Retirees expect to save up extra given longer life-expectancy and high inflation.

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• Being a millionaire at retirement isn’t enough to survive for more than two decades in some U.S. states, a GoBanking report reveals.

These days Americans project that they need an ostrich-sized nest egg to afford retirement. The magic number for retirement keeps increasing, as Americans project they’ll require almost $1.5 million to afford a secure retirement— per a Northwestern Mutual’s 2024 Planning & Progress Study. That’s a record high, surging past the rate of inflation, and increasing by more than 50% since the pandemic first struck.

While Americans might be overshooting how much they’ll actually have to save up, the reality is that how much a household needs depends on individual circumstances. “Tempting as it is to put a single number on retirement, the answer to how much you’ll need to save really depends on the life you expect to lead,” Ben Storey, director of Retirement Research & Insights at Bank of America, writes to Merrill. “For some people, $1 million in savings may be plenty; others might need more—or less.”

Naturally, adults saving in preparation for their golden years will likely have different goalposts and budgets, depending on where they live. A recent GoBanking report seeks to figure out how long $1 million lasts for retired Americans, factoring in social security benefits for each state.

The personal finance resource company looked at data from the U.S. Census American Community Survey, Missouri’s Economic and Research Information Center and the Bureau of Labor Statistics Consumer Expenditure Survey. Besides cost-of-living, GoBanking also looked at home prices on Zillow assuming a 10% down payment and 6.91% mortgage rate.

In some places, being a millionaire isn’t enough to even span more than two decades, lasting only 19 years in Massachusetts, 16 in California, and 12 in Hawaii. On the other hand, the same amount of money could stretch 88 years in West Virginia and 87 years in Mississippi. All in all, a retiree of at least 30 years would be comfortable in at least 36 states with $1 million dollars (factoring in social security).

How long a million-dollar nest egg will stretch in each state

Below are the states that GoBanking ranked from most to least expensive to retire on and how long a million dollars lasts in each place:

