How Long Will $1 Million Last In Retirement

Pinpointing the exact amount that yous demand to save to retire comfortably is a difficult chore — and reaching that goal may be even harder. According to a recent survey conducted by Schwab Retirement Plan Services, the average American needs about $ane.9 one thousand thousand to retire comfortably. This number is way out of accomplish for many Americans, because the boilerplate amount Americans have saved is a tick above $168,000. However, $1 million might be more than achievable.

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To determine how far a $1 million nest egg will take retirees beyond 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'south overall cost-of-living index score for 2021 from the Missouri Economical Research and Data Center. Annual costs were further broken down by multiplying more specific annual expenditure figures from the CES past MERIC's cost of living for groceries, utilities, transportation and healthcare. All 50 states then were ranked with No. i being the state where $1 meg will terminal the longest and No. 50 beingness the state where it will run out near quickly.

Unfortunately, $1 one thousand thousand doesn't terminal quite as long as you lot might call back information technology would. If you alive in one of the more expensive states, such as Hawaii or New York, you lot shouldn't quit your solar day task early, and $one million won't even embrace your living expenses for 20 years in the Northeastern states. There is a bit more cushion in many Southern states, though, if yous live in that location or plan on making a movement. Find out how long $1 meg in savings will terminal in your state.

Hawaii

Annual groceries cost: $6,419.51
Annual housing cost: $31,797.41
Annual utilities cost: $v,470.22
Annual transportation cost: $4,461.26
Annual healthcare cost: $viii,008.27
Total almanac expenditures: $91,684.73

How long $one million volition last in savings: x years, 10 months, 24 days

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New York

Annual groceries cost: $5,107.86
Annual housing cost: $23,558.04
Annual utilities price: $3,820.83
Annual transportation toll: $3,893.73
Annual healthcare toll: $half-dozen,934.72
Total annual expenditures: $72,367.66

How long $1 million volition last in savings: 13 years, 9 months, 21 days

California

Annual groceries price: $4,918.68
Almanac housing cost: $18,987.23
Annual utilities cost: $four,706.05
Almanac transportation toll: $4,658.82
Annual healthcare cost: $seven,421.48
Total annual expenditures: $66,467.86

How long $ane million will last in savings: xv years, 0 months, 12 days

Massachusetts

Annual groceries price: $4,695.87
Annual housing price: $16,528.31
Almanac utilities cost: $4,131.04
Annual transportation cost: $4,389.42
Annual healthcare toll: $7,741.55
Full annual expenditures: $61,947.86

How long $1 million will last in savings: 16 years, i calendar month, 17 days

Alaska

Annual groceries cost: $five,423.16
Annual housing cost: $12,720.95
Annual utilities cost: $5,829.threescore
Almanac transportation cost: $4,084.10
Annual healthcare cost: $ten,122.02
Full almanac expenditures: $60,568.07

How long $ane 1000000 will last in savings: 16 years, v months, xxx days

Maryland

Almanac groceries toll: $4,615.99
Annual housing price: $16,984.40
Annual utilities toll: $4,051.59
Annual transportation cost: $three,811.xi
Annual healthcare cost: $5,694.47
Total annual expenditures: $60,139.86

How long $1 one thousand thousand volition last in savings: 16 years, seven months, 12 days

Oregon

Annual groceries cost: $4,594.97
Annual housing cost: $xv,338.51
Annual utilities toll: $4,051.59
Annual transportation price: $four,834.83
Annual healthcare cost: $6,861.37
Total annual expenditures: $59,568.91

How long $ane million volition last in savings: 16 years, 9 months, nine days

Connecticut

Almanac groceries toll: $4,443.63
Annual housing cost: $12,919.25
Almanac utilities cost: $4,902.77
Almanac transportation toll: $4,005.08
Almanac healthcare cost: $six,894.71
Total almanac expenditures: $56,571.43

How long $1 1000000 will last in savings: 17 years, 7 months, 30 days

New Hampshire

Annual groceries cost: $4,586.56
Annual housing toll: $eleven,194.04
Annual utilities toll: $4,399.63
Annual transportation cost: $three,732.09
Annual healthcare cost: $8,274.99
Total almanac expenditures: $55,857.75

How long $1 million volition last in savings: 17 years, 10 months, 20 days

Vermont

Annual groceries toll: $four,359.55
Annual housing cost: $13,593.47
Almanac utilities cost: $4,622.83
Annual transportation cost: $4,285.26
Annual healthcare toll: $seven,448.xvi
Total annual expenditures: $55,619.85

