montana
Annual groceries cost: $4,346.94
Annual housing cost: $10,539.65
Annual utilities cost: $3,329.04
Annual transportation cost: $3,401.62
Annual healthcare cost: $6,728.01
Total annual expenditures: $47,912.05
How long $1 million will last in savings: 20 years, 10 months, 8 days
Florida
Annual groceries cost: $4,439.42
Annual housing cost: $9,815.85
Annual utilities cost: $3,983.50
Annual transportation cost: $3,548.90
Annual healthcare cost: $6,514.64
Total annual expenditures: $47,721.74
How long $1 million will last in savings: 20 years, 11 months, 8 days
Minnesota
Annual groceries cost: $4,367.96
Annual housing cost: $8,943.33
Annual utilities cost: $3,650.60
Annual transportation cost: $3,570.45
Annual healthcare cost: $7,128.09
Total annual expenditures: $47,579.00
How long $1 million will last in savings: 20 years, 11 months, 31 days
Utah
Annual groceries cost: $4,090.49
Annual housing cost: $9,756.36
Annual utilities cost: $3,438.75
Annual transportation cost: $3,947.61
Annual healthcare cost: $6,261.25
Total annual expenditures: $47,103.21
How long $1 million will last in savings: 21 years, 2 months, 18 days
North Dakota
Annual groceries cost: $4,246.04
Annual housing cost: $9,458.91
Annual utilities cost: $3,601.42
Annual transportation cost: $3,742.86
Annual healthcare cost: $7,554.84
Total annual expenditures: $46,722.58
How long $1 million will last in savings: 21 years, 4 months, 21 days
Wisconsin
Annual groceries cost: $4,182.98
Annual housing cost: $8,764.86
Annual utilities cost: $3,760.30
Annual transportation cost: $3,574.04
Annual healthcare cost: $7,461.49
Total annual expenditures: $45,866.16
How long $1 million will last in savings: 21 years, 9 months, 13 days
North Carolina
Annual groceries cost: $4,103.10
Annual housing cost: $8,784.69
Annual utilities cost: $3,695.99
Annual transportation cost: $3,333.38
Annual healthcare cost: $7,268.12
Total annual expenditures: $45,533.10
How long $1 million will last in savings: 21 years, 11 months, 11 days
Illinois
Annual groceries cost: $4,136.74
Annual housing cost: $8,586.39
Annual utilities cost: $3,650.60
Annual transportation cost: $3,800.34
Annual healthcare cost: $6,434.62
Total annual expenditures: $44,867.00
How long $1 million will last in savings: 22 years, 3 months, 9 days
Wyoming
Annual groceries cost: $4,317.51
Annual housing cost: $8,060.90
Annual utilities cost: $3,223.12
Annual transportation cost: $3,588.41
Annual healthcare cost: $6,654.66
Total annual expenditures: $44,867.00
How long $1 million will last in savings: 22 years, 3 months, 9 days
Nebraska
Annual groceries cost: $4,145.14
Annual housing cost: $8,586.39
Annual utilities cost: $3,378.22
Annual transportation cost: $3,599.18
Annual healthcare cost: $6,721.34
Total annual expenditures: $44,581.52
How long $1 million will last in savings: 22 years, 4 months, 31 days
South Carolina
Annual groceries cost: $4,182.98
Annual housing cost: $7,892.34
Annual utilities cost: $3,979.72
Annual transportation cost: $3,419.58
Annual healthcare cost: $6,381.28
Total annual expenditures: $44,533.94
How long $1 million will last in savings: 22 years, 5 months, 8 days
Kentucky
Annual groceries cost: $3,871.88
Annual housing cost: $7,922.09
Annual utilities cost: $3,960.80
Annual transportation cost: $3,699.76
Annual healthcare cost: $5,441.09
Total annual expenditures: $44,296.05
How long $1 million will last in savings: 22 years, 6 months, 23 days
Louisiana
Annual groceries cost: $4,069.47
Annual housing cost: $8,526.90
Annual utilities cost: $3,291.21
Annual transportation cost: $3,466.28
Annual healthcare cost: $6,627.99
Total annual expenditures: $44,248.47
How long $1 million will last in savings: 22 years, 6 months, 31 days
Texas
Annual groceries cost: $3,817.23
Annual housing cost: $8,308.77
Annual utilities cost: $3,904.06
Annual transportation cost: $3,380.07
Annual healthcare cost: $6,347.94
Total annual expenditures: $43,820.26
How long $1 million will last in savings: 22 years, 9 months, 20 days
Michigan
Annual groceries cost: $3,787.80
Annual housing cost: $8,001.41
Annual utilities cost: $3,771.65
Annual transportation cost: $3,706.94
Annual healthcare cost: $6,421.28
Total annual expenditures: $43,439.63