1. Hawaii

• Average monthly expenses: $2,761

• Annual cost of living factored for one person after Social Security: $80,125

• How many years $1 million (including Social Security) will last: 12.48

2. California

• Average monthly expenses: $2,269

• Annual cost of living factored for one person after Social Security: $61,406

• How long $1 million (including Social Security) will last: 16.29

3. Massachusetts

• Average monthly expenses: $2,340

• Annual cost of living factored for one person after Social Security: $51,686

• How many years $1 million (including Social Security) will last: 19.35

4. Washington

• Average monthly expenses: $2,096

• Annual cost of living factored for one person after Social Security: $45,629

• How many years $1 million (including Social Security) will last: 21.92

5. New Jersey

• Average monthly expenses: $2,001

• Annual cost of living factored for one person after Social Security: $41,315

• How many years $1 million (including Social Security) will last: 24.20

6. Colorado

• Average monthly expenses: $1,899

• Annual cost of living factored for one person after Social Security: $39,759

• How many years $1 million (including Social Security) will last: 25.15

7. New Hampshire

• Average monthly expenses: $2,081

• Annual cost of living factored for one person after Social Security: $38,052

• How many years $1 million (including Social Security) will last: 26.28

8. Utah

• Average monthly expenses: $1,893

• Annual cost of living factored for one person after Social Security: $37,797

• How many years $1 million (including Social Security) will last: 26.46

9. Oregon

• Average monthly expenses: $2,017

• Annual cost of living factored for one person after Social Security: $37,346

• How many years $1 million (including Social Security) will last: 26.78

10. Rhode Island

• Average monthly expenses: $2,113

• Annual cost of living factored for one person after Social Security: $36,920

• How many years $1 million (including Social Security) will last: 27.09

11. Alaska

• Average monthly expenses: $2,601

• Annual cost of living factored for one person after Social Security: $35,853

• How many years $1 million (including Social Security) will last: 27.89

12. New York

• Average monthly expenses: $2,028

• Annual cost of living factored for one person after Social Security: $34,570

• How many years $1 million (including Social Security) will last: 28.93

13. Connecticut

• Average monthly expenses: $2,154

• Annual cost of living factored for one person after Social Security: $34,113

• How many years $1 million (including Social Security) will last: 29.31

14. Nevada

• Average monthly expenses: $1,855

• Annual cost of living factored for one person after Social Security: $32,332

• How many years $1 million (including Social Security) will last: 30.93

15. Idaho

• Average monthly expenses: $1,887

• Annual cost of living factored for one person after Social Security: $32,289

• How many years $1 million (including Social Security) will last: 30.97

16. Montana

• Average monthly expenses: $1,825

• Annual cost of living factored for one person after Social Security: $31,651

• How many years $1 million (including Social Security) will last: 31.59

17. Maryland

• Average monthly expenses: $1,931

• Annual cost of living factored for one person after Social Security: $31,301

• How many years $1 million (including Social Security) will last: 31.95

18. Arizona

• Average monthly expenses: $1,890

• Annual cost of living factored for one person after Social Security: $31,215

• How many years $1 million (including Social Security) will last: 32.04

19. Maine

• Average monthly expenses: $2,070

• Annual cost of living factored for one person after Social Security: $30,194

• How many years $1 million (including Social Security) will last: 33.12

20. Vermont

• Average monthly expenses: $2,050

• Annual cost of living factored for one person after Social Security: $30,022

• How many years $1 million (including Social Security) will last: 33.31

21. Florida

• Average monthly expenses: $1,893

• Annual cost of living factored for one person after Social Security: $29,362

• How many years $1 million (including Social Security) will last: 34.06

22. Virginia

• Average monthly expenses: $1,927

• Annual cost of living factored for one person after Social Security: $28,916

• How many years $1 million (including Social Security) will last: 34.58

23. Delaware

• Average monthly expenses: $1,930

• Annual cost of living factored for one person after Social Security: $27,919

• How many years $1 million (including Social Security) will last: 35.82

24. Wyoming

• Average monthly expenses: $1,864

• Annual cost of living factored for one person after Social Security: $24,836

• How many years $1 million (including Social Security) will last: 40.26

25. Minnesota

• Average monthly expenses: $1,936

• Annual cost of living factored for one person after Social Security: $24,654

• How many years $1 million (including Social Security) will last: 40.56

26. North Carolina

• Average monthly expenses: $1,883

• Annual cost of living factored for one person after Social Security: $23,429

• How many years $1 million (including Social Security) will last: 42.68

27. Georgia

• Average monthly expenses: $1,863

• Annual cost of living factored for one person after Social Security: $23,206

• How many years $1 million (including Social Security) will last: 43.09

28. Wisconsin

• Average monthly expenses: $1,895

• Annual cost of living factored for one person after Social Security: $22,148

• How many years $1 million (including Social Security) will last: 45.15

29. Texas

• Average monthly expenses: $1,851

• Annual cost of living factored for one person after Social Security: $21,155

• How many years $1 million (including Social Security) will last: 47.27

30. South Dakota

• Average monthly expenses: $1,834

• Annual cost of living factored for one person after Social Security: $21,074

• How many years $1 million (including Social Security) will last: 47.45

31. New Mexico

• Average monthly expenses: $1,829

• Annual cost of living factored for one person after Social Security: $20,976

• How many years $1 million (including Social Security) will last: 47.67

32. South Carolina

• Average monthly expenses: $1,838

• Annual cost of living factored for one person after Social Security: $20,595

• How many years $1 million (including Social Security) will last: 48.55

33. Tennessee

• Average monthly expenses: $1,713

• Annual cost of living factored for one person after Social Security: $20,466

• How many years $1 million (including Social Security) will last: 48.86

34. Illinois

• Average monthly expenses: $1,931

• Annual cost of living factored for one person after Social Security: $19,937

• How many years $1 million (including Social Security) will last: 50.16

35. North Dakota

• Average monthly expenses: $1,862

• Annual cost of living factored for one person after Social Security: $19,006

• How many years $1 million (including Social Security) will last: 52.61

36. Pennsylvania

• Average monthly expenses: $1,878

• Annual cost of living factored for one person after Social Security: $18,974

• How many years $1 million (including Social Security) will last: 52.70

37. Nebraska

• Average monthly expenses: $1,857

• Annual cost of living factored for one person after Social Security: $18,172

• How many years $1 million (including Social Security) will last: 55.03

38. Indiana

• Average monthly expenses: $1,854

• Annual cost of living factored for one person after Social Security: $16,826

• How many years $1 million (including Social Security) will last: 59.43

39. Michigan

• Average monthly expenses: $1,835

• Annual cost of living factored for one person after Social Security: $16,561

• How many years $1 million (including Social Security) will last: 60.38

40. Missouri

• Average monthly expenses: $1,780

• Annual cost of living factored for one person after Social Security: $16,403

• How many years $1 million (including Social Security) will last: 60.96

41. Ohio

• Average monthly expenses: $1,853

• Annual cost of living factored for one person after Social Security: $16,099

• How many years $1 million (including Social Security) will last: 62.12

42. Kansas

• Average monthly expenses: $1,801

• Annual cost of living factored for one person after Social Security: $15,315

• How many years $1 million (including Social Security) will last: 65.29

43. Iowa

• Average monthly expenses: $1,836

• Annual cost of living factored for one person after Social Security: $15,158

• How many years $1 million (including Social Security) will last: 65.97

44. Alabama

• Average monthly expenses: $1,794

• Annual cost of living factored for one person after Social Security: $14,874

• How many years $1 million (including Social Security) will last: 67.23

45. Kentucky

• Average monthly expenses: $1,864

• Annual cost of living factored for one person after Social Security: $14,456

• How many years $1 million (including Social Security) will last: 69.17

46. Oklahoma

• Average monthly expenses: $1,832

• Annual cost of living factored for one person after Social Security: $14,048

• How many years $1 million (including Social Security) will last: 71.18

47. Louisiana

• Average monthly expenses: $1,785

• Annual cost of living factored for one person after Social Security: $13,065

• How many years $1 million (including Social Security) will last: 76.54

48. Arkansas

• Average monthly expenses: $1,725

• Annual cost of living factored for one person after Social Security: $13,000

• How many years $1 million (including Social Security) will last: 76.93

49. Mississippi

• Average monthly expenses: $1,784

• Annual cost of living factored for one person after Social Security: $11,473

• How many years $1 million (including Social Security) will last: 87.16

50. West Virginia

• Average monthly expenses: $1,833

• Annual cost of living factored for one person after Social Security: $11,263

• How many years $1 million (including Social Security) will last: 88.79