How long $1 meg will last in savings: 17 years, 11 months, 18 days

Maine

Annual groceries cost: $4,435.22
Annual housing cost: $12,512.73
Almanac utilities cost: $four,108.34
Annual transportation price: $3,918.87
Annual healthcare cost: $vii,041.41
Full annual expenditures: $54,763.43

How long $i million will last in savings: xviii years, ii months, 31 days

Washington

Annual groceries price: $four,611.79
Almanac housing price: $12,254.94
Annual utilities price: $3,393.35
Annual transportation price: $4,109.25
Annual healthcare toll: $8,034.94
Total annual expenditures: $54,192.48

How long $1 meg will concluding in savings: 18 years, 5 months, 9 days

New Jersey

Annual groceries toll: $4,464.65
Annual housing price: $12,939.08
Annual utilities cost: $4,093.21
Annual transportation cost: $3,699.76
Annual healthcare cost: $half-dozen,441.29
Full annual expenditures: $53,716.69

How long $ane million will last in savings: 18 years, 7 months, 7 days

Rhode Island

Annual groceries cost: $4,153.55
Annual housing cost: $11,858.34
Almanac utilities cost: $4,649.31
Annual transportation price: $3,839.85
Annual healthcare cost: $6,714.68
Full annual expenditures: $53,669.11

How long $i one thousand thousand will terminal in savings: 18 years, 7 months, thirteen days

Arizona

Almanac groceries cost: $4,313.30
Annual housing cost: $11,818.68
Annual utilities cost: $iii,748.95
Annual transportation price: $3,606.37
Annual healthcare price: $6,541.31
Total almanac expenditures: $50,766.79

How long $1 one thousand thousand volition terminal in savings: 19 years, eight months, 6 days

Delaware

Annual groceries toll: $4,460.44
Annual housing cost: $10,539.65
Annual utilities cost: $3,590.07
Annual transportation toll: $4,152.35
Almanac healthcare toll: $6,914.72
Total annual expenditures: $50,338.58

How long $1 million will last in savings: 19 years, 10 months, 6 days

Montana

Annual groceries toll: $four,178.78
Annual housing toll: $xi,531.15
Annual utilities cost: $3,230.68
Annual transportation cost: $3,699.76
Annual healthcare price: $vi,654.66
Total annual expenditures: $49,672.48

How long $ane meg volition final in savings: twenty years, 1 month, 12 days

Utah

Annual groceries cost: $4,233.43
Almanac housing toll: $10,926.33
Almanac utilities toll: $iii,518.19
Annual transportation toll: $3,728.50
Annual healthcare cost: $half-dozen,094.55
Total annual expenditures: $49,577.32

How long $one million will terminal in savings: 20 years, 1 month, 26 days

Nevada

Annual groceries cost: $four,330.12
Annual housing cost: $eleven,332.85
Annual utilities price: $3,465.23
Annual transportation price: $4,109.25
Annual healthcare toll: $six,761.35
Total annual expenditures: $49,053.95

How long $1 million will terminal in savings: 20 years, 4 months, 14 days

Virginia

Annual groceries cost: $iv,010.62
Annual housing toll: $ten,817.27
Annual utilities cost: $three,779.22
Annual transportation price: $three,509.38
Almanac healthcare cost: $vi,834.seventy
Total annual expenditures: $48,863.63

How long $1 million will last in savings: 20 years, five months, 12 days

Florida

Annual groceries cost: $iv,456.24
Annual housing toll: $10,529.73
Annual utilities price: $three,873.79
Annual transportation price: $3,570.45
Annual healthcare cost: $6,427.95
Total annual expenditures: $48,816.05

How long $1 million will last in savings: twenty years, 5 months, 20 days

Colorado

Almanac groceries cost: $4,048.45
Annual housing cost: $11,223.78
Annual utilities cost: $3,434.96
Annual transportation cost: $3,649.47
Annual healthcare cost: $6,401.28
Total annual expenditures: $48,720.90

How long $1 million will final in savings: xx years, six months, 4 days

Idaho

Annual groceries cost: $4,019.02
Annual housing toll: $10,450.41
Annual utilities cost: $3,094.49
Almanac transportation cost: $3,958.38
Almanac healthcare toll: $6,374.61
Total annual expenditures: $47,293.53

How long $ane million will last in savings: 21 years, 1 month, fifteen days

Pennsylvania

Annual groceries price: $four,452.04
Almanac housing cost: $8,477.33
Annual utilities cost: $four,127.25
Annual transportation cost: $3,785.97
Almanac healthcare toll: $6,434.62
Full annual expenditures: $46,389.53

