Retiring with $1 million in the bank may sound safe — but that money may not last as long as you’d hope, depending on where you live.
In 13 U.S. states, ranging from Hawaii to Rhode Island, $1 million in retirement savings is likely to run out in less than 30 years, according to a recent GOBankingRates analysis. In three states, it’ll probably last less than 20 years, the report said.
Specifically, the GOBankingRates report examined how far $1 million in retirement savings, combined with Social Security benefits, would go in each U.S. state, factoring in basic cost-of-living expenses like groceries, housing, utilities, transportation, health care and other miscellaneous expenses.
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The states where retirement savings run out fastest tend to have the highest costs of living, especially for housing. Hawaii topped the list, with $1 million lasting only a dozen years in retirement there, according to the analysis. The state’s land scarcity drives up its home prices, and its isolation means higher transportation costs, since most goods are shipped by sea.
By contrast, $1 million in retirement savings plus Social Security should last at least 30 years in 36 other states, the report said. Here are the 10 states where $1 million runs out the fastest in retirement, according to GOBankingRates:
1. Hawaii
- Monthly expenses: $2,761
- Annual cost after Social Security: $80,125
- Years $1 million lasts: 12
2. California
- Monthly expenses: $2,269
- Annual cost after Social Security: $61,406
- Years $1 million lasts: 16
3. Massachusetts
- Monthly expenses: $2,340
- Annual cost after Social Security: $51,686
- Years $1 million lasts: 19
4. Washington
- Monthly expenses: $2,096
- Annual cost after Social Security: $45,629
- Years $1 million lasts: 22
5. New Jersey
- Monthly expenses: $2,001
- Annual cost after Social Security: $41,315
- Years $1 million lasts: 24
6. Colorado
- Monthly expenses: $1,899
- Annual cost after Social Security: $39,759
- Years $1 million lasts: 25
7. New Hampshire
- Monthly expenses: $2,081
- Annual cost after Social Security: $38,052
- Years $1 million lasts: 26
8. Utah
- Monthly expenses: $1,876
- Annual cost after Social Security: $37,060
- Years $1 million lasts: 26
9. Oregon
- Monthly expenses: $2,017
- Annual cost after Social Security: $37,346
- Years $1 million lasts: 27
10. Rhode Island
- Monthly expenses: $2,113
- Annual cost after Social Security: $36,920
- Years $1 million lasts: 27
The estimates used data from the Missouri Economic Research and Information Center and the Bureau of Labor Statistics. Housing costs were based on a 10% down payment and a 6.91% mortgage rate, as of January 2025, using average 30-year fixed mortgage rates from Freddie Mac and home price data from Zillow.
The analysis excluded federal and state income taxes from its cost-of-living estimates, which could affect how long savings last: Lower taxes may allow savings to last longer.
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