One Million Dollars!
It sure does sound like a lot of money—but is it? Well, to the millions of Americans who've saved nothing for retirement it sounds like a fortune. But to those who have managed to put one million dollars aside for their golden years—how many of those years will actually be golden depends on what state they happen to live in.
Based on a calculation of total annual expenditures (including groceries, housing, utilities, transportation, healthcare, etc...) GoBankingRates has determined how many years that $1 Million will cover you for in all 50 states.
The results might shock you.... (we will check out the states in ascending order from least to most years)
Starting with...
50: Hawaii
$1 million will last: 7.3 years
Total annual expenditures: $137,773
Annual groceries cost: $6,463
Annual housing cost: $37,135
Annual utilities cost: $8,573
Annual transportation cost: $6,168
Annual healthcare cost: $9,607
49: California
$1 million will last: 9.2 years
Total annual expenditures: $101,718
Annual groceries cost: $5,536
Annual housing cost: $25,000
Annual utilities cost: $
Annual transportation cost: $6,283
Annual healthcare cost: $8,554
48: Massachusetts
$1 million will last: 10 years
Total annual expenditures: $99,573
Annual groceries cost: $5,174
Annual housing cost: $26,210
Annual utilities cost: $6,495
Annual transportation cost: $5,067
Annual healthcare cost: $9,972
47: Washington
$1 million will last: 12 years
Total annual expenditures: $83,426
Annual groceries cost: $5,234
Annual housing cost: $15,201
Annual utilities cost: $4,010
Annual transportation cost: $5,724
Annual healthcare cost: $9,369
46: New Jersey
$1 million will last: 12.5 years
Total annual expenditures: $79,957
Annual groceries cost: $5,164
Annual housing cost: $16,399
Annual utilities cost: $4,356
Annual transportation cost: $4,886
Annual healthcare cost: $8,528
King of Hearts, CC BY-SA 4.0, Wikimedia Commons
45: New York
$1 million will last: 13.1 years
Total annual expenditures: $76,515
Annual groceries cost: $5,149
Annual housing cost: $20,125
Annual utilities cost: $4,317
Annual transportation cost: $4,942
Annual healthcare cost: $8,639
44: Oregon
$1 million will last: 13.2 years
Total annual expenditures: $75,660
Annual groceries cost: $5,263
Annual housing cost: $15,968
Annual utilities cost: $3,884
Annual transportation cost: $5,488
Annual healthcare cost: $8,703
Spicypepper999, Wikimedia Commons
43: Colorado
$1 million will last: 13.4 years
Total annual expenditures: $74,621
Annual groceries cost: $4,991
Annual housing cost: $12,901
Annual utilities cost: $3,867
Annual transportation cost: $4,386
Annual healthcare cost: $8,274
42: Utah
$1 million will last: 13.6 years
Total annual expenditures: $73,465
Annual groceries cost: $4,842
Annual housing cost: $13,991
Annual utilities cost: $4,165
Annual transportation cost: $5,002
Annual healthcare cost: $7,013
41: New Hampshire
$1 million will last: 13.6 years
Total annual expenditures: $73,355
Annual groceries cost: $4,951
Annual housing cost: $14,075
Annual utilities cost: $4,867
Annual transportation cost: $4,886
Annual healthcare cost: $8,258
Mikespenard, Wikimedia Commons
40: Alaska
$1 million will last: 13.8 years
Total annual expenditures: $72,349
Annual groceries cost: $6,299
Annual housing cost: $14,135
Annual utilities cost: $6,616
Annual transportation cost: $5,289
Annual healthcare cost: $11,900
Quintin Soloviev, CC BY-SA 4.0, Wikimedia Commons
39: Rhode Island
$1 million will last: 13.9
Total annual expenditures: $72,220
Annual groceries cost: $5,050
Annual housing cost: $13,584
Annual utilities cost: $6,062
Annual transportation cost: $4,456
Annual healthcare cost: $8,298
Wirestock Creators, Adobe Stock
38: Maryland
$1 million will last: 14.2 years
Total annual expenditures: $70,645
Annual groceries cost: $5,308
Annual housing cost: $16,267
Annual utilities cost: $4,776
Annual transportation cost: $4,706
Annual healthcare cost: $8,004
37: Connecticut
$1 million will last: 14.3 years
Total annual expenditures: $70,133
Annual groceries cost: $5,085
Annual housing cost: $14,039
Annual utilities cost: $5,884
Annual transportation cost: $4,849
Annual healthcare cost: $8,718
36: Arizona
$1 million will last: 14.4 years
Total annual expenditures: $69,352
Annual groceries cost: $5,011
Annual housing cost: $15,800
Annual utilities cost: $4,559
Annual transportation cost: $4,831
Annual healthcare cost: $7,354