How long $1 million will last in savings: 21 years, vi months, 16 days

Minnesota

Annual groceries cost: $4,367.96
Annual housing cost: $8,477.33
Annual utilities cost: $3,684.64
Almanac transportation cost: $three,570.45
Annual healthcare price: $7,148.x
Total almanac expenditures: $46,246.79

How long $one million will last in savings: 21 years, 7 months, 9 days

Due north Dakota

Annual groceries price: $4,262.86
Annual housing cost: $nine,072.23
Annual utilities cost: $iii,669.51
Annual transportation toll: $three,516.57
Annual healthcare toll: $7,428.15
Total annual expenditures: $46,056.47

How long $1 one thousand thousand will final in savings: 21 years, 8 months, 11 days

Wisconsin

Annual groceries cost: $four,111.51
Annual housing toll: $eight,596.31
Annual utilities price: $iii,851.09
Almanac transportation cost: $3,473.46
Annual healthcare cost: $seven,594.85
Total annual expenditures:$45,437.95

How long $1 million will concluding in savings: 21 years, xi months, 27 days

South Dakota

Annual groceries cost: $four,410.00
Annual housing cost: $9,300.27
Almanac utilities price: $3,378.22
Annual transportation cost: $3,301.05
Annual healthcare cost: $half dozen,427.95
Total annual expenditures: $45,295.21

How long $one million will last in savings: 22 years, 0 months, 22 days

Northward Carolina

Annual groceries price: $4,065.27
Almanac housing cost: $8,834.27
Annual utilities cost: $3,612.77
Annual transportation cost: $3,275.ninety
Annual healthcare toll: $7,208.11
Total almanac expenditures: $45,200.05

How long $1 million will terminal in savings: 22 years, i calendar month, 8 days

Wyoming

Annual groceries cost: $4,414.20
Almanac housing cost: $eight,596.31
Annual utilities toll: $iii,181.50
Annual transportation cost: $3,688.98
Annual healthcare cost: $6,541.31
Total annual expenditures: $44,676.68

How long $one meg will last in savings: 22 years, 4 months, 13 days

Due south Carolina

Annual groceries toll: $4,212.41
Annual housing cost: $7,922.09
Annual utilities toll: $4,157.52
Annual transportation cost: $three,365.70
Annual healthcare cost: $half dozen,274.59
Total annual expenditures: $44,676.68

How long $ane million will last in savings: 22 years, 4 months, 13 days

New Mexico

Almanac groceries cost: $4,241.84
Annual housing cost: $8,804.52
Annual utilities toll: $3,423.62
Annual transportation cost: $iii,480.65
Annual healthcare price: $6,574.65
Total annual expenditures: $44,676.68

How long $i million will final in savings: 22 years, four months, xiii days

Kentucky

Annual groceries cost: $3,939.15
Almanac housing price: $7,575.06
Annual utilities price: $3,938.10
Annual transportation cost: $3,635.10
Annual healthcare cost: $5,341.07
Total annual expenditures: $44,533.94

How long $one one thousand thousand will terminal in savings: 22 years, v months, viii days

Louisiana

Almanac groceries cost: $4,073.68
Almanac housing cost: $8,606.22
Annual utilities toll: $3,310.13
Annual transportation toll: $iii,484.24
Annual healthcare cost: $six,781.361
Total annual expenditures: $44,391.21

How long $ane million will terminal in savings: 22 years, half dozen months, 5 days

Texas

Almanac groceries toll: $3,758.38
Almanac housing cost: $eight,437.67
Annual utilities toll: $iii,858.66
Annual transportation toll: $3,347.74
Almanac healthcare cost: $6,434.62
Total annual expenditures: $43,820.26

How long $i million will final in savings: 22 years, 9 months, twenty days

Nebraska

Almanac groceries toll: $4,077.88
Annual housing cost: $8,249.28
Almanac utilities price: $three,332.82
Annual transportation toll: $3,592.00
Annual healthcare cost: $7,061.41
Total almanac expenditures: $43,677.52

How long $one million will final in savings: 22 years, ten months, 16 days

Illinois

Annual groceries price: $4,031.64
Almanac housing cost: $vii,961.75
Almanac utilities price: $3,608.98
Annual transportation toll: $3,886.54
Almanac healthcare toll: $6,447.96
Total annual expenditures: $43,629.94

How long $1 1000000 will concluding in savings: 22 years, ten months, 25 days

Ohio

Annual groceries cost: $four,212.41
Almanac housing cost: $7,406.51
Annual utilities cost: $3,544.67
Annual transportation cost: $iii,426.77
Annual healthcare toll: $half-dozen,474.63
Total almanac expenditures: $43,201.73

