$1 Million In Retirement?

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.