35: Nevada
$1 million will last: 14.6 years
Total annual expenditures: $68,336
Annual groceries cost: $5,115
Annual housing cost: $12,901
Annual utilities cost: $4,499
Annual transportation cost: $5,506
Annual healthcare cost: $6,910
Rmvisuals, CC BY-SA 4.0, Wikimedia Commons
34: Maine
$1 million will last: 14.8 years
Total annual expenditures: $67,770
Annual groceries cost: $5,030
Annual housing cost: $15,417
Annual utilities cost: $4,806
Annual transportation cost: $4,974
Annual healthcare cost: $9,020
Quintin Soloviev, CC BY 4.0, Wikimedia Commons
33: Vermont
$1 million will last: 14.8 years
Total annual expenditures: $67,589
Annual groceries cost: $5,263
Annual housing cost: $15,537
Annual utilities cost: $5,007
Annual transportation cost: $4,433
Annual healthcare cost: $8,837
32: Idaho
$1 million will last: 15 years
Total annual expenditures: $66,598
Annual groceries cost: $5,134
Annual housing cost: $12,087
Annual utilities cost: $3,373
Annual transportation cost: $5,071
Annual healthcare cost: $7,814
31: Montana
$1 million will last: 15.3 years
Total annual expenditures: $65,359
Annual groceries cost: $5,020
Annual housing cost: $10,362
Annual utilities cost: $3,607
Annual transportation cost: $5,076
Annual healthcare cost: $8,433
Quintin Soloviev, CC BY 4.0, Wikimedia Commons
30: Florida
$1 million will last: 15.5 years
Total annual expenditures: $64,693
Annual groceries cost: $5,214
Annual housing cost: $12,949
Annual utilities cost: $4,412
Annual transportation cost: $4,571
Annual healthcare cost: $7,854
29: Virginia
$1 million will last: 15.7
Total annual expenditures: $63,720
Annual groceries cost: $4,936
Annual housing cost: $12,518
Annual utilities cost: $4,321
Annual transportation cost: $4,391
Annual healthcare cost: $8,330
MrPanyGoff, CC BY-SA 2.0, Wikimedia Commons
28: Delaware
$1 million will last: 16.2 years
Total annual expenditures: $61,855
Annual groceries cost: $5,080
Annual housing cost: $11,668
Annual utilities cost: $4,252
Annual transportation cost: $4,729
Annual healthcare cost: $8,123
27: Wyoming
$1 million will last: 17.3 years
Total annual expenditures: $57,755
Annual groceries cost: $4,971
Annual housing cost: $10,613
Annual utilities cost: $3,858
Annual transportation cost: $4,275
Annual healthcare cost: $8,274
26: North Carolina
$1 million will last: 17.5 years
Total annual expenditures: $57,186
Annual groceries cost: $4,877
Annual housing cost: $11,176
Annual utilities cost: $4,204
Annual transportation cost: $4,331
Annual healthcare cost: $8,306
Precisionviews, CC BY-SA 4.0, Wikimedia Commons
25: Minnesota
$1 million will last: 17.7 years
Total annual expenditures: $56,487
Annual groceries cost: $5,060
Annual housing cost: $9,691
Annual utilities cost: $4,217
Annual transportation cost: $4,400
Annual healthcare cost: $8,330
24: Wisconsin
$1 million will last: 18 years
Total annual expenditures: $55,632
Annual groceries cost: $4,857
Annual housing cost: $10,973
Annual utilities cost: $4,010
Annual transportation cost: $4,548
Annual healthcare cost: $8,441
Isaac Rowlett, CC BY 4.0, Wikimedia Commons
23: Georgia
$1 million will last: 18.2 years
Total annual expenditures: $55,060
Annual groceries cost: $4,822
Annual housing cost: $9,487
Annual utilities cost: $4,217
Annual transportation cost: $4,442
Annual healthcare cost: $7,965
22: South Dakota
$1 million will last: 18.6 years
Total annual expenditures: $53,903
Annual groceries cost: $4,832
Annual housing cost: $10,553
Annual utilities cost: $3,616
Annual transportation cost: $4,548
Annual healthcare cost: $8,012
Magicpiano, CC BY-SA 4.0, Wikimedia Commons
21: New Mexico
$1 million will last: 18.7 years
Total annual expenditures: $53,602
Annual groceries cost: $4,778
Annual housing cost: $10,410
Annual utilities cost: $3,650
Annual transportation cost: $4,169
Annual healthcare cost: $8,147
20: South Carolina
$1 million will last: 18.7 years
Total annual expenditures: $53,507
Annual groceries cost: $4,921
Annual housing cost: $10,386
Annual utilities cost: $4,430
Annual transportation cost: $4,382
Annual healthcare cost: $7,378
19: Tennessee
$1 million will last: 18.8 years
Total annual expenditures: $53,204
Annual groceries cost: $4,812
Annual housing cost: $9,967
Annual utilities cost: $3,776
Annual transportation cost: $4,123
Annual healthcare cost: $7,029
18: Texas
$1 million will last: 18.8 years
Total annual expenditures: $53,174
Annual groceries cost: $4,763
