$1M Retirement Goal. Here’s How Long It Takes in Every State.

A million dollars is a retirement savings goal, celebrated in articles and Reddit threads about 401(k) millionaires.

But a million dollars is not what it used to be. Only 36% of America’s millionaires consider themselves wealthy today, according to a 2025 survey from Northwestern Mutual.

“A million dollars sounds like a cool number,” says Rudri Bhatt Patel, a certified financial health advisor and retirement expert at GOBankingRates. But, he said, “we’re not living in the 1950s.”

A new report from personal finance site GOBankingRates reveals how long $1 million in savings could last by 2026 in every US state.

Short answer: It’s not long enough.

The analysis found that the average retiree would spend $1 million in less than 20 years in all states, based on the average annual cost of retirees in each state.

And longevity research suggests that most Americans will live at least 20 years after retirement.

How much retirement savings make you ‘rich’?

Whatever “wealth” means these days, surveys show, it means having more than $1 million. In the latest Charles Schwab Modern Wealth Survey, for 2025, consumers set the wealth bar at $2.3 million in net worth.

Most retirees did not save that much. The average family in the 65-75 age range has about $200,000 in retirement accounts, according to the 2022 federal Survey of Consumer Finances.

If you want your money to last longer, GOBankingRates suggests, you’d be wiser to retire in the Southeast, or perhaps the Great Plains. The most affordable retirement states are Oklahoma and Mississippi, where $1 million will last about 19 years, followed by Alabama, where the money will last 18.5 years.

“Generally people don’t see Oklahoma or West Virginia or Kansas as places that benefit retirees,” Patel said. But all three ranked among the five least expensive states to retire, the study found.

The report uses average annual costs for people age 65 and older, derived from federal survey data, adjusted for each state according to the local cost of living. To see how far $1 million would go, the researchers divided that amount by the average annual cost of each state.

From an investor’s perspective, the ratings are next. They don’t calculate how much you can get out of that $1 million in an IRA by investing in stocks and bonds. If your investment returns exceed the rate of inflation, then the $1 million will last longer than the estimates in this report.

We should also note that many retirees are doing well with less than $1 million in the bank. Most families live on Social Security alone.

Where do Americans retire? According to a 2025 report from AARP, these are the top five places Americans are moving specifically to retire in 2024: Massachusetts, followed by Florida, Illinois, Kentucky and North Carolina.

If you plan to retire to one of those states, here’s how long $1 million might last in each state:

• Massachusetts: 10.8 years. With an annual cost of living of $92,639, Massachusetts is the second highest state for retirees.
• Florida: 16.4 years. A Florida retiree faces an annual cost of $61,125, ranking it 31st among states for affordability.
• Illinois: 17 years. Illinois is ranked 24th for affordability, with an annual cost of living of $58,913.
• Kentucky: 17.7 years. With an annual cost of $56,456, Kentucky ranks 16th among states for retirement affordability.
• North Carolina: 16.7 years. North Carolina ranks 26th for affordability, with an annual cost of $59,835.

Here are the 10 states where $1 million will last you the longest in retirement, according to GOBankingRates, and each state’s average cost of total annual expenses and housing, which is usually the largest category.

1. Oklahoma: $1 million will last 19.3 years. The annual cost is $51,849. Annual housing costs an average of $8,824.
2. Mississippi: $1 million will last 19 years. The annual cost is $52,524. Annual housing costs an average of $9,122.
3. Alabama: $1 million will last 18.5 years. The annual fee is $53,999. Annual housing costs an average of $9,239.
4. West Virginia: $1 million will last 18.5 years. The annual cost is $54,122. Year-round houses cost an average of $9,200.
5. Kansas: $1 million will last 18.3 years. The annual cost is $54,613. Yearly homes cost an average of $10,071.
6. In Missouri: $1 million will last 18.3 years. The annual cost is $54,674. Annual homes cost an average of $10,110.
7. Arkansas: $1 million will last 18.2 years. The annual cost is $54,859. Yearly homes cost an average of $10,123.
8. Iowa: $1 million will last 18 years. The annual cost is $55,473. Yearly homes cost an average of $10,032.
9. Tennessee: $1 million will last 18 years. The annual cost is $55,473. Yearly homes cost an average of $10,786.
10. Indiana: $1 million will last 18 years. The annual cost is $55,657. Annual housing costs an average of $9,902.

Here are 10 states where $1 million goes the shortest distance in retirement.

1. Hawaii: $1 million will last 9.1 years. The annual cost is $110,393. Annual housing costs an average of $38,803.
2. Massachusetts: $1 million will last 10.8 years. The annual cost is $92,639. Annual housing costs an average of $30,265.
3. California: $1 million will last 11.9 years. The annual cost is $83,978. Yearly homes cost an average of $23,625.
4. Alaska: $1 million will last 12.8 years. The annual cost is $78,449. Yearly homes cost an average of $16,387.
5. New York: $1 million will last 12.9 years. The annual cost is $77,773. Annual housing costs an average of $23,209.
6. Maryland: $1 million will last 13.7 years. The annual cost is $73,043. Yearly homes cost an average of $19,168.
7. New Jersey: $1 million will last 14.2 years. The annual cost is $70,401. Yearly homes cost an average of $18,141.
8. Maine: $1 million will last 14.3 years. The annual cost is $70,155. Yearly homes cost an average of $18,141.
9. Connecticut: $1 million will last 14.3 years. The annual cost is $70,094. Yearly homes cost an average of $16,127.
10. Washington State: $1 million will last 14.3 years. The annual cost is $69,971. Yearly homes cost an average of $15,607.

And here’s how far $1 million would go in 30 other states, ranked from longest to shortest:

Texas: 18 years

North Dakota: 18 years

Nebraska: 17.8 years

Georgia, South Dakota and Kentucky: 17.7 years

New Mexico, South Carolina and Louisiana: 17.6 years

Ohio: 17.5 years

Minnesota: 17.3 years

Michigan: 17.2 years

Wyoming: 17.1 years

Illinois: 17 years

Pennsylvania: 16.8 years

North Carolina and Wisconsin: 16.7 years

Nevada: 16.5 years

Idaho, Utah and Florida: 16.4 years

Virginia: 16.3 years

Colorado: 15.9 years

Delaware: 15.8 years

Arizona: 15 years

New Hampshire: 14.9 years

Montana: 14.8 years

Oregon: 14.6 years

Rhode Island: 14.4 years

Vermont: 14.3 years

This article first appeared in USA TODAY: $1m retirement goal. Here’s how long it lasts in every state.

Reporting by Daniel de Visé, USA TODAY / USA TODAY

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