# How long will a million dollars last in retirement? State-by-state breakdown

## Discover how $1 million can shape your retirement journey across different states and delve into strategies to maximize the longevity of your retirement savings.

## Summary

Planning for the cost of retirement involves considering factors like inflation, withdrawal rates, lifestyle choices, and geographic location.

In the United States, an average of $1 million in retirement savings lasts about 17 years and six months.

Strategies to extend retirement savings include smart withdrawal strategies, relocating to affordable areas, and investing in income-generating assets.

A

__financial advisor__can help you increase your savings and ensure you have enough money to last throughout retirement.

## How to plan for retirement with a million dollars

Mapping out your retirement journey with a million-dollar nest egg relies on making savvy decisions to stretch your savings. Understanding the true cost of retirement is crucial, as it entails navigating through various factors.

Think about inflation, which can chip away at your purchasing power over time, making it essential to consider rising costs in __your financial plans__.

How much you withdraw each year is crucial, too—taking out too much too quickly can deplete your savings, while a more cautious approach can help your money last longer.

Your lifestyle choices, such as travel, hobbies, and healthcare needs, and where you choose to retire also play a big role.

The cost of living varies a lot across the United States, so a million dollars might go much further in some states than others.

By factoring in your location, you can make sure you can confidently cover the cost of retirement.

## How long will $1 million last in retirement: state-by-state breakdown

With a million dollars, your financial future looks bright, but its longevity can vary significantly based on where you choose to live.

On average, in the United States, $1 million in retirement savings can last about 17 years and six months, factoring in various living expenses. However, this number fluctuates depending on state-specific costs, including housing, groceries, and healthcare costs in retirement.

To help you understand how far your money will go, we’ve broken down the typical retirement cost of living by state, showing how long $1 million will last.

This analysis considers essential living costs like groceries, housing, utilities, transportation, and healthcare to give a comprehensive view of your financial horizon in retirement.

**Alabama**

Annual groceries cost: $4,596.

Annual housing cost: $8,243.

Annual utilities cost: $4,312.

Annual transportation cost: $4,404.

Annual healthcare cost: $6,469.

Total annual expenditures: $50,995.

If you __retire in Alabama__, $1 million in savings will last 19 years, seven months, and 11 days.

**Alaska**

Annual groceries cost: $5,814.

Annual housing cost: $14,393.

Annual utilities cost: $6,528.

Annual transportation cost: $5,887.

Annual healthcare cost: $11,227.

Total annual expenditures: $73,082.

If you __retire in Alaska__, $1 million in savings will last 13 years, eight months, and five days.

**Arizona**

Annual groceries cost: $4,936.

Annual housing cost: $15,059.

Annual utilities cost: $4,024.

Annual transportation cost: $5,215.

Annual healthcare cost: $7,178.

Total annual expenditures: $63,600.

If you __retire in Arizona__, $1 million in savings will last 15 years, eight months, and 20 days.

**Arkansas**

Annual groceries cost: $4,548.

Annual housing cost: $8,582.

Annual utilities cost: $3,876.

Annual transportation cost: $4,444.

Annual healthcare cost: $6,469.

Total annual expenditures: $51,169.

If you __retire in Arkansas__, $1 million in savings will last 19 years, six months, and 15 days.

**California**

Annual groceries cost: $5,387.

Annual housing cost: $22,530.

Annual utilities cost: $5,202.

Annual transportation cost: $6,283.

Annual healthcare cost: $8,226.

Total annual expenditures: $78,864.

If you __retire in California__, $1 million in savings will last 12 years, eight months, five days.

**Colorado**

Annual groceries cost: $4,979.

Annual housing cost: $13,691.

Annual utilities cost: $3,944.

Annual transportation cost: $5,254.

Annual healthcare cost: $7,465.

Total annual expenditures: $61,807.

If you __retire in Colorado__, $1 million in savings will last 16 years, two months, and four days.

**Connecticut**

Annual groceries cost: $4,965.

Annual housing cost: $14,381.

Annual utilities cost: $5,871.