How long $1 million will last in savings: 23 years, 0 months, 1 day
Ohio
Annual groceries cost: $4,170.37
Annual housing cost: $7,584.98
Annual utilities cost: $3,480.36
Annual transportation cost: $3,541.71
Annual healthcare cost: $6,481.30
Total annual expenditures: $43,439.63
How long $1 million will last in savings: 23 years, 0 months, 1 day
New Mexico
Annual groceries cost: $4,014.82
Annual housing cost: $8,358.35
Annual utilities cost: $3,389.57
Annual transportation cost: $3,523.75
Annual healthcare cost: $6,581.32
Total annual expenditures: $43,296.89
How long $1 million will last in savings: 23 years, 0 months, 29 days
Arkansas
Annual groceries cost: $3,913.92
Annual housing cost: $7,842.77
Annual utilities cost: $3,491.71
Annual transportation cost: $3,315.42
Annual healthcare cost: $5,661.13
Total annual expenditures: $43,249.31
How long $1 million will last in savings: 23 years, 1 month, 7 days
Indiana
Annual groceries cost: $3,897.11
Annual housing cost: $7,763.45
Annual utilities cost: $3,745.17
Annual transportation cost: $3,530.94
Annual healthcare cost: $6,307.93
Total annual expenditures: $43,106.57
How long $1 million will last in savings: 23 years, 2 months, 7 days
West Virginia
Annual groceries cost: $4,056.86
Annual housing cost: $7,793.19
Annual utilities cost: $3,382.00
Annual transportation cost: $3,311.82
Annual healthcare cost: $5,874.51
Total annual expenditures: $43,059.00
How long $1 million will last in savings: 23 years, 2 months, 16 days
Iowa
Annual groceries cost: $4,136.74
Annual housing cost: $7,535.40
Annual utilities cost: $3,590.07
Annual transportation cost: $3,509.38
Annual healthcare cost: $6,661.33
Total annual expenditures: $42,773.52
How long $1 million will last in savings: 23 years, 4 months, 12 days
Missouri
Annual groceries cost: $3,993.80
Annual housing cost: $7,961.75
Annual utilities cost: $3,608.98
Annual transportation cost: $3,319.01
Annual healthcare cost: $6,307.93
Total annual expenditures: $42,725.94
How long $1 million will last in savings: 23 years, 4 months, 21 days
Tennessee
Annual groceries cost: $3,981.19
Annual housing cost: $7,862.60
Annual utilities cost: $3,499.28
Annual transportation cost: $3,189.70
Annual healthcare cost: $6,081.22
Total annual expenditures: $42,345.31
How long $1 million will last in savings: 23 years, 7 months, 6 days
Georgia
Annual groceries cost: $4,031.64
Annual housing cost: $7,376.76
Annual utilities cost: $3,423.62
Annual transportation cost: $3,326.19
Annual healthcare cost: $6,447.96
Total annual expenditures: $42,250.15
How long $1 million will last in savings: 23 years, 7 months, 26 days
Alabama
Annual groceries cost: $4,128.33
Annual housing cost: $6,950.42
Annual utilities cost: $3,809.48
Annual transportation cost: $3,329.78
Annual healthcare cost: $6,081.22
Total annual expenditures: $41,821.94
How long $1 million will last in savings: 23 years, 10 months, 22 days
Oklahoma
Annual groceries cost: $3,972.78
Annual housing cost: $7,406.51
Annual utilities cost: $3,597.63
Annual transportation cost: $3,405.22
Annual healthcare cost: $6,301.26
Total annual expenditures: $41,821.94
How long $1 million will last in savings: 23 years, 10 months, 22 days
Kansas
Annual groceries cost: $3,855.07
Annual housing cost: $7,198.29
Annual utilities cost: $3,790.57
Annual transportation cost: $3,495.02
Annual healthcare cost: $6,694.67
Total annual expenditures: $41,155.84
How long $1 million will last in savings: 24 years, 3 months, 11 days
Mississippi
Annual groceries cost: $3,876.09
Annual housing cost: $6,573.65
Annual utilities cost: $3,419.83
Annual transportation cost: $3,114.26
Annual healthcare cost: $6,314.60
Total annual expenditures: $39,633.31
How long $1 million will last in savings: 25 years, 2 months, 18 days
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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' 2020 Consumer Expenditure Survey, by each state's overall cost of living index, sourced from the Missouri Economic Research and Information Center's annual 2021 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. 21, 2022.
This article originally appeared on GOBankingRates.com: How Long $1 Million in Savings Will Last in Every State
