# How Long Will $1 Million Last During Retirement? Here is an estimate based on each State.

Clients are often concerned whether they have enough savings to fund their retirement. We often hear that $1 Million dollars is the baseline for retirement savings, but how far will $1 Million actually go during retirement? Here is a state-by-state breakdown using data from the Bureau of Labor Statistics compiled by GoBankingRate to estimate how long $1 million can last in every single state. These numbers factor in cost-of-living, groceries, utilities, transportation, and healthcare. The result is a ranking of the most expensive, and least expensive state to retire in.

Ready to see how Hawaii compares to Arkansas? Here’s a sneak peek:

- Sun-kissed Hawaii: Here a 1 million-dollar dream might fade after just 10 years. The allure of paradise comes at a price, with a high cost of living eating into savings.
- Midwestern charm: States like Kansas and Missouri offer a different story. Here, a million can comfortably sustain a person for over 20 years. Lower expenses offer a longer retirement horizon with less financial worries.

Remember, personalization is key. Use specific examples from your state or region to further connect with your audience and showcase your expertise in local retirement realities.

**Hawaii**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- Annual 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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**

- 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

Planning for retirement is a responsibility that should be taken seriously, and choosing the right retirement annuity can be a prudent decision. Retirement annuities, acting as personal pension plans, provide a guaranteed income for life, bringing a sense of financial security and stability to retirees. As with any financial decision, it is essential to consult with a qualified financial advisor to assess individual needs and make informed choices. By harnessing the power of retirement annuities, individuals can confidently embrace their well-deserved retirement, knowing that their financial future is in capable hands.

Talk to Hazard & Siegel when you need a comprehensive lifetime financial solution.

Contact us today at 315-414-0722, or visit our personal investing page.