The 15 states where $1 million in retirement savings will last the longest

Spotmatik Ltd / Shutterstock.comIn these 15 states, retirees can expect to see $US1 million in retirement funds last at least 21 years.
  • New data from GoBankingRates shows that $US1 million in retirement savings could last more than two decades in some states. In Mississippi, a retiree could live on $US1 million for 23 years.
  • The 15 states where $US1 million in savings would last the longest include New Mexico, Wyoming, Georgia, and Michigan.
  • GoBankingRates estimates that on average, $US1 million in retirement savings will last 19 years. Meanwhile, $US1 million in retirement savings will last at least 21 years for retirees living in every state in the top 15.
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Where you decide to retire might have a big impact on how long your retirement money lasts, according to new data from GoBankingRates.

On average, GoBankingRates estimates that $US1 million in savings will last about 19 years in the US. In some places, those savings will cover many fewer years: Those retiring in expensive states like Hawaii can expect their $US1 million of savings to last 10 years and three months from their retirement funds, while those in California will see 13 years.

Meanwhile, $US1 million in retirement savings will last at least 21 years for every state on the list below.

To find this data, GoBankingRates looked at the total annual expenses of people 65 and older, including housing, transportation, healthcare, utilities, and groceries, as well as a cost of living index. Dividing $US1 million by the annual cost of living then yielded the years those retirement savings could last.

Here are the 15 states where $US1 million in retirement funds will last the longest:


15. Ohio

Checubus/ShutterstockCincinnati.

With low costs of living and three major cities to choose from, Ohio is a great place to stretch your retirement dollars over 20 years.

Time $US1 million would last: 21 years and 11 months

Total cost of living for one year: $US32,995


14. Nebraska

ShutterstockOmaha, Nebraska.

Nebraska offers low costs of living, and affordable housing makes it a very attractive option.

Time $US1 million would last: 22 years and 11 months

Total cost of living for one year: $US37,862


13. Iowa

Scott Olson/GettyAn Iowa farmer.

Affordable housing in Iowa makes it a very attractive option for retirees.

Time $US1 million would last: 21 years and 1 month

Total cost of living for one year: $US33,862


12. Indiana

Rafail Akhmetov/ShutterstockIndiana Dunes National Lakeshore.

Indiana’s low costs of living will help retirees live comfortably for 20 years. According to GoBankingRates’ data, housing costs come out to just about $US12,280 per year.

Time $US1 million would last: 22 years and 1 month

Total cost of living for one year: $US33,048


11. Alabama

Sean Pavone/ShutterstockMontgomery, Alabama.

In Alabama, affordable living costs helps $US1 million stretch pretty far. A warm climate and many beaches on the Gulf Coast make it a good alternative to Florida for those looking to live affordably.

Time $US1 million would last: 22 years and 3 months

Total cost of living for one year: $US31,966


10. Wyoming

Associated PressGrand Teton National Park near Jackson Hole, Wyoming.

While many states in the west have higher costs of living, Wyoming has managed to hold on to its affordability.

Time $US1 million would last: 22 years and 3 months

Total cost of living for one year: $US32,584


9. Georgia

ShutterstockSavannah, Georgia.

Georgia residents will find low costs of living and mild winters to be nice perks.

Time $US1 million would last: 22 years and 3 months

Total cost of living for one year: $US33,069


8. Kansas

Sean Pavone/ShutterstockWichita, Kansas.

Kansas’ housing costs are very affordable, and it makes it very easy to live over 20 years comfortably on $US1 million.

Time $US1 million would last: 22 years and 4 months

Total cost of living for one year: $US32,925


7. Michigan

Adventures on Wheels/ShutterstockA natural spring in Michigan.

Michigan offers lots of rural communities and small towns that are perfect for retirees. And with such low costs of living, $US1 million can last a long time.

Time $US1 million would last: 22 years and 4 months

Total cost of living for one year: $US32,724


6. Tennessee

ShutterstockThe Smoky Mountains in Tennessee.

With an abundance of mountains and urban areas, Tennessee offers residents a variety of lifestyles while still being affordable.

Time $US1 million would last: 22 years and 5 months

Total cost of living for one year: $US32,724


5. New Mexico

turtix/ShutterstockAlbuquerque, New Mexico.

With lower costs of living, New Mexico retirees will have plenty of leftover funds to spend on leisure activities.

Time $US1 million would last: 22 years and 9 months

Total cost of living for one year: $US33,324


4. Missouri

Tupungato/ShutterstockKansas City, Missouri.

Missouri’s low costs of living and second-lowest housing costs on this list make it a very affordable place to retire.

Time $US1 million would last: 22 years and 10 months

Total cost of living for one year: $US31,877


3. Oklahoma

Gau Meo/ShutterstockOklahoma City, Oklahoma.

Oklahoma is the third best state for making retirement dollars last – with some of the lowest overall costs in the US, retirees can get a lot of time with the $US1 million they have saved.

Time $US1 million would last: 22 years and 10 months

Total cost of living for one year: $US31,814


2. Arkansas

Jonathannsegal/ShutterstockLittle Rock, Arkansas.

Arkansas boasts both the Ozarks and many natural hot springs, and it might just be ideal for retirees on a budget with such low costs of living.

Time $US1 million would last: 22 years and 10 months

Total cost of living for one year: $US30,960


1. Mississippi

Fotoluminate LLC/ShutterstockGulfport, Mississippi.

Mississippi offers the lowest housing costs in the US. In Mississippi, $US1 million will last over twice as long as it would in the most expensive state, Hawaii, where the same amount would last just 10 years.

Time $US1 million would last: 23 years and 1 month

Total cost of living for one year: $US31,039

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