03/03/2025
How Long $1 Million in Retirement Savings Lasts in Every U.S. State—Only 12 Years in Hawaii
Retirees today must save more than ever due to increasing life expectancy and rising inflation.
A recent GoBanking report highlights that being a millionaire at retirement may not be enough to sustain a comfortable lifestyle for more than two decades in many U.S. states.
The amount Americans believe they need for retirement continues to rise. According to Northwestern Mutual’s 2024 Planning & Progress Study, the projected retirement savings goal has surged to $1.5 million—a record high that outpaces inflation and reflects a more than 50% increase since the pandemic began.
While these estimates may be higher than what some retirees actually require, the reality is that retirement needs are highly personal.
“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,” says Ben Storey, Director of Retirement Research & Insights at Bank of America. “For some people, $1 million in savings may be plenty; others might need more—or less.”
The Cost of Retirement Varies by State
Where retirees live plays a major role in how long their savings will last. GoBanking’s report analyzed the longevity of a $1 million nest egg across all 50 states, factoring in Social Security benefits, cost of living, home prices, and mortgage rates.
The study incorporated data from sources such as the U.S. Census American Community Survey, the Bureau of Labor Statistics Consumer Expenditure Survey, Missouri’s Economic and Research Information Center, and Zillow (assuming a 10% down payment and a 6.91% mortgage rate).
How Far $1 Million Goes
In high-cost states, $1 million may not even last two decades:
Hawaii: 12 years
California: 16 years
Massachusetts: 19 years
Washington: ~22 years
In low-cost states, $1 million can last a lifetime—or longer:
West Virginia: 88 years
Mississippi: 87 years
Overall, a retiree planning for at least 30 years would likely be comfortable in 36 states with $1 million in savings, factoring in Social Security.
State-by-State Breakdown
GoBanking ranked every state from most to least expensive for retirement based on how long a $1 million retirement fund will last. Here’s how each state compares:
Full Ranking:
1. 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
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
