Pinpointing the exact amount that you need to save to retire comfortably is a difficult task — and reaching that goal may be even harder. According to a recent survey conducted by Schwab Retirement Plan Services, the average American needs about $1.9 million to retire comfortably. This number is way out of reach for many Americans, considering the average amount Americans have saved between the ages of 55-65 is $197,322, a far cry from what you’ll need in retirement.

To determine how far a $1 million nest egg will take retirees 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 healthcare. 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.

As big a chunk of change as $1 million sounds like, surprisingly it doesn’t last quite as long as you might think it would, depending on which state you live in. If you live in one of the more expensive states, such as Hawaii or New York, you’ll want to work as long as you can and save as much money as possible, because $1 million won’t even cover your living expenses for 15 years. There is a bit more cushion in many Midwestern and 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.

## Hawaii

**VIDEO: This Is How Long $1 Million Will Last In Retirement For Each State! It’s LESS Than You Think!**

**Annual groceries cost:**$6,678.05**Annual housing cost:**$31,888.09**Annual utilities cost:**$5,277.67**Annual transportation cost:**$5,264.15**Annual healthcare cost:**$8,457.09**Total annual expenditures:**$96,982.26

** How long $1 million will last in savings: **10 years 3 months 22 days

## New York

**VIDEO: This Is How Long $1 Million Will Last In Retirement | CNBC**

**Annual groceries cost:**$4,910.72**Annual housing cost:**$20,161.17**Annual utilities cost:**$3,944.53**Annual transportation cost:**$4,332.77**Annual healthcare cost:**$7,247.93**Total annual expenditures:**$70,755.34

**How long $1 million will last in savings: **14 years 1 months 15 days

## California

**VIDEO: How Long $1 Million Will Last in Retirement in Every State | Retirement Planning**

**Annual groceries cost:**$5,050.13**Annual housing cost:**$20,150.78**Annual utilities cost:**$4,799.30**Annual transportation cost:**$5,104.13**Annual healthcare cost:**$7,711.91**Total annual expenditures:**$72,319.57

**How long $1 million will last in savings: **13 years 9 months 29 days

## Massachusetts

**VIDEO: How long will $1 million dollars last in retirement**

**Annual groceries cost:**$5,081.61**Annual housing cost:**$22,570.95**Annual utilities cost:**$4,752.25**Annual transportation cost:**$5,498.02**Annual healthcare cost:**$8,000.14**Total annual expenditures:**$78,159.36

**How long $1 million will last in savings: **12 years 9 months 14 days

## Alaska

**VIDEO: How $1,000,000 Can Be Enough For Retirement**

**Annual groceries cost:**$5,927.05**Annual housing cost:**$12,464.40**Annual utilities cost:**$5,426.66**Annual transportation cost:**$4,964.63**Annual healthcare cost:**$10,664.51**Total annual expenditures:**$65,436.96

**How long $1 million will last in savings: **15 years 3 months 12 days

## Maryland

**VIDEO: How Long Will $1 Million Last in Retirement? In which U.S. state will your money last longest?**

**Annual groceries cost:**$5,045.63**Annual housing cost:**$16,307.59**Annual utilities cost:**$4,191.55**Annual transportation cost:**$4,226.09**Annual healthcare cost:**$6,636.32**Total annual expenditures:**$64,706.98

**How long $1 million will last in savings: **15 years 5 months 13 days

## Oregon

**VIDEO: Is $1 Million Enough to Retire?**

**Annual groceries cost:**$4,784.81**Annual housing cost:**$16,214.11**Annual utilities cost:**$3,579.87**Annual transportation cost:**$5,132.85**Annual healthcare cost:**$7,676.76**Total annual expenditures:**$63,716.30

**How long $1 million will last in savings: **15 years 8 months 8 days

## Connecticut

**VIDEO: What Does a $1 Million Retirement Look Like?**

**Annual groceries cost:**$4,456.53**Annual housing cost:**$12,620.21**Annual utilities cost:**$4,991.43**Annual transportation cost:**$4,599.46**Annual healthcare cost:**$7,599.43**Total annual expenditures:**$60,170.71

