How Long Does $1 Million Last in Retirement? Breaking Down Costs by State

Planning for retirement? The burning question everyone asks: Will $1 million be enough? The answer depends heavily on where you choose to retire. Combined with Social Security benefits, that million-dollar nest egg stretches dramatically differently across America.

The Stark Reality: A Tale of Two Retirements

Your $1 million in retirement savings paired with Social Security creates wildly different outcomes depending on your state. In Hawaii, you’re looking at just over 12 years of comfortable living. Fast forward to West Virginia, and that same amount could sustain you for nearly 89 years.

Think about it: the difference between a decade and nearly a century of retirement income. That’s not luck—it’s geography.

The Expensive Retirement States: Where Your Money Evaporates Fastest

If you’re eyeing the coasts, brace yourself. Here’s what $1 million plus Social Security really buys:

Hawaii leads the expense list with average monthly costs hitting $2,761. After accounting for your Social Security check, you’re burning through roughly $80,125 annually. Your retirement fund? Gone in 12.5 years.

California follows close behind at $2,269 monthly ($61,406 annually after benefits). You’d stretch that $1 million to about 16 years.

Massachusetts residents face $2,340 in monthly expenses, with your million lasting roughly 19 years.

Other pricey states include Washington (22 years), New Jersey (24 years), and Colorado (25 years). If you’re thinking Northeast or West Coast, plan accordingly—these regions demand premium spending power.

The Sweet Spot: States Where Your Money Works Hardest

Want your $1 million to last 30+ years? You’ve got options. Thirty-six states offer this level of longevity when you factor in Social Security benefits.

Nevada comes in at 31 years, with monthly costs around $1,855. Florida stretches your savings to 34 years despite its popularity as a retirement destination. Virginia, Delaware, and Wyoming all hit that 35-40 year range, giving retirees genuine peace of mind.

Arizona, Montana, and Maryland cluster in the 31-32 year range. Even northern states like Maine and Vermont keep you solvent for 33+ years.

The Longest-Lasting Retirement Funds: The Real Hidden Gems

This is where retirement dreams actually thrive. In these five states, your $1 million becomes nearly perpetual:

Mississippi stretches your funds to 87 years with monthly costs under $1,784. West Virginia pushes even further—88.79 years—requiring just $1,833 monthly. Arkansas and Louisiana both exceed 76 years, while Oklahoma hits the 71-year mark.

In these regions, you’re looking at monthly expenses of roughly $1,785 or less. That’s retirement security most people only dream about.

What This Means for Your Retirement Strategy

The data tells a clear story: where you retire matters as much as how much you save. A retiree in West Virginia could maintain double or triple the lifestyle quality of someone spending identically in Hawaii—simply because their cost of living is fundamentally different.

The middle tier—states lasting 40-60 years—includes places like Wyoming, Minnesota, North Carolina, Georgia, and Texas. These represent the real sweet spot: reasonable living costs without sacrificing urban amenities or climate preferences.

The Bottom Line on Retirement Readiness

Whether $1 million plus Social Security suffices depends entirely on your state choice. Three states drain a million-dollar nest egg in under 20 years. Five states stretch it beyond 70 years. Your 36 additional options fall somewhere in between.

The lesson? Don’t just ask “is $1 million enough?” Ask instead: “in which states is $1 million truly enough?” That reframing changes everything about retirement planning.

For those approaching retirement, this analysis suggests a powerful strategy: either boost your savings significantly before relocating to an expensive state, or embrace the financial freedom that lower cost-of-living regions provide. The math is indisputable—geography determines retirement longevity as powerfully as the size of your nest egg.