How long $1 million of retirement savings will take to run out in every U.S. state—it’s only 12 years in Hawaii

Being a millionaire at retirement isn’t enough to survive for more than two decades in some U.S. states, a GoBanking report reveals.

These days Americans project that they need an ostrich-sized nest egg to afford retirement. The magic number for retirement keeps increasing, as Americans project they’ll require almost $1.5 million to afford a secure retirement— per a Northwestern Mutual’s 2024 Planning & Progress Study. That’s a record high, surging past the rate of inflation, and increasing by more than 50% since the pandemic first struck.

While Americans might be overshooting how much they’ll actually have to save up, the reality is that how much a household needs depends on individual circumstances. “Tempting as it is to put a single number on retirement, the answer to how much you’ll need to save really depends on the life you expect to lead,” Ben Storey, director of Retirement Research & Insights at Bank of America, writes to Merrill. “For some people, $1 million in savings may be plenty; others might need more—or less.”

Naturally, adults saving in preparation for their golden years will likely have different goalposts and budgets, depending on where they live. A recent GoBanking report seeks to figure out how long $1 million lasts for retired Americans, factoring in social security benefits for each state.

The personal finance resource company looked at data from the U.S. Census American Community Survey, Missouri’s Economic and Research Information Center and the Bureau of Labor Statistics Consumer Expenditure Survey. Besides cost-of-living, GoBanking also looked at home prices on Zillow assuming a 10% down payment and 6.91% mortgage rate.

In some places, being a millionaire isn’t enough to even span more than two decades, lasting only 19 years in Massachusetts, 16 in California, and 12 in Hawaii. On the other hand, the same amount of money could stretch 88 years in West Virginia and 87 years in Mississippi. All in all, a retiree of at least 30 years would be comfortable in at least 36 states with $1 million dollars (factoring in social security).

How long a million-dollar nest egg will stretch in each state

Below are the states that GoBanking ranked from most to least expensive to retire on and how long a million dollars lasts in each place:

Hawaii

Average monthly expenses: $2,761
Annual cost of living factored for one person after Social Security: $80,125
How many years $1 million (including Social Security) will last: 12.48

2. California

Average monthly expenses: $2,269
Annual cost of living factored for one person after Social Security: $61,406
How long $1 million (including Social Security) will last: 16.29

3. Massachusetts

Average monthly expenses: $2,340
Annual cost of living factored for one person after Social Security: $51,686
How many years $1 million (including Social Security) will last: 19.35

4. Washington

Average monthly expenses: $2,096
Annual cost of living factored for one person after Social Security: $45,629
How many years $1 million (including Social Security) will last: 21.92

5. New Jersey

Average monthly expenses: $2,001
Annual cost of living factored for one person after Social Security: $41,315
How many years $1 million (including Social Security) will last: 24.20

6. Colorado

Average monthly expenses: $1,899
Annual cost of living factored for one person after Social Security: $39,759
How many years $1 million (including Social Security) will last: 25.15

7. New Hampshire

Average monthly expenses: $2,081
Annual cost of living factored for one person after Social Security: $38,052
How many years $1 million (including Social Security) will last: 26.28

8. Utah

Average monthly expenses: $1,893
Annual cost of living factored for one person after Social Security: $37,797
How many years $1 million (including Social Security) will last: 26.46

9. Oregon

Average monthly expenses: $2,017
Annual cost of living factored for one person after Social Security: $37,346
How many years $1 million (including Social Security) will last: 26.78

10. Rhode Island

Average monthly expenses: $2,113
Annual cost of living factored for one person after Social Security: $36,920
How many years $1 million (including Social Security) will last: 27.09

11. Alaska

Average monthly expenses: $2,601
Annual cost of living factored for one person after Social Security: $35,853
How many years $1 million (including Social Security) will last: 27.89

12. New York

Average monthly expenses: $2,028
Annual cost of living factored for one person after Social Security: $34,570
How many years $1 million (including Social Security) will last: 28.93

13. Connecticut

Average monthly expenses: $2,154
Annual cost of living factored for one person after Social Security: $34,113
How many years $1 million (including Social Security) will last: 29.31

14. Nevada

Average monthly expenses: $1,855
Annual cost of living factored for one person after Social Security: $32,332
How many years $1 million (including Social Security) will last: 30.93

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15. Idaho

Average monthly expenses: $1,887
Annual cost of living factored for one person after Social Security: $32,289
How many years $1 million (including Social Security) will last: 30.97

16. Montana

Average monthly expenses: $1,825
Annual cost of living factored for one person after Social Security: $31,651
How many years $1 million (including Social Security) will last: 31.59

17. Maryland

Average monthly expenses: $1,931
Annual cost of living factored for one person after Social Security: $31,301
How many years $1 million (including Social Security) will last: 31.95

18. Arizona

Average monthly expenses: $1,890
Annual cost of living factored for one person after Social Security: $31,215
How many years $1 million (including Social Security) will last: 32.04

19. Maine

Average monthly expenses: $2,070
Annual cost of living factored for one person after Social Security: $30,194
How many years $1 million (including Social Security) will last: 33.12

