Here’s How Long $1M In Retirement Savings Will Last In All 50 States

Saving for your retirement is an important part of your financial planning. Everybody hopes that, when the time comes, they have the right amount of money squirreled away to make their autumn years everything they dreamed that they could be.

However, sometimes the amount of money you save for retirement can take you further in some places than it might in others. There’s a big difference between retiring in New York and retiring in Kentucky, for example!

Just check out this list to see how long $1 million in savings can last you according to each state. Of course, you don’t have to be a millionaire to be happy—but it helps!

1. Alabama: Strangely, the cost of living in Alabama is pretty high across the board. However, the low cost of housing really makes up for it. So, how low are we talking? It’s so low that your one million will last you 24 years and nine months.

2. Alaska: It isn’t just warm-weather living that will drain your wallet, either. It turns out that retiring to Alaska can cost some serious money. That’s due in large part to the amount spent to import groceries in a year. For one million, you’ll make it only 17 years.

3. Arizona: There’s only one cost in Arizona that even comes close to being on the high end of the national average, and that is the cost of food. In every other way you’ll be saving money. Your million will get you 23 years and two months in the desert sun.

4. Arkansas: Want to know what makes Arkansas so special? You’ll need to visit it to see for yourself, but you might be much more inclined to do it once you find out that one million dollars can get you 25 years and six months of comfortable living.

5. California: It might be the state where stars are made, but you can’t show up without major cash in the bank in order to retire here. The price tag of housing alone makes the average cost of living over $60,000 for retirees. On one million, you’ll live comfortably for just 16 years and five months.

6. Colorado: While housing and healthcare costs are above the national averages in Colorado, you can expect major savings in nearly every other category. If you retire to Colorado with a million dollars in your pocket, it will last for a whopping 22 years!

7. Connecticut: If Colorado isn’t your style but you’re still okay with your million lasting for over a decade, you might want to consider retiring in Connecticut. Don’t skip your yoga, though; like many other states on this list, healthcare is responsible for the high cost of living.

8. Delaware: If you’re planning on retiring in Delaware, you can expect to spend less money than the rest of the country on your housing and transportation expenses. Your million dollars will last you 21 years and 10 months. That’s plenty of time to take in the sun on all of the state’s famous beaches!


9. Florida: There’s a reason this orange-loving state is so popular among retirees! The tremendous savings in healthcare make living here a beach-side dream. A million dollars will last for 22 years and four months.


10. Georgia: This state’s housing costs come in under $11,000 annually—not too shabby. Plus, the state is full of peaches and Southern hospitality. If you have a million dollars and retire here, it will last you 24 years and 11 months.

11. Hawaii: If you happened to retire to Hawaii with your one million, you’re in for a rude awakening. While the blue skies and stunning tropical beaches might be lovely, you’ll only be able to enjoy them for 11 years and 11 months until your moolah runs out. Yikes!

12. Idaho. In this state you can cultivate a love for potatoes and reasonably priced housing. Your transportation costs might be on the pricey side, but it all comes out in the wash. Your retirement savings will last for 24 years and eight months.

13. Illinois: There are so many ways retirees are saving big time in Illinois, including low healthcare, housing, and transportation costs. If you’re in possession of one million big ones, it will last you 23 years and one month.

14. Indiana: The cost of living in Indiana is insanely low, plus Abraham Lincoln grew up there before moving next door to Illinois. If you want a seat at the table of our nation’s history—and to save money while you’re resting there—it’s time to move! Your money will last you 24 years and nine months in Indy.

15. Iowa: If you’re moving to another state because of the cost of housing, you’ve got to consider Iowa. Finding a home there is just as inexpensive, and your food bill will be even cheaper! Move here and expect your money to see you through 24 years and two months.

16. Kansas: If you need a reason to move to Kansas, here it is: $12,000 annually for housing. That’s it! That’s the ninth lowest cost in the nation, and it is certainly nothing to sniff at. Your money here will get you 24 years and seven months.

17. Kentucky: Located in the heart of Appalachia, Kentucky would be a might fine choice where you should spend your dough. Even groceries are affordable here! Enjoy living in the birthplace of bourbon for 23 years and eight months on your million bucks.

18. Louisiana: People who live in Louisiana wind up paying a little bit less in every cost-of-living category than most folks in other states—and they get to eat all of the muffulettas they want to boot. You can join them for 23 years and 10 months if you had a million dollars.

19. Maine: Move to America’s mitten and live like Stephen King! You’ll spend much less than the rest of the country on your grocery bill, though everything else tends to cost just a little bit more. Still, it all evens out, and your million will last you 19 years and six months.


20. Maryland: The cost of housing in Maryland is what brings this state up to par with states like Connecticut and Massachusetts. You can eat all the soft shell crabs you want on your million dollars, provided you’re prepared to do it for 17 years and four months.

21. Massachusetts: If you love American history, baseball, and watching the leaves change, you might want to think about retiring in Massachusetts. However, because of the cost of healthcare, your one million will only last you 17 years and four months before you need to get a gig (or win the lotto).

22. Michigan: This state was once an ideal retreat when the summer months came around. Now retirees can live there year ’round without having to worry about wasting their pennies. One million bucks will last you a nice 25 years here.


23. Minnesota: Strangely, this state actually tops the averages when it comes to most expenses. However, it more than makes up for it with its ideal housing costs. Your million will take you through 22 and a half years.

24. Mississippi: Not only is this state the most fun to spell, but it also officially boasts the lowest housing costs of any state on this list. If you want to get the most bang for your buck, then you’ve got to retire here. Your million dollars will last 26 years and four months.

