How Long $2 Million in Retirement Will Last in Every State
While many financial experts recommend a minimum of $1 million saved for a comfortable retirement, others suggest that the number should be closer to $2 million — especially if your retirement days are many years away or you want to retire in an expensive city.
While $2 million may sound like a lot of money, look at how far it stretches in all 50 states, you start to see how it’s not all that much over time.
Find Out: Here Are All the Promises Trump Has Made About Social Security If He’s Reelected
Read More: 9 Easy Ways To Build Wealth That Will Last Through Retirement
To find how long $2 million will last in retirement across the country, GOBankingRates gathered national average annual expenditures data for people 65 and older from the Bureau of Labor Statistics Consumer Expenditure Survey data, and annual expenditure estimates from the Missouri Economic Research and Information Center.
GOBankingRates divided $2 million by each state’s average annual expenditures estimate. All 50 states (plus Washington, D.C.) were then ranked with No. 1 being the state where $2 million will last the longest, and No. 51 is where it will run out most quickly.
Here’s how the states stack up in that order.
Hawaii
Number of years $2 million will last: 19.19
Years, months and days: 19 years, two months, eight days
Annual expenditures: $104,245.85
View More: America’s 50 Most Expensive Retirement Towns
Be Aware: 6 Money Moves You Must Make If You Want To Be Like the Wealthy
District of Columbia
Number of years $2 million will last: 23.56
Years, months and days: 23 years, six months, 24 days
Annual expenditures: $84,876.82
Try This: Trump Wants To Eliminate Income Taxes: How Would That Impact You If You Are Retired?
Massachusetts
Number of years $2 million will last: 23.61
Years, months and days: 23 years, seven months, 11 days
Annual expenditures: $84,703.37
California
Number of years $2 million will last: 24.98
Years, months and days: 24 years, 11 months, 21 days
Annual expenditures: $80,077.93
New York
Number of years $2 million will last: 27.48
Years, months and days: 27 years, five months, 22 days
Annual expenditures: $72,792.86
Alaska
Number of years $2 million will last: 27.63
Years, months and days: 27 years, seven months, 17 days
Annual expenditures: $72,388.14
For You: These Are America’s 50 Fastest-Growing Retirement Hot Spots
Maryland
Number of years $2 million will last: 29.69
Years, months and days: 29 years, eight months, nine days
Annual expenditures: $67,357.97
Washington
Number of years $2 million will last: 29.82
Years, months and days: 29 years, nine months, 25 days
Annual expenditures: $67,068.88
Vermont
Number of years $2 million will last: 30.00
Years, months and days: 29 years, 11 months, 30 days
Annual expenditures: $66,664.15
Oregon
Number of years $2 million will last: 30.16
Years, months and days: 30 years, one month, 26 days
Annual expenditures: $66,317.25
Discover More: 2 Things Empty Nesters Should Stop Investing In To Boost Retirement Savings
New Hampshire
Number of years $2 million will last: 30.32
Years, months and days: 30 years, three months, 25 days
Annual expenditures: $65,970.34
New Jersey
Number of years $2 million will last: 30.37
Years, months and days: 30 years, four months, 14 days
Annual expenditures: $65,854.70
Connecticut
Number of years $2 million will last: 30.67
Years, months and days: 30 years, seven months, 30 days
Annual expenditures: $65,218.70
Rhode Island
Number of years $2 million will last: 31.25
Years, months and days: 31 years, two months, 31 days
Annual expenditures: $64,004.53
Explore More: Cutting Expenses for Retirement? Here’s the No. 1 Thing To Get Rid Of First
Maine
Number of years $2 million will last: 31.48
Years, months and days: 31 years, five months, 22 days
Annual expenditures: $63,541.98
Arizona
Number of years $2 million will last: 31.91
Years, months and days: 31 years, 10 months, 28 days
Annual expenditures: $62,674.71
Colorado
Number of years $2 million will last: 32.91
Years, months and days: 32 years, 10 months, 28 days
Annual expenditures: $60,766.72
Utah
Number of years $2 million will last: 33.52
Years, months and days: 33 years, six months, seven days
Annual expenditures: $59,688.18
Read More: 8 States To Move to If You Don’t Want To Pay Taxes on Social Security
Montana
Number of years $2 million will last: 33.62
Years, months and days: 33 years, seven months, 12 days
Annual expenditures: $59,494.72
Virginia
Number of years $2 million will last: 33.95
Years, months and days: 33 years, 11 months, 10 days
Annual expenditures: $58,916.54
Delaware
Number of years $2 million will last: 34.21
Years, months and days: 34 years, two months, 19 days
Annual expenditures: $58,454.00
Nevada
Number of years $2 million will last: 34.25
Years, months and days: 34 years, two months, 31 days
Annual expenditures: $58,396.18
Find Out: I’m a Retired Boomer: Here Are 3 Debts You Should Definitely Pay Off Before Retirement
Florida
Number of years $2 million will last: 34.35
Years, months and days: 34 years, four months, seven days
Annual expenditures: $58,222.73
Idaho
Number of years $2 million will last: 35.08
Years, months and days: 35 years, zero months, 29 days
Annual expenditures: $57,008.55
Pennsylvania
Number of years $2 million will last: 36.18
Years, months and days: 36 years, two months, six days
Annual expenditures: $55,274.01
North Carolina
Number of years $2 million will last: 36.30
Years, months and days: 36 years, three months, 17 days