20. Vermont

Average monthly expenses: $2,050
Annual cost of living factored for one person after Social Security: $30,022
How many years $1 million (including Social Security) will last: 33.31

21. Florida

Average monthly expenses: $1,893
Annual cost of living factored for one person after Social Security: $29,362
How many years $1 million (including Social Security) will last: 34.06

22. Virginia

Average monthly expenses: $1,927
Annual cost of living factored for one person after Social Security: $28,916
How many years $1 million (including Social Security) will last: 34.58

23. Delaware

Average monthly expenses: $1,930
Annual cost of living factored for one person after Social Security: $27,919
How many years $1 million (including Social Security) will last: 35.82

24. Wyoming

Average monthly expenses: $1,864
Annual cost of living factored for one person after Social Security: $24,836
How many years $1 million (including Social Security) will last: 40.26

25. Minnesota

Average monthly expenses: $1,936
Annual cost of living factored for one person after Social Security: $24,654
How many years $1 million (including Social Security) will last: 40.56

26. North Carolina

Average monthly expenses: $1,883
Annual cost of living factored for one person after Social Security: $23,429
How many years $1 million (including Social Security) will last: 42.68

27. Georgia

Average monthly expenses: $1,863
Annual cost of living factored for one person after Social Security: $23,206
How many years $1 million (including Social Security) will last: 43.09

28. Wisconsin

Average monthly expenses: $1,895
Annual cost of living factored for one person after Social Security: $22,148
How many years $1 million (including Social Security) will last: 45.15

29. Texas

Average monthly expenses: $1,851
Annual cost of living factored for one person after Social Security: $21,155
How many years $1 million (including Social Security) will last: 47.27

30. South Dakota

Average monthly expenses: $1,834
Annual cost of living factored for one person after Social Security: $21,074
How many years $1 million (including Social Security) will last: 47.45

31. New Mexico

Average monthly expenses: $1,829
Annual cost of living factored for one person after Social Security: $20,976
How many years $1 million (including Social Security) will last: 47.67

32. South Carolina

Average monthly expenses: $1,838
Annual cost of living factored for one person after Social Security: $20,595
How many years $1 million (including Social Security) will last: 48.55

33. Tennessee

Average monthly expenses: $1,713
Annual cost of living factored for one person after Social Security: $20,466
How many years $1 million (including Social Security) will last: 48.86

34. Illinois

Average monthly expenses: $1,931
Annual cost of living factored for one person after Social Security: $19,937
How many years $1 million (including Social Security) will last: 50.16

35. North Dakota

Average monthly expenses: $1,862
Annual cost of living factored for one person after Social Security: $19,006
How many years $1 million (including Social Security) will last: 52.61

36. Pennsylvania

Average monthly expenses: $1,878
Annual cost of living factored for one person after Social Security: $18,974
How many years $1 million (including Social Security) will last: 52.70

37. Nebraska

Average monthly expenses: $1,857
Annual cost of living factored for one person after Social Security: $18,172
How many years $1 million (including Social Security) will last: 55.03

38. Indiana

Average monthly expenses: $1,854
Annual cost of living factored for one person after Social Security: $16,826
How many years $1 million (including Social Security) will last: 59.43

39. Michigan

Average monthly expenses: $1,835
Annual cost of living factored for one person after Social Security: $16,561
How many years $1 million (including Social Security) will last: 60.38

40. Missouri

Average monthly expenses: $1,780
Annual cost of living factored for one person after Social Security: $16,403
How many years $1 million (including Social Security) will last: 60.96

41. Ohio

Average monthly expenses: $1,853
Annual cost of living factored for one person after Social Security: $16,099
How many years $1 million (including Social Security) will last: 62.12

42. Kansas

Average monthly expenses: $1,801
Annual cost of living factored for one person after Social Security: $15,315
How many years $1 million (including Social Security) will last: 65.29

43. Iowa

Average monthly expenses: $1,836
Annual cost of living factored for one person after Social Security: $15,158
How many years $1 million (including Social Security) will last: 65.97

44. Alabama

Average monthly expenses: $1,794
Annual cost of living factored for one person after Social Security: $14,874
How many years $1 million (including Social Security) will last: 67.23

45. Kentucky

Average monthly expenses: $1,864
Annual cost of living factored for one person after Social Security: $14,456
How many years $1 million (including Social Security) will last: 69.17

46. Oklahoma

Average monthly expenses: $1,832
Annual cost of living factored for one person after Social Security: $14,048
How many years $1 million (including Social Security) will last: 71.18

47. Louisiana

Average monthly expenses: $1,785
Annual cost of living factored for one person after Social Security: $13,065
How many years $1 million (including Social Security) will last: 76.54

48. Arkansas

Average monthly expenses: $1,725
Annual cost of living factored for one person after Social Security: $13,000
How many years $1 million (including Social Security) will last: 76.93

49. Mississippi

Average monthly expenses: $1,784
Annual cost of living factored for one person after Social Security: $11,473
How many years $1 million (including Social Security) will last: 87.16

50. West Virginia

Average monthly expenses: $1,833
Annual cost of living factored for one person after Social Security: $11,263
How many years $1 million (including Social Security) will last: 88.79

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