The 15 states where $1 million in retirement savings won't last for 2 decades

REUTERS/Mike Blake

If you’re planning to retire in New England, on the West Coast, or outside of the mainland US, you might want to start adding extra to your retirement account.

According to GOBankingRates’ latest data, you’ll find that your retirement dollars won’t even stretch to two decades in these 15 states. Thanks to higher costs of living and overall expenses, these 15 states will deplete your retirement dollars quicker than you might expect.

GOBankingRates looked at the annual expenditures for retirees 65 and older, including things like housing, transportation, healthcare, groceries, and utilities. Then, it multiplied those expenses by the cost of living index for each state. Dividing $US1 million by that cost resulted in the number of years retirement funds could last.

Here are the 15 most expensive states for retirees.


15. Nevada

AP/John LocherLas Vegas, Nevada.

Your retirement savings won’t stretch to two decades in Nevada. Higher costs for housing, transportation, and healthcare make retirement dollars fall short.

Time $US1 million would last: 18 years and 4 months

Total cost of living for one year: $US43,421


14. New Hampshire

De Agostini/Getty ImagesFall colours in New Hampshire

New Hampshire may have no income or sales tax, but that doesn’t mean that you won’t have other considerable expenses.

Time $US1 million would last: 18 years and 1 month

Total cost of living for one year: $US42,290


13. Washington

Checubus / ShutterstockSeattle, Washington.

Washington isn’t a particularly affordable state, and retirees might find that their $US1 million doesn’t last as long as they thought it would.

Time $US1 million would last: 17 years and 11 months

Total cost of living for one year: $US43,505


12. Vermont

John Greim/Getty ImagesMontpelier, Vermont.

With housing costs reaching over $US20,000 per year, Vermont isn’t particularly friendly to retiree budgets.

Time $US1 million would last: 18 years and 1 month

Total cost of living for one year: $US44,985


11. Maine

James Mattil / ShutterstockPortland, Maine.

Maine isn’t particularly budget-friendly – though it has slightly lower housing costs than Vermont, higher overall costs of living make up for it.

Time $US1 million would last: 16 years and 11 months

Total cost of living for one year: $US45,575


10. Rhode Island

Getty Images/DenisTangneyJrNewport, Rhode Island

Rhode Island’s housing costs are close to Vermont’s, breaking the $US20,000 per year mark. Combine that with other higher-than-average costs of living, and Rhode Island can be rather expensive.

Time $US1 million would last: 16 years and 8 months

Total cost of living for one year: $US46,194


9. New Jersey

Wikimedia CommonsAtlantic City, New Jersey.

New Jersey isn’t exactly kind to wallets – high costs of living make it an expensive state for anyone, let alone retirees.

Time $US1 million would last: 15 years and 11 months

Total cost of living for one year: $US49,335


8. Connecticut

Christian Hinkle/ShutterstockNew Haven, Connecticut.

New England isn’t a cheap region for retirees, and Connecticut is no exception.

Time $US1 million would last: 15 years and 7 months

Total cost of living for one year: $US48,468


7. Maryland

Jon Bilous/ShutterstockBaltimore, Maryland.

Maryland is the first state on the list to cost over $US50,000 per year in living expenses. Housing in Maryland alone is estimated at somewhere near $US30,000 per year.

Time $US1 million would last: 15 years and 4 months

Total cost of living for one year: $US52,503


6. Alaska

Shutterstock/Ros FraserHomes in Ketchikan, Alaska.

Far away from the mainland US, Alaska’s costs of living are higher than many states.

Time $US1 million would last: 15 years and 3 months

Total cost of living for one year: $US52,616


5. Massachusetts

f11photo/ShutterstockBoston, Massachusetts.

Massachusetts is the most expensive of the New England states. Residents can expect to see high costs across the board, and this state has some of the highest costs for healthcare.

Time $US1 million would last: 15 years and 1 month

Total cost of living for one year: $US52,404


4. Oregon

Josemaria Toscano/ShutterstockPortland, Oregon.

Oregon beats out all of the New England states, mostly because only three states on this list have higher housing costs.

Time $US1 million would last: 14 years and 10 months

Total cost of living for one year: $US54,582


3. New York

Getty Images/Andrew BurtonNew York City, New York.

In New York, housing will be the main expense, and will cost over $US30,000 each year.

Time $US1 million would last: 14 years and 3 months

Total cost of living for one year: $US57,003


2. California

Laurin/ShutterstockLos Angeles, California.

California is home to huge cities like Los Angeles and San Francisco, but affordable living is hard to come by.

Time $US1 million would last: 13 years and 1 month

Total cost of living for one year: $US63,574


1. Hawaii

With the highest costs of living all around, you’ll get just a few months over a decade out of a $US1 million retirement fund in Hawaii. If the Aloha State is your retirement goal, plan to save much more than your mainland retiree friends.

Time $US1 million would last: 10 years and 3 months

Total cost of living for one year: $US85,675

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