How long $2 million in retirement savings lasts in every U.S. state

Having $2 million saved for retirement can provide a strong cushion — but how long it lasts depends on where you live.

Retirement savings of $2 million, plus Social Security payments, could last anywhere from just 23 years in Hawaii to 72 years in West Virginia, according to a recent GOBankingRates analysis.

That’s largely due to differences in the cost of living across states, which is primarily driven by housing prices. In states with large urban centers like California, New York and Massachusetts, housing alone can cost $30,000 more per year than in less expensive areas, according to the data. As a result, retirees in those states need more savings to maintain their lifestyles.

The analysis looked at typical retiree expenses, including groceries, housing, transportation, utilities and health care, using data from the Bureau of Labor Statistics 2023 Consumer Expenditure Survey. GOBankingRates adjusted those figures for each state using the Missouri Economic Research and Information Center’s cost-of-living index to offer a more realistic picture of retirement spending.

While $2 million is a high bar — only 1.8% of households have that much saved, according to the Employee Benefit Research Institute — it covers more than 35 years of retirement in all but three states: Hawaii, Massachusetts and California.

That target isn’t far off from most people’s goals. Many consider roughly $1.5 million the “magic number” for retirement savings, according to a Northwestern Mutual survey of 4,588 Americans.

Here’s how long $2 million, plus average Social Security benefits, would last in each state, based on average annual expenses. States are listed in alphabetical order.

• Annual cost after Social Security: $30,207
• Years $2 million lasts: 66

• Annual cost after Social Security: $50,997
• Years $2 million lasts: 39

• Annual cost after Social Security: $44,628
• Years $2 million lasts: 45

• Annual cost after Social Security: $30,327
• Years $2 million lasts: 66

• Annual cost after Social Security: $63,795
• Years $2 million lasts: 31

• Annual cost after Social Security:$38,559
• Years $2 million lasts: 52

• Annual cost after Social Security: $43,967
• Years $2 million lasts: 45

• Annual cost after Social Security: $37,057
• Years $2 million lasts: 54

• Annual cost after Social Security: $38,379
• Years $2 million lasts: 52

• Annual cost after Social Security: $31,829
• Years $2 million lasts: 63

• Annual cost after Social Security: $87,770
• Years $2 million lasts: 23

• Annual cost after Social Security: $38,138
• Years $2 million lasts: 52

• Annual cost after Social Security: $34,233
• Years $2 million lasts: 58

• Annual cost after Social Security: $31,709
• Years $2 million lasts: 63

• Annual cost after Social Security: $31,168
• Years $2 million lasts: 64

• Annual cost after Social Security: $28,945
• Years $2 million lasts: 69

• Annual cost after Social Security: $32,670
• Years $2 million lasts: 61

• Annual cost after Social Security: $33,031
• Years $2 million lasts: 61

• Annual cost after Social Security: $45,048
• Years $2 million lasts: 44

• Annual cost after Social Security: $36,276
• Years $2 million lasts: 55

• Annual cost after Social Security: $65,117
• Years $2 million lasts: 31

• Annual cost after Social Security: $32,310
• Years $2 million lasts: 62

• Annual cost after Social Security: $34,113
• Years $2 million lasts: 59

• Annual cost after Social Security: $29,426
• Years $2 million lasts: 68

• Annual cost after Social Security: $30,327
• Years $2 million lasts: 66

• Annual cost after Social Security: $33,331
• Years $2 million lasts: 60

• Annual cost after Social Security: $32,610
• Years $2 million lasts: 61

• Annual cost after Social Security: $36,997
• Years $2 million lasts: 54

• Annual cost after Social Security: $43,847
• Years $2 million lasts: 46

• Annual cost after Social Security: $45,829
• Years $2 million lasts: 44

• Annual cost after Social Security: $32,670
• Years $2 million lasts: 61

• Annual cost after Social Security: $50,997
• Years $2 million lasts: 39

• Annual cost after Social Security: $35,495
• Years $2 million lasts: 56

• Annual cost after Social Security: $32,190
• Years $2 million lasts: 62

• Annual cost after Social Security: $33,872
• Years $2 million lasts: 59

• Annual cost after Social Security: $29,666
• Years $2 million lasts: 67

• Annual cost after Social Security: $42,945
• Years $2 million lasts: 47

• Annual cost after Social Security: $33,872
• Years $2 million lasts: 59

• Annual cost after Social Security: $44,387
• Years $2 million lasts: 45

• Annual cost after Social Security: $34,052
• Years $2 million lasts: 59

• Annual cost after Social Security: $32,310
• Years $2 million lasts: 62

• Annual cost after Social Security: $30,928
• Years $2 million lasts: 65

• Annual cost after Social Security: $32,490
• Years $2 million lasts: 62

• Annual cost after Social Security: $42,645
• Years $2 million lasts: 47

• Annual cost after Social Security: $45,409
• Years $2 million lasts: 44

• Annual cost after Social Security: $37,237
• Years $2 million lasts: 54

• Annual cost after Social Security: $45,108
• Years $2 million lasts: 44

• Annual cost after Social Security: $27,803
• Years $2 million lasts: 72

• Annual cost after Social Security: $36,516
• Years $2 million lasts: 55

• Annual cost after Social Security: $34,173
• Years $2 million lasts: 59

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