How Long $750K in Retirement Will Last in Every State
Many Americans target $1 million as their “dream nest egg” for retirement, but the truth is that in many states, even $750,000 can be more than enough. Although your longevity and your lifestyle can greatly impact how much you’ll need for a successful retirement, the state in which you live can also play a big role.
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To determine how long $750,000 will last across the country for those 65 or older, GOBankingRates culled data from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey and the 2023 Missouri Economic Research and Information Center about annual costs in various states. The total cost of living in each state was used to determine how long $750,000 would last for retirees, while specific information about the cost of groceries, utilities, transportation, housing and healthcare for people 65 and older in each state was also analyzed for comparative purposes. States were then ranked in reverse order, with $750,000 lasting the longest in state #1 and #51 being the state where it will run out most quickly (this study also includes Washington D.C.).
The bottom line is that $750,000 can last more than twice as long if you live in a low-cost state in the South rather than higher-cost locations on the coasts or in Hawaii. However, you’ll have to balance the cost of living with the type of retirement you’d enjoy. Here’s the complete list of how long $750,000 will last in each state in order from the shortest amount of time to the longest.
Hawaii
Annual groceries cost: $5,598.10
Annual housing cost: $36,607.65
Annual utilities cost: $6,409.07
Annual transportation cost: $6,673.05
Annual healthcare cost: $9,281.74
Total annual expenditures: $104,245.85
How long $750,000 will last in savings: 7 years 2 months 8 days
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District of Columbia
Annual groceries cost: $5,056.04
Annual housing cost: $27,791.88
Annual utilities cost: $4,685.02
Annual transportation cost: $5,214.87
Annual healthcare cost: $8,294.00
Total annual expenditures: $84,876.82
How long $750,000 will last in savings: 8 years 10 months 2 days
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Massachusetts
Annual groceries cost: $5,051.24
Annual housing cost: $25,547.02
Annual utilities cost: $5,672.00
Annual transportation cost: $5,808.03
Annual healthcare cost: $8,512.66
Total annual expenditures: $84,703.37
How long $750,000 will last in savings: 8 years 10 months 6 days
California
Annual groceries cost: $5,372.64
Annual housing cost: $23,243.70
Annual utilities cost: $5,371.25
Annual transportation cost: $6,208.41
Annual healthcare cost: $8,180.90
Total annual expenditures: $80,077.93
How long $750,000 will last in savings: 9 years 4 months 14 days
New York
Annual groceries cost: $4,950.50
Annual housing cost: $20,577.92
Annual utilities cost: $4,367.32
Annual transportation cost: $5,239.58
Annual healthcare cost: $8,022.56
Total annual expenditures: $72,792.86
How long $750,000 will last in savings: 10 years 3 months 20 days
Alaska
Annual groceries cost: $5,924.30
Annual housing cost: $14,322.70
Annual utilities cost: $6,688.64
Annual transportation cost: $5,699.28
Annual healthcare cost: $11,166.74
Total annual expenditures: $72,388.14
How long $750,000 will last in savings: 10 years 4 months 10 days
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Maryland
Annual groceries cost: $5,104.01
Annual housing cost: $17,117.09
Annual utilities cost: $4,689.25
Annual transportation cost: $4,858.97
Annual healthcare cost: $7,343.96
Total annual expenditures: $67,357.97
How long $750,000 will last in savings: 11 years 1 months 17 days
Washington
Annual groceries cost: $5,267.11
Annual housing cost: $15,047.60
Annual utilities cost: $3,901.36
Annual transportation cost: $6,094.72
Annual healthcare cost: $9,078.16
Total annual expenditures: $67,068.88
How long $750,000 will last in savings: 11 years 2 months 4 days
Vermont
Annual groceries cost: $5,027.26
Annual housing cost: $15,562.05
Annual utilities cost: $5,117.09
Annual transportation cost: $5,284.07
Annual healthcare cost: $7,992.40
Total annual expenditures: $66,664.15
How long $750,000 will last in savings: 11 years 3 months 2 days
Oregon
