How Long $1 Million In Retirement Lasts In Every State—And Where You'll Burn Through It Fastest

A million dollars in retirement savings stretch very different lengths across the U.S., lasting nearly 90 years in some states while running out in just over a decade in others.

West Virginia offers the longest runway for retirement dollars, where $1 million could last 89 years, according to a new GOBankingRates. Mississippi follows at 87 years, while Hawaii burns through the same amount in just 12 years.

The analysis combines $1 million in savings with Social Security benefits, examining basic living costs across states. Calculations include groceries, housing, utilities, transportation, healthcare and miscellaneous expenses, using data from the Missouri Economic Research and Information Center and U.S. Bureau of Labor Statistics, GoBankingRates said 

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Housing costs drive the differences. In California, high living expenses limit $1 million to 16 years of retirement, while Massachusetts residents can expect 19 years from the same amount.

Monthly expenses vary widely, from $1,713 in Tennessee to $2,761 in Hawaii. After accounting for Social Security income, annual costs range from $11,263 in West Virginia to $80,125 in Hawaii.

“Many people consider it a benchmark for a comfortable retirement, but it’s not necessarily enough for everyone,” according to retirement provider Empower. “As the cost of living rises, many retirees will need far more than $1 million to live out their golden years comfortably.”

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Financial experts recommend examining individual circumstances rather than fixating on arbitrary savings targets. Key considerations include desired lifestyle, risk tolerance, location, and additional income sources like pensions or part-time work.

The traditional 4% withdrawal rule suggests retirees can safely take $40,000 annually from a $1 million portfolio, adjusted for inflation, with low risk of depleting funds over 30 years. However, the guideline assumes historical market returns and doesn’t account for taxes or fees.

Most financial planners recommend budgeting about 80% of pre-retirement income to maintain lifestyle standards. For someone earning $100,000, that translates to roughly $80,000 annually in retirement.

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Take a look at the list below, it is a grouping of states by how long $1 million lasts in retirement, according to GOBankingRates.

Under 25 Years:

• Hawaii (12 years, $80,125 annually)
• California (16 years, $61,406 annually)
• Massachusetts (19 years, $51,686 annually)
• Washington (22 years, $45,629 annually)
• New Jersey (24 years, $41,315 annually)

25-35 Years:

• Colorado (25 years, $39,759 annually)
• Utah (26 years, $37,797 annually)
• New Hampshire (26 years, $38,052 annually)
• Oregon (27 years, $37,346 annually)
• Rhode Island (27 years, $36,920 annually)
• Alaska (28 years, $35,853 annually)
• Connecticut (29 years, $34,113 annually)
• New York (29 years, $34,570 annually)
• Idaho (31 years, $32,289 annually)
• Nevada (31 years, $32,332 annually)
• Arizona (32 years, $31,215 annually)
• Maryland (32 years, $31,301 annually)
• Montana (32 years, $31,651 annually)
• Maine (33 years, $30,194 annually)
• Vermont (33 years, $30,022 annually)
• Florida (34 years, $29,362 annually)
• Virginia (35 years, $28,916 annually)

36-50 Years:

• Delaware (36 years, $27,919 annually)
• Wyoming (40 years, $24,836 annually)
• Minnesota (41 years, $24,654 annually)
• Georgia (43 years, $23,429 annually)
• North Carolina (43 years, $23,429 annually)
• Wisconsin (45 years, $22,148 annually)
• Texas (47 years, $21,155 annually)
• South Dakota (47 years, $21,074 annually)
• New Mexico (48 years, $20,976 annually)
• South Carolina (49 years, $20,595 annually)
• Tennessee (49 years, $20,466 annually)
• Illinois (50 years, $19,937 annually)

Over 50 Years:

• North Dakota (53 years, $19,006 annually)
• Pennsylvania (53 years, $18,974 annually)
• Nebraska (55 years, $18,172 annually)
• Indiana (59 years, $16,826 annually)
• Michigan (60 years, $16,561 annually)
• Missouri (61 years, $16,403 annually)
• Ohio (62 years, $16,099 annually)
• Kansas (65 years, $15,315 annually)
• Iowa (66 years, $15,158 annually)
• Alabama (67 years, $14,874 annually)
• Kentucky (69 years, $14,456 annually)
• Oklahoma (71 years, $14,048 annually)
• Arkansas (77 years, $13,065 annually)
• Louisiana (77 years, $13,065 annually)
• Mississippi (87 years, $11,473 annually)
• West Virginia (89 years, $11,263 annually)

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