Annual transportation cost: $5,170.

Annual healthcare cost: $8,204.

Total annual expenditures: $65,855.

If you __retire in Connecticut__, $1 million in savings will last 15 years, two months, and four days.

**Delaware**

Annual groceries cost: $4,869.

Annual housing cost: $11,213.

Annual utilities cost: $4,219.

Annual transportation cost: $4,923.

Annual healthcare cost: $7,713.

Total annual expenditures: $58,281.

If you __retire in Delaware__, $1 million in savings will last 17 years, one month, and 13 days.

**Florida**

Annual groceries cost: $4,783.

Annual housing cost: $12,557.

Annual utilities cost: $4,189.

Annual transportation cost: $4,805.

Annual healthcare cost: $7,321.

Total annual expenditures: $58,396.

If you __retire in Florida__, $1 million in savings will last 17 years, one month, and 13 days.

**Georgia**

Annual groceries cost: $4,677.

Annual housing cost: $9,096.

Annual utilities cost: $3,740.

Annual transportation cost: $4,582.

Annual healthcare cost: $7,502.

Total annual expenditures: $52,557.

If you __retire in Georgia__, $1 million in savings will last 19 years and 11 days.

**Hawaii**

Annual groceries cost: $5,339.

Annual housing cost: $35,813.

Annual utilities cost: $6,913.

Annual transportation cost: $6,238.

Annual healthcare cost: $9,485.

Total annual expenditures: $103,610.

If you __retire in Hawaii__, $1 million in savings will last nine years, seven months, and 25 days.

**Idaho**

Annual groceries cost: $4,821.

Annual housing cost: $11,072.

Annual utilities cost: $3,745.

Annual transportation cost: $5,279.

Annual healthcare cost: $7,578.

Total annual expenditures: $57,240.

If you __retire in Idaho__, $1 million in savings will last 17 years, five months, and 20 days.

**Illinois**

Annual groceries cost: $4,730.

Annual housing cost: $9,213.

Annual utilities cost: $3,740.

Annual transportation cost: $4,997.

Annual healthcare cost: $7,231.

Total annual expenditures: $53,077.

If you __retire in Illinois__, $1 million in savings will last 18 years, 10 months, and 3 days.

**Indiana**

Annual groceries cost: $4,768.

Annual housing cost: $9,190.

Annual utilities cost: $4,321.

Annual transportation cost: $4,646.

Annual healthcare cost: $7,238.

Total annual expenditures: $52,672.

If you __retire in Indiana__, $1 million in savings will last 18 years, 11 months, and 27 days.

**Iowa**

Annual groceries cost: $4,620.

Annual housing cost: $8,488.

Annual utilities cost: $4,054.

Annual transportation cost: $4,884.

Annual healthcare cost: $7,646.

Total annual expenditures: $51,978.

If you __retire in Iowa__, $1 million in savings will last 19 years, two months, and 26 days.

**Kansas**

Annual groceries cost: $4,629.

Annual housing cost: $7,974.

Annual utilities cost: $4,444.

Annual transportation cost: $4,429.

Annual healthcare cost: $7,382.

Total annual expenditures: $50,533.

If you __retire in Kansas__, $1 million in savings will last 19 years, nine months, and 15 days.

**Kentucky**

Annual groceries cost: $4,835.

Annual housing cost: $9,248.

Annual utilities cost: $4,181.

Annual transportation cost: $4,641.

Annual healthcare cost: $6,665.

Total annual expenditures: $53,886.

If you __retire in Kentucky__, $1 million in savings will last 18 years, six months, 23 days.

**Louisiana**

Annual groceries cost: $4,519.

Annual housing cost: $9,412.

Annual utilities cost: $3,516.

Annual transportation cost: $4,666.

Annual healthcare cost: $7,487.

Total annual expenditures: $52,441.

If you __retire in Louisiana__, $1 million in savings will last 19 years and 26 days.

**Maine**

Annual groceries cost: $4,936.

Annual housing cost: $14,089.

Annual utilities cost: $4,499.

