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.
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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 February 28, 2024.
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This article originally appeared on GOBankingRates.com: How Long $2 Million in Retirement Will Last in Every State