Annual groceries cost: $5,219.14
Annual housing cost: $15,936.20
Annual utilities cost: $4,062.32
Annual transportation cost: $5,763.54
Annual healthcare cost: $7,939.62
Total annual expenditures: $66,317.25
How long $750,000 will last in savings: 11 years 3 months 23 days
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New Hampshire
Annual groceries cost: $4,892.94
Annual housing cost: $12,802.74
Annual utilities cost: $5,549.16
Annual transportation cost: $5,432.36
Annual healthcare cost: $8,535.28
Total annual expenditures: $65,970.34
How long $750,000 will last in savings: 11 years 4 months 14 days
New Jersey
Annual groceries cost: $4,921.72
Annual housing cost: $15,877.74
Annual utilities cost: $4,587.59
Annual transportation cost: $5,175.32
Annual healthcare cost: $7,487.22
Total annual expenditures: $65,854.70
How long $750,000 will last in savings: 11 years 4 months 22 days
Connecticut
Annual groceries cost: $4,878.55
Annual housing cost: $14,334.39
Annual utilities cost: $5,523.74
Annual transportation cost: $4,962.77
Annual healthcare cost: $8,195.98
Total annual expenditures: $65,218.70
How long $750,000 will last in savings: 11 years 6 months 1 days
Rhode Island
Annual groceries cost: $4,878.55
Annual housing cost: $13,656.26
Annual utilities cost: $4,761.26
Annual transportation cost: $4,572.28
Annual healthcare cost: $8,120.58
Total annual expenditures: $64,004.53
How long $750,000 will last in savings: 11 years 8 months 20 days
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Maine
Annual groceries cost: $4,883.35
Annual housing cost: $13,726.41
Annual utilities cost: $4,519.81
Annual transportation cost: $5,387.87
Annual healthcare cost: $7,758.66
Total annual expenditures: $63,541.98
How long $750,000 will last in savings: 11 years 9 months 18 days
Arizona
Annual groceries cost: $4,902.53
Annual housing cost: $14,509.77
Annual utilities cost: $4,036.91
Annual transportation cost: $5,244.52
Annual healthcare cost: $7,072.52
Total annual expenditures: $62,674.71
How long $750,000 will last in savings: 11 years 11 months 20 days
Colorado
Annual groceries cost: $4,864.16
Annual housing cost: $13,282.11
Annual utilities cost: $3,867.47
Annual transportation cost: $5,200.04
Annual healthcare cost: $7,570.16
Total annual expenditures: $60,766.72
How long $750,000 will last in savings: 12 years 4 months 3 days
Utah
Annual groceries cost: $4,763.42
Annual housing cost: $12,943.04
Annual utilities cost: $4,019.96
Annual transportation cost: $5,195.09
Annual healthcare cost: $6,861.40
Total annual expenditures: $59,668.18
How long $750,000 will last in savings: 12 years 6 months 26 days
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Montana
Annual groceries cost: $4,916.93
Annual housing cost: $12,136.30
Annual utilities cost: $3,931.01
Annual transportation cost: $5,387.87
Annual healthcare cost: $7,366.58
Total annual expenditures: $59,494.72
How long $750,000 will last in savings: 12 years 7 months 10 days
Virginia
Annual groceries cost: $4,825.78
Annual housing cost: $12,358.44
Annual utilities cost: $4,418.15
Annual transportation cost: $4,685.96
Annual healthcare cost: $7,705.88
Total annual expenditures: $58,916.54
How long $750,000 will last in savings: 12 years 8 months 23 days
Delaware
Annual groceries cost: $4,892.94
Annual housing cost: $11,341.24
Annual utilities cost: $4,147.04
Annual transportation cost: $5,046.80
Annual healthcare cost: $7,781.28
Total annual expenditures: $58,454.00
How long $750,000 will last in savings: 12 years 9 months 29 days
Nevada
Annual groceries cost: $4,936.11
Annual housing cost: $12,557.21
Annual utilities cost: $4,197.88
Annual transportation cost: $5,763.54
Annual healthcare cost: $6,914.18
Total annual expenditures: $58,396.18
How long $750,000 will last in savings: 12 years 10 months 2 days
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Florida
Annual groceries cost: $4,773.02
Annual housing cost: $12,428.60
Annual utilities cost: $4,121.63
Annual transportation cost: $4,908.40
Annual healthcare cost: $7,276.10
Total annual expenditures: $58,222.73
How long $750,000 will last in savings: 12 years 10 months 17 days
Idaho
Annual groceries cost: $4,844.97
Annual housing cost: $11,224.32
Annual utilities cost: $3,630.25
Annual transportation cost: $5,200.04
