How Long Does $1 Million Last in Retirement Across America's States

Reaching retirement with $1 million in savings combined with Social Security benefits used to represent the pinnacle of financial security. Today’s economic landscape tells a more nuanced story. The duration your million-dollar nest egg will sustain you varies dramatically depending on where you choose to retire, ranging from just over a decade to nearly nine decades.

A comprehensive analysis examining retirement expenditure patterns across all 50 states reveals a striking reality: geographic location fundamentally shapes how long your retirement savings will last. Researchers at GOBankingRates analyzed 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 to calculate exactly how long $1 million combined with average Social Security benefits supports retirees in each state.

The Extreme Variance: From 12 to 88 Years

The disparity between states tells a compelling story about cost-of-living differences. In Hawaii, where monthly expenditures average $2,761 per person, a $1 million retirement fund depletes in approximately 12.5 years. California and Massachusetts follow, stretching the same amount to just 16 and 19 years respectively.

Conversely, the most affordable states paint an entirely different picture. West Virginia retirees could sustain themselves for nearly 89 years on the same $1 million, with Mississippi allowing 87 years and Arkansas lasting 77 years. These five most economical states—Oklahoma (71 years), Louisiana (77 years), Arkansas (77 years), Mississippi (87 years), and West Virginia (89 years)—would require less than $1,200 monthly in expenses after Social Security contributions.

The middle ground matters too: $1 million combined with Social Security will support a 30-year retirement in 36 states, covering roughly the typical post-65 lifespan for many retirees.

The Most Expensive States for Retirement

High-cost coastal and mountain states dominate the shortest sustainability periods. Beyond Hawaii, California, and Massachusetts, several Northeastern states present significant financial challenges:

Washington (22 years), New Jersey (24 years), Colorado (25 years), New Hampshire (26 years), Utah (26 years), Oregon (27 years), and Rhode Island (27 years) all consume retirement portfolios relatively quickly. These areas reflect higher healthcare costs, housing expenses, and overall cost-of-living indices that accelerate portfolio depletion.

Alaska surprisingly appears in this cohort despite its geographic isolation, with $1 million lasting approximately 28 years due to elevated expenditure costs of $2,601 monthly.

The Most Affordable States for Retirement

The South and Midwest dominate the longest sustainability rankings. West Virginia tops the list at 88.79 years, requiring only $11,263 annually after Social Security benefits. Mississippi (87 years) and Arkansas (77 years) follow closely, where average monthly costs remain under $1,800.

The upper Midwest and Great Plains states also demonstrate exceptional efficiency: Nebraska ($1,857 monthly), Indiana ($1,854 monthly), and Michigan ($1,835 monthly) allow $1 million to last 55-60 years. Southern states including Kentucky (69 years), Alabama (67 years), and Iowa (66 years) similarly provide extended retirement horizons.

State-by-State Breakdown: Where Your Million Stretches Longest

Top 15 Most Expensive States (Under 35 Years)

Top 15 Most Affordable States (Over 60 Years)

Mid-Range States (30-50 Years)

The remaining states cluster between 30 and 60 years of retirement sustainability. This group includes Pennsylvania (53 years), North Carolina (43 years), Georgia (43 years), Wisconsin (45 years), Texas (47 years), South Dakota (47 years), New Mexico (48 years), South Carolina (49 years), and Tennessee (49 years).

These moderate-cost regions offer balanced living expenses and remain popular retirement destinations for those seeking reasonable sustainability horizons.

Understanding the Variables Behind These Numbers

The calculation methodology incorporates multiple cost-of-living dimensions:

Housing and Real Estate: Based on November 2024 Zillow Home Value Index data and current 30-year mortgage rates from the Federal Reserve Economic Data, housing costs significantly impact total expenditures. States with lower median home values naturally show extended portfolio lifespans.

Living Expenses: The analysis includes grocery, healthcare, utilities, transportation, and miscellaneous costs derived from the Bureau of Labor Statistics Consumer Expenditure Survey. Healthcare particularly influences retirement budgets, with state-to-state variations reaching 30-40%.

Social Security Income: Average Social Security benefits for single individuals were sourced from the Social Security Administration’s data, with monthly payments averaging $1,900-$2,000 nationally. These benefits reduce actual portfolio drawdown demands.

Regional Economic Factors: States with lower overall cost-of-living indices—typically Southern and Midwest regions—dramatically extend retirement reserves. The $80,125 annual cost in Hawaii versus $11,263 in West Virginia illustrates this $68,000+ annual differential.

Planning Your Retirement: Geographic Considerations

The data suggests several strategic considerations for retirement planning. If $1 million represents your savings target, relocating to a lower-cost state could extend your retirement comfort by decades. Alternatively, maintaining residence in higher-cost states may require increasing your retirement savings goal by 50-100% to achieve similar security.

Evaluating your personal situation—healthcare needs, family proximity, climate preferences, and desired lifestyle—against these state-by-state sustainability numbers allows for more precise retirement planning. The analysis demonstrates that how long $1 million lasts in retirement isn’t determined solely by your savings amount, but critically by where you choose to spend those years.

Current retirees and pre-retirees should use this geographic analysis as a planning tool, recognizing that Strategic relocation could substantially enhance retirement security without requiring significantly higher savings levels.