How Long Will $2 Million Last in Retirement Across the U.S.?
Retirement planning can be daunting, and experts often suggest needing upwards of $1 million saved, with some advocating for $2 million, particularly for those eyeing an extended retirement or relocating to pricier cities.
At first glance, $2 million seems substantial. However, a closer look at the average living costs across all 50 states reveals its limitations over time.
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To explore how long $2 million can sustain retirees nationwide, GOBankingRates analyzed data from the Bureau of Labor Statistics and the Missouri Economic Research and Information Center. The study calculated how many years $2 million would last based on each state’s average annual expenditures for individuals aged 65 and older.
All 50 states ranked from where $2 million can last the longest to the shortest. Here’s how they compare.
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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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
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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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How Long Can $2 Million Last You? A Look at Each State
New Hampshire
- Duration of $2 million: 30.32 years
- Full Breakdown: 30 years, 3 months, 25 days
- Annual Spending: $65,970.34
New Jersey
- Duration of $2 million: 30.37 years
- Full Breakdown: 30 years, 4 months, 14 days
- Annual Spending: $65,854.70
Connecticut
- Duration of $2 million: 30.67 years
- Full Breakdown: 30 years, 7 months, 30 days
- Annual Spending: $65,218.70
Rhode Island
- Duration of $2 million: 31.25 years
- Full Breakdown: 31 years, 2 months, 31 days
- Annual Spending: $64,004.53
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Maine
- Duration of $2 million: 31.48 years
- Full Breakdown: 31 years, 5 months, 22 days
- Annual Spending: $63,541.98
Arizona
- Duration of $2 million: 31.91 years
- Full Breakdown: 31 years, 10 months, 28 days
- Annual Spending: $62,674.71
Colorado
- Duration of $2 million: 32.91 years
- Full Breakdown: 32 years, 10 months, 28 days
- Annual Spending: $60,766.72
Utah
- Duration of $2 million: 33.52 years
- Full Breakdown: 33 years, 6 months, 7 days
- Annual Spending: $59,688.18
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Montana
- Duration of $2 million: 33.62 years
- Full Breakdown: 33 years, 7 months, 12 days
- Annual Spending: $59,494.72
Virginia
- Duration of $2 million: 33.95 years
- Full Breakdown: 33 years, 11 months, 10 days
- Annual Spending: $58,916.54
Delaware
- Duration of $2 million: 34.21 years
- Full Breakdown: 34 years, 2 months, 19 days
- Annual Spending: $58,454.00
How Long Will $2 Million Last in Each State?
Comparing longevity of savings across the U.S.
Nevada
- Years $2 million will last: 34.25
- Breakdown: 34 years, 2 months, 31 days
- Annual spending: $58,396.18
Florida
- Years $2 million will last: 34.35
- Breakdown: 34 years, 4 months, 7 days
- Annual spending: $58,222.73
Idaho
- Years $2 million will last: 35.08
- Breakdown: 35 years, 0 months, 29 days
- Annual spending: $57,008.55
Pennsylvania
- Years $2 million will last: 36.18
- Breakdown: 36 years, 2 months, 6 days
- Annual spending: $55,274.01
North Carolina
- Years $2 million will last: 36.30
- Breakdown: 36 years, 3 months, 17 days
- Annual spending: $55,100.55
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South Carolina
- Years $2 million will last: 36.30
- Breakdown: 36 years, 3 months, 17 days
- Annual spending: $55,100.55
Wisconsin
- Years $2 million will last: 36.37
- Breakdown: 36 years, 4 months, 15 days
- Annual spending: $54,984.92
Ohio
- Years $2 million will last: 36.53
- Breakdown: 36 years, 6 months, 10 days
- Annual spending: $54,753.65
North Dakota
- Years $2 million will last: 36.57
- Breakdown: 36 years, 6 months, 24 days
- Annual spending: $54,695.83
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Minnesota
- Years $2 million will last: 36.76
- Breakdown: 36 years, 9 months, 3 days
- Annual spending: $54,406.74
New Mexico
- Years $2 million will last: 36.80
- Breakdown: 36 years, 9 months, 17 days
- Annual spending: $54,348.92
Texas
- Years $2 million will last: 37.32
- Breakdown: [Data continued]
Top States Where $2 Million Can Last the Longest for Retirees
Study reveals the longevity of retirement savings across various states.
