Where in the United States does $1 million in retirement savings last the longest? According to a new study from GOBankingRates, this amount goes the distance in the South. Oklahoma, Mississippi and Alabama ranked as the top three states where $1 million affords 18+ years in retirement.
For this study, GOBankingRates found the national average annual expenditures for people ages 65 and older in every state. From there, we created state-level annual expenditure estimates by multiplying the national figure by each state’s overall cost-of-living index score for Q3 2025. The number of years $1 million lasts in each state was determined by dividing $1 million by each state’s average annual expenditures estimate.
Key Findings
- Three Southern states are the best for retiring on $1 million. It will last over 19 years in both Oklahoma and Mississippi, and 18.5 years in Alabama.
- Hawaii ranks dead last. Retirees can fund just nine years of retirement in The Aloha State.
- The $1 million would last you under 15 years in 16 other states, including all of the West Coast states.
- The 10 states where you can retire longest on $1 million are Oklahoma (#1), Mississippi (#2), Alabama (#3), West Virginia (#4), Kansas (#5), Missouri (#6), Arkansas (#7), Iowa (#8), Tennessee (#8), Indiana (#10).
Here’s how long $1 million lasts for retirement in every state. Also, view our analysis on the nation’s 30 safest and wealthiest retirement towns.
Read More: GOBankingRates Original Research Center
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1. Oklahoma
- Number of years $1 million will last: 19.3
- Average annual expenditures: $51,849
- Average annual grocery costs: $4,973
- Average annual housing costs: $8,824
- Average annual healthcare costs: $7,261
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2. Mississippi
- Number of years $1 million will last: 19
- Average annual expenditures: $52,524
- Average annual grocery costs: $4,952
- Average annual housing costs: $9,122
- Average annual healthcare costs: $7,300
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3. Alabama
- Number of years $1 million will last: 18.5
- Average annual expenditures: $53,999
- Average annual grocery costs: $5,130
- Average annual housing costs: $9,239
- Average annual healthcare costs: $6,910
4. West Virginia
- Number of years $1 million will last: 18.5
- Average annual expenditures: $54,122
- Average annual grocery costs: $5,046
- Average annual housing costs: $9,200
- Average annual healthcare costs: $7,105
5. Kansas
- Number of years $1 million will last: 18.3
- Average annual expenditures: $54,613
- Average annual grocery costs: $5,015
- Average annual housing costs: $10,071
- Average annual healthcare costs: $7,269
6. Missouri
- Number of years $1 million will last: 18.3
- Average annual expenditures: $54,674
- Average annual grocery costs: $4,999
- Average annual housing costs: $10,110
- Average annual healthcare costs: $7,534
7. Arkansas
- Number of years $1 million will last: 18.2
- Average annual expenditures: $54,859
- Average annual grocery costs: $4,847
- Average annual housing costs: $10,123
- Average annual healthcare costs: $6,692
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8. Iowa (tied)
- Number of years $1 million will last: 18
- Average annual expenditures: $55,473
- Average annual grocery costs: $5,141
- Average annual housing costs: $10,032
- Average annual healthcare costs: $7,542
8. Tennessee (tied)
- Number of years $1 million will last: 18
- Average annual expenditures: $55,473
- Average annual grocery costs: $5,083
- Average annual housing costs: $10,786
- Average annual healthcare costs: $6,840
10. Indiana
- Number of years $1 million will last: 18
- Average annual expenditures: $55,657
- Average annual grocery costs: $5,235
- Average annual housing costs: $9,902
- Average annual healthcare costs: $7,854
11. Texas
- Number of years $1 million will last: 18
- Average annual expenditures: $55,780
- Average annual grocery costs: $4,967
- Average annual housing costs: $10,227
- Average annual healthcare costs: $7,495
12. North Dakota
- Number of years $1 million will last: 18
- Average annual expenditures: $56,087
- Average annual grocery costs: $4,952
- Average annual housing costs: $9,941
- Average annual healthcare costs: $8,517
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13. Nebraska
- Number of years $1 million will last: 17.8
- Average annual expenditures: $56,272
- Average annual grocery costs: $5,156
- Average annual housing costs: $10,266
- Average annual healthcare costs: $7,869
14. Georgia (tied)
- Number of years $1 million will last: 17.7
- Average annual expenditures: $56,395
- Average annual grocery costs: $5,135
- Average annual housing costs: $10,240
