The 11 States Where $1 Million Lasts Retirees at Least 24 Years

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Jackson, Mississippi
Sean Pavone /

Many folks choose their retirement destination primarily based on nonfinancial factors, such as climate or proximity to family.

Lest you outlive your savings, however, you must also consider cost of living. A recent analysis by shows that your retirement location can significantly impact how long retirement savings last.

The analysis is based on federal data showing how much folks age 65 and older spend in a year and the Council for Community and Economic Research’s data on costs of living. found that a savings of $1 million would last you anywhere from 13 years to 25.5 years in retirement, depending on the state in which you spend your golden years.

The 11 states in which $1 million would last at least 24 years are:

  • Mississippi: 25 years, six months
  • Arkansas: 25 years
  • Tennessee: 24 years, five months
  • Kansas: 24 years, five months
  • Oklahoma: 24 years, four months
  • Missouri: 24 years, four months
  • Michigan: 24 years, two months
  • Texas: 24 years, one month
  • Georgia: 24 years, one month
  • Alabama: 24 years, one month
  • Indiana: 24 years, one month

At the other end of the spectrum is Hawaii, where $1 million would last just 13 years and one month. The Aloha State is followed by the District of Columbia and California, where the same sum would also last 15 years or less. is not the first to calculate how long $1 million will last retirees in each state. Other sites have come up with similar results.

For example, last year, GOBankingRates found that $1 million would also last retirees the longest in Mississippi and be exhausted fastest in Hawaii. The states that GOBankingRates ranked highest were also similar to those in’s top 11 listed above.

Of course, your cost of living in retirement depends on more than just the state where you live. Even among big cities, costs of living can vary dramatically, with $1 million lasting anywhere from fewer than 18 years to as long as 26 years, as we reported in April.

And then there are other countries to consider if you really want to make your retirement savings last as long as possible.

What’s your take on the states where $1 million lasts retirees the longest or the least? Share your thoughts below or on our Facebook page.

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