South Dakota
- Duration of $2 million: 37.44 years
- Exact time frame: 37 years, 5 months, 7 days
- Annual spending: $53,423.83
Wyoming
- Duration of $2 million: 37.44 years
- Exact time frame: 37 years, 5 months, 7 days
- Annual spending: $53,423.83
Illinois
- Duration of $2 million: 37.56 years
- Exact time frame: 37 years, 6 months, 22 days
- Annual spending: $53,250.38
Kentucky
- Duration of $2 million: 37.60 years
- Exact time frame: 37 years, 7 months, 6 days
- Annual spending: $53,192.56
Louisiana
- Duration of $2 million: 38.01 years
- Exact time frame: 38 years, 0 months, 4 days
- Annual spending: $52,614.38
Indiana
- Duration of $2 million: 38.01 years
- Exact time frame: 38 years, 0 months, 4 days
- Annual spending: $52,614.38
Nebraska
- Duration of $2 million: 38.05 years
- Exact time frame: 38 years, 0 months, 19 days
- Annual spending: $52,556.56
Georgia
- Duration of $2 million: 38.10 years
- Exact time frame: 38 years, 1 month, 3 days
- Annual spending: $52,498.74
Michigan
- Duration of $2 million: 38.18 years
- Exact time frame: 38 years, 2 months, 6 days
- Annual spending: $52,383.11
Tennessee
- Duration of $2 million: 38.31 years
- Exact time frame: 38 years, 3 months, 21 days
- Annual spending: $52,209.65
Iowa
- Duration of $2 million: 38.31 years
- Exact time frame: 38 years, 3 months, 21 days
- Annual spending: $52,209.65
Arkansas
- Duration of $2 million: 38.87 years
- Exact time frame: 38 years, 10 months, 12 days
- Annual spending: $51,458.02
This analysis sheds light on the most cost-effective states for retirement living, providing crucial insights for future planning.
Planning Retirement: How Long $2 Million Will Last in Each State
Missouri
- Duration of $2 million: 39.09 years
- Breakdown: 39 years, 0 months, 31 days
- Annual spending: $51,168.93
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Alabama
- Duration of $2 million: 39.17 years
- Breakdown: 39 years, 2 months, 4 days
- Annual spending: $51,053.29
West Virginia
- Duration of $2 million: 39.44 years
- Breakdown: 39 years, 5 months, 10 days
- Annual spending: $50,706.39
Kansas
- Duration of $2 million: 39.71 years
- Breakdown: 39 years, 8 months, 17 days
- Annual spending: $50,359.48
Mississippi
- Duration of $2 million: 40.08 years
- Breakdown: 40 years, 0 months, 30 days
- Annual spending: $49,896.93
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Oklahoma
- Duration of $2 million: 40.13 years
- Breakdown: 40 years, 1 month, 16 days
- Annual spending: $49,839.12
Methodology: GOBankingRates calculated the longevity of $2 million based on the average annual expenditures for those 65 and older using data from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey. State expenditure estimates were based on the national figure multiplied by each state’s cost of living index score provided by the Missouri Economic Research and Information Center for 2023. The final duration was obtained by dividing $2,000,000 by each state’s average annual expenditure. All 50 states and the District of Columbia were ranked from longest to shortest duration. Additional data on grocery, housing, utilities, transportation, and healthcare costs for seniors was also collected, with the most recent update as of February 28, 2024.
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This article was originally published on GOBankingRates.com: How Long $2 Million in Retirement Will Last in Every State
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