Annual transportation cost: $5,422.

Annual healthcare cost: $8,348.

Total annual expenditures: $64,005.

If you __retire in Maine__, $1 million in savings will last 15 years, seven months, and 15 days.

**Maryland**

Annual groceries cost: $5,200.

Annual housing cost: $16,006.

Annual utilities cost: $4,757.

Annual transportation cost: $4,869.

Annual healthcare cost: $7,646.

Total annual expenditures: $66,375.

If you __retire in Maryland__, $1 million in savings will last 15 years and 26 days.

**Massachusetts**

Annual groceries cost: $5,080.

Annual housing cost: $26,553.

Annual utilities cost: $5,867.

Annual transportation cost: $5,813.

Annual healthcare cost: $8,694.

Total annual expenditures: $85,571.

If you __retire in Massachusetts__, $1 million in savings will last 11 years, eight months, and nine days.

**Michigan**

Annual groceries cost: $4,802.

Annual housing cost: $9,096.

Annual utilities cost: $4,236.

Annual transportation cost: $4,795.

Annual healthcare cost: $7,095.

Total annual expenditures: $52,614.

If you __retire in Michigan__, $1 million in savings will last 19 years and four days.

**Minnesota**

Annual groceries cost: $4,739.

Annual housing cost: $9,634.

Annual utilities cost: $4,033.

Annual transportation cost: $4,781.

Annual healthcare cost: $8,249.

Total annual expenditures: $54,580.

If you __retire in Minnesota__, $1 million in savings will last 18 years, three months, and 27 days.

**Mississippi**

Annual groceries cost: $4,644.

Annual housing cost: $8,488.

Annual utilities cost: $3,685.

Annual transportation cost: $4,216.

Annual healthcare cost: $7,427.

Total annual expenditures: $50,128.

If you __retire in Mississippi__, $1 million in savings will last 19 years, 11 months, and 12 days.

**Missouri**

Annual groceries cost: $4,567.

Annual housing cost: $8,933.

Annual utilities cost: $4,300.

Annual transportation cost: $4,389.

Annual healthcare cost: $6,794.

Total annual expenditures: $51,053.

If you __retire in Missouri__, $1 million in savings will last 19 years, seven months, and three days.

**Montana**

Annual groceries cost: $4,912.

Annual housing cost: $11,984.

Annual utilities cost: $3,995.

Annual transportation cost: $5,684.

Annual healthcare cost: $7,367.

Total annual expenditures: $59,610.

If you __retire in Montana__, $1 million in savings will last 16 years, nine months, and 10 days.

**Nebraska**

Annual groceries cost: $4,586.

Annual housing cost: $9,131.

Annual utilities cost: $3,719.

Annual transportation cost: $4,889.

Annual healthcare cost: $7,517.

Total annual expenditures: $52,614.

If you __retire in Nebraska__, $1 million in savings will last 19 years and four days.

**Nevada**

Annual groceries cost: $4,989.

Annual housing cost: $12,452.

Annual utilities cost: $4,257.

Annual transportation cost: $5,867.

Annual healthcare cost: $6,726.

Total annual expenditures: $58,454.

If you __retire in Nevada__, $1 million in savings will last 17 years, one month, and nine days.

**New Hampshire**

Annual groceries cost: $4,898.

Annual housing cost: $13,259.

Annual utilities cost: $5,418.

Annual transportation cost: $5,556.

Annual healthcare cost: $8,106.

Total annual expenditures: $66,838.

If you __retire in New Hampshire__, $1 million in savings will last 14 years, 11 months, and 16 days.

**New Jersey**

Annual groceries cost: $4,855.

Annual housing cost: $14,779.

Annual utilities cost: $4,651.

Annual transportation cost: $5,091.

Annual healthcare cost: $7,570.

Total annual expenditures: $63,773.

If you __retire in New Jersey__, $1 million in savings will last 15 years, eight months, and six days.

**New Mexico**

Annual groceries cost: $4,610.

Annual housing cost: $10,172.

Annual utilities cost: $3,931.