- Average annual healthcare costs: $7,581
14. South Dakota (tied)
- Number of years $1 million will last: 17.7
- Average annual expenditures: $56,395
- Average annual grocery costs: $5,104
- Average annual housing costs: $11,033
- Average annual healthcare costs: $8,587
16. Kentucky
- Number of years $1 million will last: 17.7
- Average annual expenditures: $56,456
- Average annual grocery costs: $5,235
- Average annual housing costs: $9,746
- Average annual healthcare costs: $7,245
17. New Mexico (tied)
- Number of years $1 million will last: 17.6
- Average annual expenditures: $56,825
- Average annual grocery costs: $5,062
- Average annual housing costs: $11,124
- Average annual healthcare costs: $7,908
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17. South Carolina (tied)
- Number of years $1 million will last: 17.6
- Average annual expenditures: $56,825
- Average annual grocery costs: $5,251
- Average annual housing costs: $10,370
- Average annual healthcare costs: $7,269
19. Louisiana
- Number of years $1 million will last: 17.6
- Average annual expenditures: $56,947
- Average annual grocery costs: $5,036
- Average annual housing costs: $10,929
- Average annual healthcare costs: $7,198
20. Ohio
- Number of years $1 million will last: 17.5
- Average annual expenditures: $57,009
- Average annual grocery costs: $5,183
- Average annual housing costs: $10,968
- Average annual healthcare costs: $7,074
21. Minnesota
- Number of years $1 million will last: 17.3
- Average annual expenditures: $57,869
- Average annual grocery costs: $5,277
- Average annual housing costs: $10,474
- Average annual healthcare costs: $8,103
22. Michigan
- Number of years $1 million will last: 17.2
- Average annual expenditures: $58,176
- Average annual grocery costs: $5,204
- Average annual housing costs: $11,098
- Average annual healthcare costs: $7,620
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23. Wyoming
- Number of years $1 million will last: 17.1
- Average annual expenditures: $58,545
- Average annual grocery costs: $5,241
- Average annual housing costs: $11,332
- Average annual healthcare costs: $7,900
24. Illinois
- Number of years $1 million will last: 17
- Average annual expenditures: $58,913
- Average annual grocery costs: $5,298
- Average annual housing costs: $11,033
- Average annual healthcare costs: $7,955
25. Pennsylvania
- Number of years $1 million will last: 16.8
- Average annual expenditures: $59,650
- Average annual grocery costs: $5,251
- Average annual housing costs: $11,306
- Average annual healthcare costs: $7,362
26. North Carolina
- Number of years $1 million will last: 16.7
- Average annual expenditures: $59,835
- Average annual grocery costs: $5,267
- Average annual housing costs: $11,981
- Average annual healthcare costs: $8,353
27. Wisconsin
- Number of years $1 million will last: 16.7
- Average annual expenditures: $60,019
- Average annual grocery costs: $5,256
- Average annual housing costs: $12,709
- Average annual healthcare costs: $7,978
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28. Nevada
- Number of years $1 million will last: 16.5
- Average annual expenditures: $60,572
- Average annual grocery costs: $5,346
- Average annual housing costs: $14,035
- Average annual healthcare costs: $6,980
29. Idaho
- Number of years $1 million will last: 16.4
- Average annual expenditures: $60,818
- Average annual grocery costs: $5,088
- Average annual housing costs: $13,294
- Average annual healthcare costs: $8,189
30. Utah
- Number of years $1 million will last: 16.4
- Average annual expenditures: $60,879
- Average annual grocery costs: $5,025
- Average annual housing costs: $13,983
- Average annual healthcare costs: $6,996
31. Florida
- Number of years $1 million will last: 16.4
- Average annual expenditures: $61,125
- Average annual grocery costs: $5,550
- Average annual housing costs: $12,878
- Average annual healthcare costs: $7,331
32. Virginia
- Number of years $1 million will last: 16.3
- Average annual expenditures: $61,493
- Average annual grocery costs: $5,283
- Average annual housing costs: $12,956
- Average annual healthcare costs: $8,103
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33. Colorado
- Number of years $1 million will last: 15.9
- Average annual expenditures: $63,091
- Average annual grocery costs: $5,298
- Average annual housing costs: $13,879
- Average annual healthcare costs: $8,220
34. Delaware
- Number of years $1 million will last: 15.8
- Average annual expenditures: $63,152
- Average annual grocery costs: $5,451
- Average annual housing costs: $13,268
- Average annual healthcare costs: $8,056
35. Arizona
- Number of years $1 million will last: 15
- Average annual expenditures: $66,838
- Average annual grocery costs: $5,272
- Average annual housing costs: $16,283