25. Missouri: What’s the biggest reason why people move to Missouri to retire, you ask? Well, it could be the fact that the average annual cost of housing is below $11,000. Start packing your bags now and get ready to spend the next 24 years and 10 months in this place!

26. Montana: If you decide to retire in Montana, not only would you have access to the sights of Glacier National Park, but you’ll also be paying the lowest utility costs in the nation. A million dollars will last you 22 years and 10 months, too!

27. Nebraska: If you’re looking to spend only a small portion of your money on utilities, life in Nebraska might be the life for your retirement. If you go there with one million dollars, it will last you 23 years and 10 months.


28. Nevada: Now, provided you don’t take your million and gamble it away in Los Vegas, Nevada can actually be a very smart place for you to retire due to its relatively low costs. This is another place where a million dollars gets you 22 years.

29. New Hampshire: Priced out of Massachusetts? Consider New Hampshire! While the national averages for living costs are higher than in other regions of the country, you can still get 19 full years out of your million dollars.

30. New Jersey: Believe it or not, New Jersey is the most densely populated state in the country. That, of course, means that housing is going to be hard on your retirement. Your million will get you just 18 and a half years.


31. New Mexico: While housing and healthcare top the list of a retiree’s expenses in this state, you will still save in a major way. Much like some of the midwestern states—but sunnier—you can expect 23 years and three months of retirement with your big bucks.

32. New York: Between the groceries, the housing, and the cost of transportation, living in New York is not cheap by any stretch of the imagination, even if you’ve got one million in your pocket. Your savings will last you only 17 years and one month!

33. North Carolina: Good news, friends! You will save on every living expense you can think of if you choose to retire with a million dollars in North Carolina. Not only that, but you’ll be able to eat all the Carolina-style BBQ you want for 23 years and eight months! What a way to spend your golden years.

34. North Dakota: The cost of healthcare and groceries in North Dakota isn’t much to write home about, but it more than makes up for it when it comes to the cost you’ll pay to house yourself. If you have a million dollars, you’ll live comfortably for 22 years and seven months.

35. Ohio: One of the chief reasons to retire in Ohio isn’t so you can visit the Rock and Roll Hall of Fame daily (though it’s certainly a perk); rather, it’s because it’s got some of the cheapest housing around. If you retire here with one million in savings, you’ll have no problem affording a cozy lifestyle for 24 years and two months.

36. Oklahoma: You don’t have to be a millionaire to retire in Oklahoma. The state has a tremendously low cost of living, which should be reassuring to most retirees. In fact, if you do have one million in your possession, it will last you 25 years and two months.

37. Oregon: If you decide to take your one million and retire to Oregon, it will last you for 17 years and seven months. Oregon is another place where groceries will cost you big time; that said, you get a break when it comes to utilities. Hey! Silver linings…

38. Pennsylvania: Folks who retire to this great state will be paying some of the lowest rates for healthcare imaginable, and that’s important when you’re a senior! If you have a million dollars, expect it to last for 21 years and 11 months.

39. Rhode Island: Congratulations to the smallest state in the union for being the first state on the list where a million will actually see you through the average length of retirement! While groceries are a bit higher in the Ocean State, your money should last you 18 years and two months.

40. South Carolina: This is a beautiful part of the south and a great escape for retirees looking to save money without sacrificing their retirement plans. Housing can be the most expensive item on your list, but your million will still last you 22 years and three months.

41. South Dakota: In this state, your million dollars will do some seriously heavy lifting. You’ll really save money when it comes to expenses like transportation, not to mention, you’ll be able to last as long as you would in Florida: 22 years and four months.

42. Tennessee: The cost of living in Tennessee is so low that it’s surprising retirees aren’t flocking to the state in droves. If you settle down in the state that was once home to Elvis, you can expect to get a full 25 years of retirement from your million.

43. Texas: Unsurprisingly, the priciest expense for retirees in Texas is the cost of transportation. The Lone Star State is pretty big, after all! In every other area, however, you can expect major savings. Yee-haw!


44. Utah: If you want amazing views, beautiful weather, and you have a fascination with the Mormon church, then you’re in luck! Living in Utah is extremely affordable for a person with a million bucks. That money will last 23 years and 10 months.

45. Vermont: If you love the snow and skiing, Vermont is a dream. However, you won’t be saving much money if you retire here. There are reduced healthcare averages, sure, but your million will still only last you 18 years and seven months. Hey, the access to cheddar and maple syrup is worth it!


46. Virginia: They say that Virginia is for lovers, and if you have plans for an active retirement, this state might just win your heart. Virginia’s cost of transportation is exceptionally low, which means a world of savings for seniors on the go. Expect your million to last you 22 years.

47. Washington: Head to the Northwest to get a real bang for your million bucks. In Washington, residents pay well below the national average when it comes to utilities. You’ll have to deal with the state’s infamous rain, but at least your million will last you 21 years and one month!

48. West Virginia: This scenic and often overlooked state has one of the lowest costs for healthcare in the nation. It’s quiet, picturesque, and, because a million dollars will get you 23 years and six months, a popular retirement destination.

49. Wisconsin: Housing in this cheese-loving place is where retirees can expect to find some serious savings. If you retire to this midwestern state with your million in hand, expect it to buy you 23 years and three months of retirement.

50. Wyoming: In this wild Western state, you’re going to wind up spending a little bit more on food and utilities. Still, everything else is so cheap you probably won’t even notice! One million dollars will last you 23 years and eight months.

Can you believe the difference relocating to the state next door can have on your savings? This sort of information highlights why it’s so important to start saving for the future!

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