Yahoo Finance 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: 8 Things Boomers Should Sell Right Before Retiring
Read More: The Surprising Way You Can Get Guaranteed Retirement Income for Life
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: Early Retirement: Here’s How Much Savings Is Needed To Retire by 40 in Every State
Be Aware: 3 Genius Things All Wealthy People Do With Their Money
Wealthy people know the best money secrets. Learn how to copy them.
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: Retirement Planning: How Much the Average Person Under 70 Spends Monthly
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: 5 Places in America To Retire That Are Just as Cheap as Mexico, Portugal and Costa Rica
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: 4 Reasons Retired Women Need More Money Than Men — And What To Do About it
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: Retirement Savings: 4 Expenses Retirees Regret Keeping in Their Budgets, According to Experts
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: I’m A Retirement Planner: 4 Moves You Should Make If You Think Trump Will Win the 2024 Election
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 an Economist: Here’s My Prediction for Social Security If Biden Wins the 2024 Election
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: 4 Things Boomers Should Never Sell in Retirement
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: I’m Retired and I Regret Not Taking Social Security at Age 62 — Here’s Why
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
Be Aware: I’m a Financial Planner: What a Trump Win in November Would Mean for Your Retirement Savings
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 Cities To Retire In That Are as Awesome as Honolulu and San Francisco 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: 6 Things the Middle Class Should Sell To Build Their Savings
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: 5 Unnecessary Bills You Should Stop Paying in 2024
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: 6 Clothing Items Frugal People Keep for Many Years
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.
More From GOBankingRates
8 Rare Coins Worth Millions That Are Highly Coveted by Coin Collectors
Housing Market 2024: Home Prices Are Plummeting in 10 Formerly Overpriced Housing Markets
This is The Single Most Overlooked Tool for Becoming Debt-Free
This article originally appeared on GOBankingRates.com: How Long $2 Million in Retirement Will Last in Every State