How long $one 1000000 will last in savings: 23 years, ane month, xvi days

Missouri

Annual groceries cost: $iv,027.43
Annual housing price: $8,249.28
Annual utilities cost: $3,612.77
Annual transportation cost: $three,218.43
Almanac healthcare toll: $6,247.92
Total annual expenditures: $43,059.00

How long $1 million will terminal in savings: 23 years, 2 months, sixteen days

West Virginia

Almanac groceries cost: $4,140.94
Annual housing cost: $7,059.48
Annual utilities cost: $3,552.24
Annual transportation cost: $3,951.xx
Annual healthcare cost: $vi,801.36
Total annual expenditures: $43,059.00

How long $one million will concluding in savings: 23 years, ii months, 16 days

Michigan

Annual groceries cost: $three,800.42
Annual housing cost: $seven,713.87
Annual utilities cost: $3,714.91
Almanac transportation price: $3,437.54
Annual healthcare cost: $6,467.96
Full almanac expenditures: $42,773.52

How long $ane one thousand thousand will last in savings: 23 years, 4 months, 12 days

Arkansas

Annual groceries cost: $3,905.52
Annual housing toll: $seven,604.81
Annual utilities toll: $iii,650.60
Almanac transportation cost: $iii,394.44
Annual healthcare cost: $5,341.07
Total annual expenditures: $42,773.52

How long $1 million will last in savings: 23 years, four months, 12 days

Tennessee

Annual groceries cost: $iii,972.78
Annual housing cost: $8,001.41
Annual utilities cost: $3,559.eighty
Annual transportation cost: $iii,157.37
Annual healthcare cost: $vi,114.56
Total annual expenditures: $42,535.63

How long $ane 1000000 will concluding in savings: 23 years, 5 months, 29 days

Indiana

Almanac groceries cost: $3,926.54
Annual housing cost: $seven,525.49
Annual utilities cost: $iii,813.26
Almanac transportation cost: $3,487.83
Annual healthcare cost: $six,361.27
Total almanac expenditures: $half dozen,114.56

How long $1 million will concluding in savings: 23 years, 6 months, 18 days

Georgia

Annual groceries price: $iii,955.96
Annual housing cost: $7,356.93
Annual utilities cost: $3,450.x
Almanac transportation toll: $iii,283.09
Annual healthcare cost: $six,287.92
Total annual expenditures: $41,964.68

How long $1 one thousand thousand will last in savings: 23 years, 9 months, 23 days

Iowa

Almanac groceries cost: $iv,178.78
Annual housing cost: $six,890.93
Almanac utilities toll: $three,586.28
Almanac transportation cost: $3,354.93
Annual healthcare toll: $6,607.99
Full annual expenditures: $41,917.10

How long $1 meg volition last in savings: 23 years, 10 months, 2 days

Alabama

Annual groceries toll: $4,077.88
Annual housing cost: $six,831.44
Annual utilities cost: $iii,824.61
Annual transportation cost: $iii,232.lxxx
Annual healthcare cost: $half-dozen,034.54
Total annual expenditures: $41,631.63

How long $1 million volition last in savings: 24 years, 0 months, 1 twenty-four hours

Kansas

Annual groceries cost: $iii,855.07
Annual housing cost: $6,762.03
Almanac utilities price: $3,733.82
Annual transportation price: $3,383.66
Annual healthcare price: $6,854.lxx
Total annual expenditures: $40,632.47

How long $1 meg will last in savings: 24 years, 7 months, 3 days

Oklahoma

Almanac groceries cost: $3,951.76
Annual housing cost: $6,821.52
Annual utilities cost: $3,601.42
Annual transportation cost: $3,243.58
Almanac healthcare cost: $six,194.57
Total annual expenditures: $40,346.99

How long $1 million will concluding in savings: 24 years, 9 months, vi days

Mississippi

Annual groceries cost: $3,880.29
Annual housing cost: $6,325.77
Annual utilities toll: $3,404.70
Annual transportation toll: $iii,200.47
Annual healthcare cost: $half dozen,494.63
Total annual expenditures: $39,538.xv

How long $1 million will terminal in savings: 25 years, iii months, nine days

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Methodology: GOBankingRates adamant the number of years and months that $i,000,000 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, past each land's overall cost of living index, sourced from the Missouri Economic Research and Information Eye's Q1 cost-of-living indices. Annual costs were further broken downwards past multiplying more specific annual expenditure figures from the CES by MERIC's grocery cost of living, housing toll of living, utilities cost of living, transportation cost of living and healthcare cost-of-living indices. All information was compiled and is upwardly to date equally of July 27, 2022.

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