Annual housing cost: $9,823
Annual utilities cost: $4,559
Annual transportation cost: $4,294
Annual healthcare cost: $7,497
17: Illinois
$1 million will last: 19.2 years
Total annual expenditures: $51,975
Annual groceries cost: $4,862
Annual housing cost: $9,979
Annual utilities cost: $4,308
Annual transportation cost: $4,784
Annual healthcare cost: $7,862
Lectrician2, CC BY-SA 4.0, Wikimedia Commons
16: Pennsylvania
$1 million will last: 19.4 years
Total annual expenditures: $51,483
Annual groceries cost: $4,916
Annual housing cost: $10,098
Annual utilities cost: $4,590
Annual transportation cost: $4,826
Annual healthcare cost: $7,187
15: North Dakota
$1 million will last: 19.6 years
Total annual expenditures: $51,077
Annual groceries cost: $4,708
Annual housing cost: $9,595
Annual utilities cost: $3,507
Annual transportation cost: $4,618
Annual healthcare cost: $8,584
14: Nebraska
$1 million will last: 20 years
Total annual expenditures: $50,003
Annual groceries cost: $4,916
Annual housing cost: $9,583
Annual utilities cost: $3,828
Annual transportation cost: $4,474
Annual healthcare cost: $7,933
13: Ohio
$1 million will last: 20.6 years
Total annual expenditures: $48,627
Annual groceries cost: $4,901
Annual housing cost: $10,266
Annual utilities cost: $4,300
Annual transportation cost: $4,437
Annual healthcare cost: $7,497
12: Indiana
$1 million will last: 20.8 years
Total annual expenditures: $48,124
Annual groceries cost: $4,822
Annual housing cost: $9,236
Annual utilities cost: $3,919
Annual transportation cost: $4,567
Annual healthcare cost: $7,719
11: Missouri
$1 million will last: 20.8 years
Total annual expenditures: $48,093
Annual groceries cost: $4,758
Annual housing cost: $9,320
Annual utilities cost: $4,278
Annual transportation cost: $4,035
Annual healthcare cost: $7,282
10: Michigan
$1 million will last: 21 years
Total annual expenditures: $47,603
Annual groceries cost: $4,867
Annual housing cost: $8,829
Annual utilities cost: $4,243
Annual transportation cost: $4,608
Annual healthcare cost: $7,084
9: Kentucky
$1 million will last: 21.4 years
Total annual expenditures: $46,774
Annual groceries cost: $4,946
Annual housing cost: $9,427
Annual utilities cost: $3,633
Annual transportation cost: $4,479
Annual healthcare cost: $8,457
Margaret Burlingham, Adobe Stock
8: Iowa
$1 million will last: 21.6 years
Total annual expenditures: $46,367
Annual groceries cost: $4,787
Annual housing cost: $8,960
Annual utilities cost: $4,023
Annual transportation cost: $4,516
Annual healthcare cost: $7,600
Grindstone Media Grp, Adobe Stock
7: Kansas
$1 million will last: 21.6
Total annual expenditures: $46,212
Annual groceries cost: $4,698
Annual housing cost: $8,673
Annual utilities cost: $4,274
Annual transportation cost: $4,169
Annual healthcare cost: $7,497
6: Louisiana
$1 million will last: 22.1 years
Total annual expenditures: $45,337
Annual groceries cost: $4,763
Annual housing cost: $7,663
Annual utilities cost: $3,399
Annual transportation cost: $4,414
Annual healthcare cost: $7,663
Spatms, CC BY-SA 4.0, Wikimedia Commons
5: Alabama
$1 million will last: 22.1
Total annual expenditures: $45,321
Annual groceries cost: $4,817
Annual housing cost: $8,325
Annual utilities cost: $4,330
Annual transportation cost: $4,201
Annual healthcare cost: $6,902
Carol M. Highsmith, Wikimedia Commons
4: Oklahoma
$1 million will last: 22.5 years
Total annual expenditures: $44,412
Annual groceries cost: $4,728
Annual housing cost: $8,218
Annual utilities cost: $4,131
Annual transportation cost: $4,197
Annual healthcare cost: $7,663
Nils Huenerfuerst, CC BY-SA 4.0, Wikimedia Commons
3: Arkansas
$1 million will last: 22.6 years
Total annual expenditures: $44,353
Annual groceries cost: $4,718
Annual housing cost: $8,960
Annual utilities cost: $3,927
Annual transportation cost: $4,164
Annual healthcare cost: $6,799
Law7833, CC BY-SA 4.0, Wikimedia Commons
2: Mississippi
$1 million will last: 23.3 years
Total annual expenditures: $43,005
Annual groceries cost: $4,773
Annual housing cost: $8,852
Annual utilities cost: $3,849
Annual transportation cost: $4,155
Annual healthcare cost: $7,877
1: West Virginia
$1 million will last in savings: 24.5 years
Total annual expenditures: $40,816
Annual groceries cost: $4,906
Annual housing cost: $7,175
Annual utilities cost: $4,183
Annual transportation cost: $4,308
Annual healthcare cost: $7,751
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