**How long $1 million will last in savings: **16 years 7 months 13 days

## New Hampshire

**VIDEO: I'm 60 With $1 Million How Much Can I Spend In Retirement**

**Annual groceries cost:**$4,703.86**Annual housing cost:**$11,155.64**Annual utilities cost:**$4,458.18**Annual transportation cost:**$4,574.85**Annual healthcare cost:**$9,047.61**Total annual expenditures:**$59,805.73

**How long $1 million will last in savings: **16 years 8 months 18 days

## Vermont

**VIDEO: This is What A $3 Million Early Retirement Looks Like (Real Life Example)**

**Annual groceries cost:**$4,802.80**Annual housing cost:**$13,451.17**Annual utilities cost:**$4,783.62**Annual transportation cost:**$4,976.94**Annual healthcare cost:**$7,704.88**Total annual expenditures:**$60,692.12

**How long $1 million will last in savings: **16 years 5 months 23 days

## Maine

**VIDEO: Retired Early with Over $4 Million, But Not Enjoying It!**

**Annual groceries cost:**$4,640.90**Annual housing cost:**$12,443.63**Annual utilities cost:**$4,458.18**Annual transportation cost:**$4,574.85**Annual healthcare cost:**$9,047.61**Total annual expenditures:**$59,701.45

**How long $1 million will last in savings: **16 years 8 months 29 days

## Washington

**VIDEO: I'm 63 And Retired With $2,000,000 In My 401(k) Should I Convert To A Roth IRA**

**Annual groceries cost:**$4,811.79**Annual housing cost:**$13,503.10**Annual utilities cost:**$4,171.94**Annual transportation cost:**$4,570.74**Annual healthcare cost:**$6,783.95**Total annual expenditures:**$59,492.88

**How long $1 million will last in savings: **16 years 9 months 21 days

## New Jersey

**VIDEO: Can I Retire at 55 with 2 Million Dollars?**

**Annual groceries cost:**$4,856.76**Annual housing cost:**$13,866.65**Annual utilities cost:**$4,156.26**Annual transportation cost:**$4,759.48**Annual healthcare cost:**$6,608.20**Total annual expenditures:**$59,440.74

**How long $1 million will last in savings: **16 years 9 months 25 days

## Rhode Island

**VIDEO: What Should You Do with Your 401k When You Retire?**

**Annual groceries cost:**$4,330.61**Annual housing cost:**$11,820.41**Annual utilities cost:**$4,842.44**Annual transportation cost:**$4,546.12**Annual healthcare cost:**$7,142.48**Total annual expenditures:**$57,980.79

**How long $1 million will last in savings: **17 years 2 months 31 days

## Arizona

**VIDEO: How Do I Know When I Have Enough Money to Retire?**

**Annual groceries cost:**$4,577.95**Annual housing cost:**$13,212.26**Annual utilities cost:**$3,897.47**Annual transportation cost:**$4,156.34**Annual healthcare cost:**$6,495.72**Total annual expenditures:**$56,312.28

**How long $1 million will last in savings: **17 years 9 months 3 days

## Delaware

**VIDEO: CFP® Explains: How to Organize Your Retirement (7 Must-Have Accounts)**

**Annual groceries cost:**$4,784.81**Annual housing cost:**$10,771.32**Annual utilities cost:**$3,689.66**Annual transportation cost:**$4,821.03**Annual healthcare cost:**$7,704.88**Total annual expenditures:**$54,956.61

**How long $1 million will last in savings: **18 years 2 months 13 days

## Montana

**VIDEO: I Called Dave Ramsey About 8% - Dave's Rant EXPLODES! 11/2/2023**

**Annual groceries cost:**$4,532.98**Annual housing cost:**$12,017.76**Annual utilities cost:**$3,289.72**Annual transportation cost:**$4,562.54**Annual healthcare cost:**$6,882.37**Total annual expenditures:**$54,904.47

**How long $1 million will last in savings: **18 years 2 months 17 days

## Utah

**VIDEO: Smart Retirees Do This With Their Money - Simple and Effective Retirement Planning Strategy**

**Annual groceries cost:**$4,474.52**Annual housing cost:**$10,906.35**Annual utilities cost:**$3,611.24**Annual transportation cost:**$4,525.61**Annual healthcare cost:**$6,573.05**Total annual expenditures:**$53,183.82