Annual transportation cost: $4,755.

Annual healthcare cost: $7,419.

Total annual expenditures: $54,291.

If you __retire in New Mexico__, $1 million in savings will last 18 years, five months, and two days.

**New York**

Annual groceries cost: $4,994.

Annual housing cost: $20,695.

Annual utilities cost: $4,363.

Annual transportation cost: $5,304.

Annual healthcare cost: $8,173.

Total annual expenditures: $73,140.

If you __retire in New York__, $1 million in savings will last 13 years, 8 months, and one day.

**North Carolina**

Annual groceries cost: $4,711.

Annual housing cost: $10,792.

Annual utilities cost: $3,914.

Annual transportation cost: $4,548.

Annual healthcare cost: $8,060.

Total annual expenditures: $55,621.

If you __retire in North Carolina__, $1 million in savings will last 17 years, 11 months, and 23 days.

**North Dakota**

Annual groceries cost: $4,495.

Annual housing cost: $9,728.

Annual utilities cost: $4,079.

Annual transportation cost: $5,007.

Annual healthcare cost: $8,452.

Total annual expenditures: $54,522.

If you __retire in North Dakota__, $1 million in savings will last 18 years, four months, and three days.

**Ohio**

Annual groceries cost: $4,816.

Annual housing cost: $9,167.

Annual utilities cost: $4,151.

Annual transportation cost: $4,745.

Annual healthcare cost: $7,630.

Total annual expenditures: $53,308.

If you __retire in Ohio__, $1 million in savings will last 18 years, nine months, and four days.

**Oklahoma**

Annual groceries cost: $4,519.

Annual housing cost: $8,313.

Annual utilities cost: $4,003.

Annual transportation cost: $4,651.

Annual healthcare cost: $6,982.

Total annual expenditures: $50,186.

If you __retire in Oklahoma__, $1 million in savings will last 19 years, 11 months, and five days.

**Oregon**

Annual groceries cost: $5,258.

Annual housing cost: $15,714.

Annual utilities cost: $4,151.

Annual transportation cost: $6,223.

Annual healthcare cost: $8,332.

Total annual expenditures: $66,317.

If you __retire in Oregon__, $1 million in savings will last 15 years, and 29 days.

**Pennsylvania**

Annual groceries cost: $4,715.

Annual housing cost: $9,599.

Annual utilities cost: $4,516.

Annual transportation cost: $5,146.

Annual healthcare cost: $6,959.

Total annual expenditures: $54,811.

If you __retire in Pennsylvania__, $1 million in savings will last 18 years, two months, and 26 days.

**Rhode Island**

Annual groceries cost: $4,960.

Annual housing cost: $14,112.

Annual utilities cost: $4,677.

Annual transportation cost: $4,439.

Annual healthcare cost: $8,068.

Total annual expenditures: $64,756.

If you __retire in Rhode Island__, $1 million in savings will last 15 years, five months, and 10 days.

**South Carolina**

Annual groceries cost: $4,701.

Annual housing cost: $9,435.

Annual utilities cost: $4,744.

Annual transportation cost: $4,512.

Annual healthcare cost: $6,921.

Total annual expenditures: $54,522.

If you __retire in South Carolina__, $1 million in savings will last 18 years, four months, and three days.

**South Dakota**

Annual groceries cost: $4,586.

Annual housing cost: $10,032.

Annual utilities cost: $3,651.

Annual transportation cost: $4,760.

Annual healthcare cost: $7,510.

Total annual expenditures: $53,077.

If you __retire in South Dakota__, $1 million in savings will last 18 years, 10 months, and three days.

**Tennessee**

Annual groceries cost: $4,644.

Annual housing cost: $9,611.

Annual utilities cost: $3,939.

Annual transportation cost: $4,305.

Annual healthcare cost: $6,628.

Total annual expenditures: $52,267.

If you __retire in Tennessee__, $1 million in savings will last 19 years, one month, and 17 days.

**Texas**

Annual groceries cost: $4,605.

Annual housing cost: $9,833.