Annual expenditures: $55,100.55
Trending Now: Trump Wants To Eliminate Social Security Taxes: Here’s How Much the Average Retiree Would Save
South Carolina
Number of years $2 million will last: 36.30
Years, months and days: 36 years, three months, 17 days
Annual expenditures: $55.100.55
Wisconsin
Number of years $2 million will last: 36.37
Years, months and days: 36 years, four months, 15 days
Annual expenditures: $54,984.92
Ohio
Number of years $2 million will last: 36.53
Years, months and days: 36 years, six months, 10 days
Annual expenditures: $54,753.65
North Dakota
Number of years $2 million will last: 36.57
Years, months and days: 36 years, six months, 24 days
Annual expenditures: $54,695.83
Learn More: The Average Retirement Age in 2024: US vs. Canada
Minnesota
Number of years $2 million will last: 36.76
Years, months and days: 36 years, nine months, three days
Annual expenditures: $54,406.74
New Mexico
Number of years $2 million will last: 36.80
Years, months and days: 36 years, nine months, 17 days
Annual expenditures: $54,348.92
Texas
Number of years $2 million will last: 37.32
Years, months and days: 37 years, three months, 24 days
Annual expenditures: $53,597.29
South Dakota
Number of years $2 million will last: 37.44
Years, months and days: 37 years, five months, seven days
Annual expenditures: $53,423.83
Wyoming
Number of years $2 million will last: 37.44
Years, months and days: 37 years, five months, seven days
Annual expenditures: $53,423.83
Illinois
Number of years $2 million will last: 37.56
Years, months and days: 37 years, six months, 22 days
Annual expenditures: $53,250.38
Kentucky
Number of years $2 million will last: 37.60
Years, months and days: 37 years, seven months, six days
Annual expenditures: $53,192.56
Louisiana
Number of years $2 million will last: 38.01
Years, months and days: 38 years, zero months, four days
Annual expenditures: $52,614.38
Explore More: 3 Places To Travel That Are Like Hawaii but Way Cheaper
Indiana
Number of years $2 million will last: 38.01
Years, months and days: 38 years, zero months, four days
Annual expenditures: $52,614.38
Nebraska
Number of years $2 million will last: 38.05
Years, months and days: 38 years, zero months, 19 days
Annual expenditures: $52,556.56
Georgia
Number of years $2 million will last: 38.10
Years, months and days: 38 years, one month, three days
Annual expenditures: $52,498.74
Michigan
Number of years $2 million will last: 38.18
Years, months and days: 38 years, two months, six days
Annual expenditures: $52,383.11
Find Out: Barbara Corcoran: Here’s Why I Never Fly First Class
Tennessee
Number of years $2 million will last: 38.31
Years, months and days: 38 years, three months, 21 days
Annual expenditures: $52,209.65
Iowa
Number of years $2 million will last: 38.31
Years, months and days: 38 years, three months, 21 days
Annual expenditures: $52,209.65
Arkansas
Number of years $2 million will last: 38.87
Years, months and days: 38 years, 10 months, 12 days
Annual expenditures: $51,458.02
Missouri
Number of years $2 million will last: 39.09
Years, months and days: 39 years, zero months, 31 days
Annual expenditures: $51,168.93
Learn More: 7 Vacation Destinations To Avoid on a Retirement Budget
Alabama
Number of years $2 million will last: 39.17
Years, months and days: 39 years, two months, four days
Annual expenditures: $51,053.29
West Virginia
Number of years $2 million will last: 39.44
Years, months and days: 39 years, five months, 10 days
Annual expenditures: $50,706.39
Kansas
Number of years $2 million will last: 39.71
Years, months and days: 39 years, eight months, 17 days
Annual expenditures: $50,359.48
Mississippi
Number of years $2 million will last: 40.08
Years, months and days: 40 years, zero months, 30 days
Annual expenditures: $49,896.93
Read Next: 10 Best US Vacation Destinations for Retirees on a Budget
Oklahoma
Number of years $2 million will last: 40.13
Years, months and days: 40 years, one month, 16 days
Annual expenditures: $49.839.12
Methodology: In order to find how long $2,000,000 will last across the country, GOBankingRates first found (1) the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey data. Then, GOBankingRates created (2) state-level annual expenditure estimates by multiplying the national figure by each state’s overall cost of living index score for 2023 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $2,000,000 will last in each state by dividing $2,000,000 by each state’s average annual expenditures estimate. All 50 states and the District of Columbia were then ranked with No. 1 being the state where $2,000,000 will last the longest and No. 51 being the state where it will run out most quickly. GOBankingRates provided supplemental information on the average annual cost of groceries, housing, utilities, transportation, and healthcare for people 65 and older in each state by again using MERIC’s cost of living indices for each category to factor out national estimates from the CEX. All data was collected on and up to date as of Feb. 28, 2024.
More From GOBankingRates
9 Moves For Building Lasting Wealth: What Smart Americans Are Doing Right
3 Best Florida Cities To Buy Property in the Next 5 Years, According To Real Estate Agents
The Average Consumer Has $6,329 in Credit Card Debt. Here's One Smart Way to Get Out
4 Car Models That Will Have Massive Price Drops in October 2024
This article originally appeared on GOBankingRates.com: How Long $2 Million in Retirement Will Last in Every State