**How long $1 million will last in savings: **18 years 9 months 18 days

## Nevada

**VIDEO: I'm 66, Do I Have Enough To Retire?**

- A
**nnual groceries cost:**$4,703.86 **Annual housing cost:**$11,726.92**Annual utilities cost:**$3,854.34**Annual transportation cost:**$4,603.57**Annual healthcare cost:**$6,566.02**Total annual expenditures:**$53,131.68

**How long $1 million will last in savings: **18 years 9 months 26 days

## Virginia

**VIDEO: How Long Does $1 Million Last in Retirement | Phil Town**

**Annual groceries cost:**$4,330.61**Annual housing cost:**$11,249.12**Annual utilities cost:**$3,924.92**Annual transportation cost:**$3,860.92**Annual healthcare cost:**$7,219.81**Total annual expenditures:**$53,235.96

**How long $1 million will last in savings: **18 years 9 months 11 days

## Florida

**VIDEO: How Long $1 Million Will Last in Retirement in Every State**

**Annual groceries cost:**$4,784.81**Annual housing cost:**$11,654.21**Annual utilities cost:**$3,881.79**Annual transportation cost:**$4,008.63**Annual healthcare cost:**$6,889.40**Total annual expenditures:**$54,487.35

**How long $1 million will last in savings: **18 years 4 months 7 days

## Colorado

**VIDEO: I'm 60 With $1 Million How Much Can I Expect To Spend In Retirement**

**Annual groceries cost:**$4,532.98**Annual housing cost:**$12,017.76**Annual utilities cost:**$3,289.72**Annual transportation cost:**$4,603.57**Annual healthcare cost:**$6,882.37**Total annual expenditures:**$54,852.33

**How long $1 million will last in savings: **18 years 2 months 24 days

## Idaho

**VIDEO: How To Retire With $1 Million On A $90K Salary**

**Annual groceries cost:**$4,299.13**Annual housing cost:**$10,625.90**Annual utilities cost:**$3,105.43**Annual transportation cost:**$4,710.24**Annual healthcare cost:**$6,537.90**Total annual expenditures:**$51,567.45

**How long $1 million will last in savings: **19 years 4 months 22 days

## Pennsylvania

**VIDEO: I'm 60 With $1 Million Dollars Can I Retire With $100K For The First 10 Years Then $75K Thereafter**

**Annual groceries cost:**$4,627.41**Annual housing cost:**$9,285.98**Annual utilities cost:**$4,093.52**Annual transportation cost:**$4,353.28**Annual healthcare cost:**$7,037.03**Total annual expenditures:**$51,202.46

**How long $1 million will last in savings: **19 years 6 months 12 days

## Minnesota

**VIDEO: Retiring With $1,000,000 By Age (Is $1M Enough?!)**

**Annual groceries cost:**$4,380.08**Annual housing cost:**$8,673.15**Annual utilities cost:**$3,748.48**Annual transportation cost:**$4,135.82**Annual healthcare cost:**$7,662.70**Total annual expenditures:**$49,586.09

**How long $1 million will last in savings: **20 years 2 months 2 days

## North Dakota

**VIDEO: Is $3 Million Enough to Comfortably Retire On?**

**Annual groceries cost:**$4,654.40**Annual housing cost:**$9,161.33**Annual utilities cost:**$4,105.29**Annual transportation cost:**$4,164.55**Annual healthcare cost:**$7,768.15**Total annual expenditures:**$50,785.33

**How long $1 million will last in savings: **19 years 8 months 8 days

## Wisconsin

**VIDEO: How long $1 million lasts in each state.**

**Annual groceries cost:**$4,362.09**Annual housing cost:**$8,766.63**Annual utilities cost:**$4,140.58**Annual transportation cost:**$3,906.06**Annual healthcare cost:**$7,740.03**Total annual expenditures:**$48,960.40

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

## South Dakota

**VIDEO: Retiring With One Million Dollars**

**Annual groceries cost:**$4,514.99**Annual housing cost:**$10,345.45**Annual utilities cost:**$3,603.40**Annual transportation cost:**$3,672.19**Annual healthcare cost:**$6,931.58**Total annual expenditures:**$50,107.50