Annual healthcare cost: $7,457.06
Total annual expenditures: $57,008.55
How long $750,000 will last in savings: 13 years 1 months 27 days
Pennsylvania
Annual groceries cost: $4,773.02
Annual housing cost: $9,575.75
Annual utilities cost: $4,545.23
Annual transportation cost: $5,219.81
Annual healthcare cost: $7,110.22
Total annual expenditures: $55,274.01
How long $750,000 will last in savings: 13 years 6 months 26 days
North Carolina
Annual groceries cost: $4,705.86
Annual housing cost: $10,546.18
Annual utilities cost: $4,003.02
Annual transportation cost: $4,537.67
Annual healthcare cost: $8,150.74
Total annual expenditures: $55,100.55
How long $750,000 will last in savings: 13 years 7 months 11 days
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South Carolina
Annual groceries cost: $4,758.62
Annual housing cost: $10,113.58
Annual utilities cost: $4,511.34
Annual transportation cost: $4,488.24
Annual healthcare cost: $7,125.30
Total annual expenditures: $55,100.55
How long $750,000 will last in savings: 13 years 7 months 11 days
Wisconsin
Annual groceries cost: $4,758.62
Annual housing cost: $9,903.12
Annual utilities cost: $4,329.19
Annual transportation cost: $4,839.20
Annual healthcare cost: $8,467.42
Total annual expenditures: $54,984.92
How long $750,000 will last in savings: 13 years 7 months 22 days
Ohio
Annual groceries cost: $4,864.16
Annual housing cost: $9,493.90
Annual utilities cost: $4,202.11
Annual transportation cost: $4,962.77
Annual healthcare cost: $7,381.66
Total annual expenditures: $54,753.65
How long $750,000 will last in savings: 13 years 8 months 12 days
North Dakota
Annual groceries cost: $4,518.77
Annual housing cost: $9,751.13
Annual utilities cost: $4,202.11
Annual transportation cost: $4,908.40
Annual healthcare cost: $8,384.48
Total annual expenditures: $54,695.83
How long $750,000 will last in savings: 13 years 8 months 16 days
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Minnesota
Annual groceries cost: $4,710.65
Annual housing cost: $9,599.13
Annual utilities cost: $3,956.42
Annual transportation cost: $4,804.60
Annual healthcare cost: $8,233.68
Total annual expenditures: $54,406.74
How long $750,000 will last in savings: 13 years 9 months 14 days
New Mexico
Annual groceries cost: $4,624.31
Annual housing cost: $10,207.12
Annual utilities cost: $3,943.72
Annual transportation cost: $4,681.02
Annual healthcare cost: $7,487.22
Total annual expenditures: $54,348.92
How long $750,000 will last in savings: 13 years 9 months 18 days
Texas
Annual groceries cost: $4,590.73
Annual housing cost: $9,716.05
Annual utilities cost: $4,405.44
Annual transportation cost: $4,537.67
Annual healthcare cost: $7,080.06
Total annual expenditures: $53,597.29
How long $750,000 will last in savings: 13 years 11 months 26 days
South Dakota
Annual groceries cost: $4,653.09
Annual housing cost: $10,183.73
Annual utilities cost: $3,706.50
Annual transportation cost: $4,814.48
Annual healthcare cost: $7,381.66
Total annual expenditures: $53,423.83
How long $750,000 will last in savings: 14 years 0 months 15 days
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Wyoming
Annual groceries cost: $4,907.33
Annual housing cost: $9,353.60
Annual utilities cost: $3,710.74
Annual transportation cost: $4,666.19
Annual healthcare cost: $7,547.54
Total annual expenditures: $53,423.83
How long $750,000 will last in savings: 14 years 0 months 15 days
Illinois
Annual groceries cost: $4,701.06
Annual housing cost: $9,330.22
Annual utilities cost: $3,753.10
Annual transportation cost: $5,091.29
Annual healthcare cost: $7,163.00
Total annual expenditures: $53,250.38
How long $750,000 will last in savings: 14 years 0 months 29 days
Kentucky
Annual groceries cost: $4,859.36
Annual housing cost: $8,617.00
Annual utilities cost: $4,422.38
Annual transportation cost: $4,547.56
Annual healthcare cost: $6,310.98
Total annual expenditures: $53,192.56
How long $750,000 will last in savings: 14 years 1 months 6 days
Louisiana
Annual groceries cost: $4,557.15
Annual housing cost: $9,540.67
Annual utilities cost: $3,558.24
Annual transportation cost: $4,735.39
Annual healthcare cost: $7,441.98
Total annual expenditures: $52,614.38
How long $750,000 will last in savings: 14 years 3 months 1 days
Indiana
Annual groceries cost: $4,725.05