- Average annual healthcare costs: $7,300
36. New Hampshire
- Number of years $1 million will last: 14.9
- Average annual expenditures: $67,084
- Average annual grocery costs: $5,241
- Average annual housing costs: $14,801
- Average annual healthcare costs: $8,275
37. Montana
- Number of years $1 million will last: 14.8
- Average annual expenditures: $67,452
- Average annual grocery costs: $5,262
- Average annual housing costs: $16,023
- Average annual healthcare costs: $8,688
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38. Oregon
- Number of years $1 million will last: 14.6
- Average annual expenditures: $68,681
- Average annual grocery costs: $5,603
- Average annual housing costs: $15,906
- Average annual healthcare costs: $9,086
39. Rhode Island
- Number of years $1 million will last: 14.4
- Average annual expenditures: $69,664
- Average annual grocery costs: $5,545
- Average annual housing costs: $15,646
- Average annual healthcare costs: $8,072
40. Vermont
- Number of years $1 million will last: 14.3
- Average annual expenditures: $69,848
- Average annual grocery costs: $5,650
- Average annual housing costs: $16,725
- Average annual healthcare costs: $8,813
41. Washington
- Number of years $1 million will last: 14.3
- Average annual expenditures: $69,971
- Average annual grocery costs: $5,592
- Average annual housing costs: $15,607
- Average annual healthcare costs: $8,899
42. Connecticut
- Number of years $1 million will last: 14.3
- Average annual expenditures: $70,094
- Average annual grocery costs: $5,619
- Average annual housing costs: $16,127
- Average annual healthcare costs: $8,844
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43. Maine
- Number of years $1 million will last: 14.3
- Average annual expenditures: $70,155
- Average annual grocery costs: $5,377
- Average annual housing costs: $18,141
- Average annual healthcare costs: $8,961
44. New Jersey
- Number of years $1 million will last: 14.2
- Average annual expenditures: $70,401
- Average annual grocery costs: $5,482
- Average annual housing costs: $18,141
- Average annual healthcare costs: $8,867
45. Maryland
- Number of years $1 million will last: 13.7
- Average annual expenditures: $73,043
- Average annual grocery costs: $5,619
- Average annual housing costs: $19,168
- Average annual healthcare costs: $8,439
46. New York
- Number of years $1 million will last: 12.9
- Average annual expenditures: $77,773
- Average annual grocery costs: $5,435
- Average annual housing costs: $23,209
- Average annual healthcare costs: $8,805
47. Alaska
- Number of years $1 million will last: 12.8
- Average annual expenditures: $78,449
- Average annual grocery costs: $6,532
- Average annual housing costs: $16,387
- Average annual healthcare costs: $11,121
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48. California
- Number of years $1 million will last: 11.9
- Average annual expenditures: $83,978
- Average annual grocery costs: $5,645
- Average annual housing costs: $23,625
- Average annual healthcare costs: $8,119
49. Massachusetts
- Number of years $1 million will last: 10.8
- Average annual expenditures: $92,639
- Average annual grocery costs: $5,377
- Average annual housing costs: $30,265
- Average annual healthcare costs: $10,443
50. Hawaii
- Number of years $1 million will last: 9.1
- Average annual expenditures: $110,393
- Average annual grocery costs: $6,853
- Average annual housing costs: $38,803
- Average annual healthcare costs: $9,991
See more original studies and surveys in the GOBankingRates original research center.
Methodology: In order to find how long $1 million will last across the country, GOBankingRates first found (1) the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics’ 2024 Consumer Expenditure Survey data. Then, GOBankingRates created (2) state-level annual expenditure estimates by multiplying the national figure by each state’s overall cost-of-living index score for Q3 2025 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $1 million will last in each state by dividing $1 million by each state’s average annual expenditures estimate. All 50 states were then ranked, with No. 1 being the state where $1 million will last the longest and No. 51 being the state where it will run out most quickly. GOBankingRates provided supplemental information on the average annual cost of groceries, housing, utilities, transportation and healthcare for people 65 and older in each state by again using MERIC’s cost-of-living indices for each category to factor out national estimates from the CEX. All data was collected on Jan. 22, 2026.
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This article originally appeared on GOBankingRates.com: How Long $1 Million Will Last in Retirement in Every State