**How long $1 million will last in savings: **19 years 11 months 16 days

## North Carolina

**VIDEO: Retire at 60 With $1 Million: What to Expect**

**Annual groceries cost:**$4,425.05**Annual housing cost:**$9,763.78**Annual utilities cost:**$3,654.37**Annual transportation cost:**$3,709.11**Annual healthcare cost:**$7,796.27**Total annual expenditures:**$50,524.63

**How long $1 million will last in savings: **19 years 9 months 15 days

## Wyoming

**VIDEO: Retirement Income from $1,000,000 (Eye-Opening)**

**Annual groceries cost:**$4,559.96**Annual housing cost:**$8,351.15**Annual utilities cost:**$3,203.46**Annual transportation cost:**$3,955.29**Annual healthcare cost:**$6,903.46**Total annual expenditures:**$47,792.44

**How long $1 million will last in savings: **20 years 11 months 1 days

## South Carolina

**VIDEO:**

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

**How long $1 million will last in savings: **19 years 11 months 1 days

## New Mexico

**VIDEO:**

**Annual groceries cost:**$4,353.10**Annual housing cost:**$9,067.85**Annual utilities cost:**$3,466.16**Annual transportation cost:**$4,144.03**Annual healthcare cost:**$7,240.90**Total annual expenditures:**$48,908.26

**How long $1 million will last in savings: **20 years 5 months 12 days

## Kentucky

**VIDEO:**

**Annual groceries cost:**$4,159.73**Annual housing cost:**$7,862.96**Annual utilities cost:**$4,132.73**Annual transportation cost:**$4,345.08**Annual healthcare cost:**$5,413.10**Total annual expenditures:**$48,386.85

**How long $1 million will last in savings: **20 years 7 months 31 days

## Louisiana

**VIDEO:**

**Annual groceries cost:**$4,443.04**Annual housing cost:**$8,849.72**Annual utilities cost:**$3,462.24**Annual transportation cost:**$3,938.88**Annual healthcare cost:**$7,058.12**Total annual expenditures:**$48,751.84

**How long $1 million will last in savings: **20 years 6 months 4 days

## Texas

**VIDEO:**

**Annual groceries cost:**$4,092.27**Annual housing cost:**$8,808.18**Annual utilities cost:**$4,152.34**Annual transportation cost:**$3,770.66**Annual healthcare cost:**$6,664.44**Total annual expenditures:**$48,282.57

**How long $1 million will last in savings: **20 years 8 months 15 days

## Nebraska

**VIDEO:**

**Annual groceries cost:**$4,357.59**Annual housing cost:**$8,475.79**Annual utilities cost:**$3,481.85**Annual transportation cost:**$4,189.16**Annual healthcare cost:**$6,980.79**Total annual expenditures:**$47,500.45

**How long $1 million will last in savings: **21 years 0 months 17 days

## Illinois

**VIDEO:**

**Annual groceries cost:**$4,519.49**Annual housing cost:**$8,486.18**Annual utilities cost:**$3,709.27**Annual transportation cost:**$4,279.43**Annual healthcare cost:**$6,748.80**Total annual expenditures:**$47,917.58

**How long $1 million will last in savings: **20 years 10 months 12 days

## Ohio

**VIDEO:**

**Annual groceries cost:**$4,532.98**Annual housing cost:**$7,385.16**Annual utilities cost:**$3,623.00**Annual transportation cost:**$3,922.47**Annual healthcare cost:**$6,636.32**Total annual expenditures:**$46,614.05

**How long $1 million will last in savings: **21 years 5 months 12 days

## Missouri

**VIDEO:**

**Annual groceries cost:**$4,353.10**Annual housing cost:**$8,351.15**Annual utilities cost:**$3,693.58**Annual transportation cost:**$4,012.73**Annual healthcare cost:**$6,411.36**Total annual expenditures:**$46,979.04

**How long $1 million will last in savings: **21 years 3 months 15 days

## West Virginia

**VIDEO:**

**Annual groceries cost:**$4,330.61**Annual housing cost:**$7,987.60**Annual utilities cost:**$3,595.56**Annual transportation cost:**$4,295.84**Annual healthcare cost:**$6,826.13**Total annual expenditures:**$46,822.62

**How long $1 million will last in savings: **21 years 4 months 10 days

## Michigan

**VIDEO:**

**Annual groceries cost:**$4,150.73**Annual housing cost:**$8,527.73**Annual utilities cost:**$3,850.42**Annual transportation cost:**$4,041.46**Annual healthcare cost:**$6,734.74**Total annual expenditures:**$47,813.30