Annual housing cost: $8,862.54
Annual utilities cost: $4,519.81
Annual transportation cost: $4,715.62
Annual healthcare cost: $7,268.56
Total annual expenditures: $52,614.38
How long $750,000 will last in savings: 14 years 3 months 1 days
Nebraska
Annual groceries cost: $4,595.53
Annual housing cost: $9,189.91
Annual utilities cost: $3,630.25
Annual transportation cost: $4,943.00
Annual healthcare cost: $7,381.66
Total annual expenditures: $52,556.56
How long $750,000 will last in savings: 14 years 3 months 9 days
Georgia
Annual groceries cost: $4,705.86
Annual housing cost: $9,143.14
Annual utilities cost: $3,621.78
Annual transportation cost: $4,621.71
Annual healthcare cost: $7,562.62
Total annual expenditures: $52,498.74
How long $750,000 will last in savings: 14 years 3 months 16 days
Michigan
Annual groceries cost: $4,739.44
Annual housing cost: $9,014.53
Annual utilities cost: $4,282.60
Annual transportation cost: $4,779.88
Annual healthcare cost: $7,034.82
Total annual expenditures: $52,383.11
How long $750,000 will last in savings: 14 years 3 months 27 days
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Tennessee
Annual groceries cost: $4,686.67
Annual housing cost: $9,634.21
Annual utilities cost: $3,922.54
Annual transportation cost: $4,384.44
Annual healthcare cost: $6,642.74
Total annual expenditures: $52,209.65
How long $750,000 will last in savings: 14 years 4 months 14 days
Iowa
Annual groceries cost: $4,633.90
Annual housing cost: $8,663.77
Annual utilities cost: $4,045.38
Annual transportation cost: $4,873.80
Annual healthcare cost: $7,494.76
Total annual expenditures: $52,209.65
How long $750,000 will last in savings: 14 years 4 months 14 days
Arkansas
Annual groceries cost: $4,571.54
Annual housing cost: $8,722.23
Annual utilities cost: $3,880.18
Annual transportation cost: $4,428.93
Annual healthcare cost: $6,597.50
Total annual expenditures: $51,458.02
How long $750,000 will last in savings: 14 years 6 months 26 days
Missouri
Annual groceries cost: $4,571.54
Annual housing cost: $9,002.84
Annual utilities cost: $4,176.70
Annual transportation cost: $4,493.19
Annual healthcare cost: $6,778.46
Total annual expenditures: $51,168.93
How long $750,000 will last in savings: 14 years 7 months 29 days
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Alabama
Annual groceries cost: $4,609.92
Annual housing cost: $8,184.40
Annual utilities cost: $4,337.66
Annual transportation cost: $4,488.24
Annual healthcare cost: $6,559.80
Total annual expenditures: $51,053.29
How long $750,000 will last in savings: 14 years 8 months 9 days
West Virginia
Annual groceries cost: $4,720.25
Annual housing cost: $7,821.95
Annual utilities cost: $4,053.85
Annual transportation cost: $4,646.42
Annual healthcare cost: $7,283.64
Total annual expenditures: $50,706.39
How long $750,000 will last in savings: 14 years 9 months 15 days
Kansas
Annual groceries cost: $4,662.68
Annual housing cost: $7,880.41
Annual utilities cost: $4,515.58
Annual transportation cost: $4,453.64
Annual healthcare cost: $7,306.26
Total annual expenditures: $50,359.48
How long $750,000 will last in savings: 14 years 10 months 21 days
Mississippi
Annual groceries cost: $4,662.68
Annual housing cost: $8,289.63
Annual utilities cost: $3,642.96
Annual transportation cost: $4,335.01
Annual healthcare cost: $7,419.36
Total annual expenditures: $49,896.93
How long $750,000 will last in savings: 15 years 0 months 11 days
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Oklahoma
Annual groceries cost: $4,528.37
Annual housing cost: $8,009.02
Annual utilities cost: $4,159.75
Annual transportation cost: $4,577.22
Annual healthcare cost: $6,982.04
Total annual expenditures: $49,839.12
How long $750,000 will last in savings: 15 years 0 months 19 days
John Csiszar contributed to the reporting for this article.
Methodology: In order to find how long $750,000 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 $750,000 will last in each state by dividing $750,000 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 $750,000 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 20, 2024.
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This article originally appeared on GOBankingRates.com: How Long $750K in Retirement Will Last in Every State