Annual utilities cost: $4,300.

Annual transportation cost: $4,513.

Annual healthcare cost: $7,042.

Total annual expenditures: $53,701.

If you __retire in Texas__, $1 million in savings will last 18 years, seven months, and seven days.

**Utah**

Annual groceries cost: $4,783.

Annual housing cost: $13,282.

Annual utilities cost: $4,139.

Annual transportation cost: $5,403.

Annual healthcare cost: $6,899.

Total annual expenditures: $60,420.

If you __retire in Utah__, $1 million in savings will last 16 years, sic months, and 18 days.

**Vermont**

Annual groceries cost: $5,066.

Annual housing cost: $15,796.

Annual utilities cost: $5,007.

Annual transportation cost: $4,992.

Annual healthcare cost: $8,090.

Total annual expenditures: $66,433.

If you __retire in Vermont__, $1 million in savings will last 15 years, and 19 days.

**Virginia**

Annual groceries cost: $4,826.

Annual housing cost: $12,347.

Annual utilities cost: $4,359.

Annual transportation cost: $4,577.

Annual healthcare cost: $7,676.

Total annual expenditures: $58,627.

If you __retire in Virginia__, $1 million in savings will last 17 years, and 22 days.

**Washington**

Annual groceries cost: $5,286.

Annual housing cost: $14,966.

Annual utilities cost: $3,961.

Annual transportation cost: $6,490.

Annual healthcare cost: $9,025.

Total annual expenditures: $66,895.

If you __retire in Washington__, $1 million in savings will last 14 years, 11 months, and 12 days.

**West Virginia**

Annual groceries cost: $4,701.

Annual housing cost: $7,284.

Annual utilities cost: $4,067.

Annual transportation cost: $4,528.

Annual healthcare cost: $7,163.

Total annual expenditures: $49,261.

If you __retire in West Virginia__, $1 million in savings will last 20 years, three months, and 19 days.

**Wisconsin**

Annual groceries cost: $4,792.

Annual housing cost: $9,868.

Annual utilities cost: $4,215.

Annual transportation cost: $4,913.

Annual healthcare cost: $8,226.

Total annual expenditures: $55,158.

If you __retire in Wisconsin__, $1 million in savings will last 18 years, one month, and 16 days.

**Wyoming**

Annual groceries cost: $4,917.

Annual housing cost: $9,435.

Annual utilities cost: $3,893.

Annual transportation cost: $4,740.

Annual healthcare cost: $7,578.

Total annual expenditures: $53,886.

If you __retire in Wyoming__, $1 million in savings will last 18 years, six months, and 23 days.

## How do you make your retirement savings last longer?

How long a million dollars will last in retirement involves a mix of smart strategies and careful planning.

One effective approach is to implement a thoughtful withdrawal strategy. Instead of taking out large sums annually, consider using __the 4% rule__, which suggests withdrawing 4% of your retirement savings each year. This method helps balance your needs with the longevity of your funds.

Another strategy is relocating to a more affordable area. Moving to a state or city with a lower cost of living can significantly stretch your savings, giving you more financial freedom.

Investing in annuities or other income-generating assets can also provide a steady stream of income, reducing the need to dip into your principal savings.

Working with a financial advisor can greatly enhance your retirement planning. An advisor can help you develop a personalized strategy that aligns with your financial status and retirement goals. They can provide insights into tax-efficient withdrawal plans, the best investment options, and ways to manage unexpected expenses.

By tailoring a retirement plan to your unique situation, a financial advisor can help ensure you can cope with the cost of retirement, providing peace of mind and financial stability throughout your retirement years.

## Get expert financial advice

In retirement planning, every dollar of your $1 million nest egg counts. By factoring in inflation, withdrawal rates, lifestyle choices, and the diverse cost of living across states, you can create a plan that covers the cost of retirement and ensures the longevity of your $1 million.

Unbiased will connect you with a financial advisor for expert __financial advice__ on how to strategically manage your $1 million retirement savings, tailored to your unique financial situation and retirement goals.

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