**How long $1 million will last in savings: **20 years 10 months 27 days

## Arkansas

**VIDEO:**

**Annual groceries cost:**$4,159.73**Annual housing cost:**$8,143.41**Annual utilities cost:**$3,924.92**Annual transportation cost:**$3,680.39**Annual healthcare cost:**$5,919.26**Total annual expenditures:**$47,291.89

**How long $1 million will last in savings: **21 years 1 months 23 days

## Tennessee

**VIDEO:**

**Annual groceries cost:**$4,245.17**Annual housing cost:**$8,725.08**Annual utilities cost:**$3,713.19**Annual transportation cost:**$3,741.94**Annual healthcare cost:**$6,172.34**Total annual expenditures:**$47,083.32

**How long $1 million will last in savings: **21 years 2 months 27 days

## Indiana

**VIDEO:**

**Annual groceries cost:**$4,249.67**Annual housing cost:**$7,977.22**Annual utilities cost:**$4,219.00**Annual transportation cost:**$3,889.64**Annual healthcare cost:**$6,854.25**Total annual expenditures:**$47,031.18

**How long $1 million will last in savings: **21 years 3 months 4 days

## Georgia

**VIDEO:**

**Annual groceries cost:**$4,335.11**Annual housing cost:**$8,070.70**Annual utilities cost:**$3,528.90**Annual transportation cost:**$3,668.08**Annual healthcare cost:**$6,783.95**Total annual expenditures:**$46,353.35

**How long $1 million will last in savings: **21 years 6 months 26 days

## Iowa

**VIDEO:**

**Annual groceries cost:**$4,407.06**Annual housing cost:**$7,333.22**Annual utilities cost:**$3,744.56**Annual transportation cost:**$3,914.26**Annual healthcare cost:**$6,952.67**Total annual expenditures:**$45,988.36

**How long $1 million will last in savings: **21 years 8 months 26 days

## Alabama

**VIDEO:**

**Annual groceries cost:**$4,416.05**Annual housing cost:**$7,083.93**Annual utilities cost:**$3,928.84**Annual transportation cost:**$3,614.74**Annual healthcare cost:**$6,291.85**Total annual expenditures:**$45,414.81

**How long $1 million will last in savings: **22 years 0 months 6 days

## Kansas

**VIDEO:**

**Annual groceries cost:**$4,240.67**Annual housing cost:**$7,478.64**Annual utilities cost:**$3,870.03**Annual transportation cost:**$3,951.19**Annual healthcare cost:**$7,107.33**Total annual expenditures:**$45,519.09

**How long $1 million will last in savings: **21 years 11 months 19 days

## Oklahoma

**VIDEO:**

**Annual groceries cost:**$4,258.66**Annual housing cost:**$7,520.19**Annual utilities cost:**$3,724.95**Annual transportation cost:**$3,750.14**Annual healthcare cost:**$6,432.45**Total annual expenditures:**$45,206.25

**How long $1 million will last in savings: **22 years 1 months 12 days

## Mississippi

**VIDEO:**

**Annual groceries cost:**$4,132.74**Annual housing cost:**$7,115.10**Annual utilities cost:**$3,470.09**Annual transportation cost:**$3,799.38**Annual healthcare cost:**$6,994.85**Total annual expenditures:**$44,059.15

**How long $1 million will last in savings: **22 years 8 months 12 days

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_{Methodology: In order to find how long $1,000,000 will last across the country, GOBankingRates first found (1) the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics’ 2021 Consumer Expenditure Survey data. Then, GOBankingRates created (2) state-level annual expenditure estimates by multiplying the national figure by each state’s overall cost of living index score for the 3Q 2022 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $1,000,000 will last in each state by dividing $1,000,000 by each state’s average annual expenditures estimate. All 50 states and the District of Columbia were then ranked with No. 1 being the state where $1,000,000 will last the longest and No. 51 being the state where it will run out most quickly. GOBankingRates provided supplemental information on the average annual cost of groceries, housing, utilities, transportation, and healthcare for people 65 and older in each state by again using MERIC’s cost of living indices for each category to factor out national estimates from the CES. All data was collected on and up to date as of January 23, 2023.}

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