GOBankingRates

How Long $5 Million in Retirement Will Last in Every State

By Heather Taylor,

1 day ago

Depending on where you live in the United States, $5 million set aside for your retirement can potentially fund more than 90 years of the next chapter in your life. And even if you don’t plan to reach centenarian status, data shows this amount covers a minimum of 40 years in retirement.

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To determine how long $5 million lasts in retirement, GOBankingRates found the national average annual expenditures for people aged 65 and older and created state-level annual expenditure estimates. Then, $5 million was divided by each state’s average annual expenditures estimate to find how long the amount would last in each state.

Keep reading to find out how long $5 million lasts in retirement in each U.S. state, ranked in order from most to least years.

https://img.particlenews.com/image.php?url=28EZnY_0ubYtpXc00 — DenisTangneyJr / Getty Images/iStockphoto

1. West Virginia

# of years $5M will last: 103.20
Years, months and days: 103 years, two months, 13 days
Annual expenditure: $48,451.48
Annual groceries expenditures: $4,777.81
Annual housing expenditures: $6,711.21
Annual utilities expenditures: $4,003.02
Annual transportation expenditures: $4,587.10
Annual healthcare expenditures: $7,638.02

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2. Oklahoma

# of years $5M will last: 100.09
Years, months and days: 100 years, one month, one day
Annual expenditure: $49,954.75
Annual groceries expenditures: $4,576.34
Annual housing expenditures: $8,055.79
Annual utilities expenditures: $4,121.63
Annual transportation expenditures: $4,414.10
Annual healthcare expenditures: $7,178.08

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https://img.particlenews.com/image.php?url=27vX0O_0ubYtpXc00 — DenisTangneyJr / iStock.com

3. Kansas

# of years $5M will last: 99.06
Years, months and days: 99 years zero months, 21 days
Annual expenditure: $50,475.11
Annual groceries expenditures: $4,585.93
Annual housing expenditures: $8,710.54
Annual utilities expenditures: $4,075.03
Annual transportation expenditures: $4,310.30
Annual healthcare expenditures: $7,434.44

https://img.particlenews.com/image.php?url=0G6AOZ_0ubYtpXc00 — Michael Warren / Getty Images

4. Alabama

# of years $5M will last: 98.16
Years, months and days: 98 years, one month, 26 days
Annual expenditure: $50,937.66
Annual groceries expenditures: $4,657.89
Annual housing expenditures: $8,114.25
Annual utilities expenditures: $4,265.65
Annual transportation expenditures: $4,508.02
Annual healthcare expenditures: $6,574.88

https://img.particlenews.com/image.php?url=3OWZU1_0ubYtpXc00 — SeanPavonePhoto / Getty Images/iStockphoto

5. Mississippi

# of years $5M will last: 97.94
Years, months and days: 97 years, 11 months, eight days
Annual expenditure: $51,053.29
Annual groceries expenditures: $4,609.92
Annual housing expenditures: $8,792.38
Annual utilities expenditures: $3,842.05
Annual transportation expenditures: $4,433.87
Annual healthcare expenditures: $7,592.78

https://img.particlenews.com/image.php?url=0LBZjg_0ubYtpXc00 — peeterv / Getty Images

6. Missouri (tied)

# of years $5M will last: 97.72
Years, months and days: 97 years, eight months, 19 days
Annual expenditure: $51,168.93
Annual groceries expenditures: $4,581.14
Annual housing expenditures: $9,084.68
Annual utilities expenditures: $4,172.46
Annual transportation expenditures: $4,152.12
Annual healthcare expenditures: $6,876.48

https://img.particlenews.com/image.php?url=13ca6l_0ubYtpXc00 — Sean Pavone / Getty Images/iStockphoto

6. Arkansas (tied)

# of years $5M will last: 97.72
Years, months and days: 97 years, eight months, 19 days
Annual expenditure: $51,168.93
Annual groceries expenditures: $4,557.15
Annual housing expenditures: $8,757.31
Annual utilities expenditures: $3,842.05
Annual transportation expenditures: $4,359.73
Annual healthcare expenditures: $6,650.28

https://img.particlenews.com/image.php?url=0JkVYP_0ubYtpXc00 — pabradyphoto / Getty Images/iStockphoto

8. Iowa

# of years $5M will last: 95.98
Years, months and days: 95 years, 11 months, 23 days
Annual expenditure: $52,094.02
Annual groceries expenditures: $4,638.70
Annual housing expenditures: $8,780.69
Annual utilities expenditures: $3,960.66
Annual transportation expenditures: $4,789.77
Annual healthcare expenditures: $7,261.02

https://img.particlenews.com/image.php?url=2CBlbJ_0ubYtpXc00 — Kruck20 / Getty Images

9. Tennessee (tied)

# of years $5M will last: 95.77
Years, months and days: 95 years, nine months, seven days
Annual expenditure: $52,209.65
Annual groceries expenditures: $4,657.89
Annual housing expenditures: $9,680.98
Annual utilities expenditures: $3,753.10
Annual transportation expenditures: $4,404.21
Annual healthcare expenditures: $6,801.08

https://img.particlenews.com/image.php?url=1XZTUZ_0ubYtpXc00 — DenisTangneyJr / Getty Images/iStockphoto

9. Indiana (tied)

# of years $5M will last: 95.77
Years, months and days: 95 years, nine months, seven days
Annual expenditure: $52,209.65
Annual groceries expenditures: $4,681.87
Annual housing expenditures: $9,096.38
Annual utilities expenditures: $3,829.34
Annual transportation expenditures: $4,685.96
Annual healthcare expenditures: $7,336.42

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11. Georgia

# of years $5M will last: 94.72
Years, months and days: 94 years, eight months, 19 days
Annual expenditure: $52,787.83
Annual groceries expenditures: $4,686.67
Annual housing expenditures: $9,318.52
Annual utilities expenditures: $3,981.84
Annual transportation expenditures: $4,829.31
Annual healthcare expenditures: $7,532.46

https://img.particlenews.com/image.php?url=4Dibqz_0ubYtpXc00 — benkrut / iStock.com

12. Michigan

# of years $5M will last: 94.20
Years, months and days: 94 years, two months, 13 days
Annual expenditure: $53,076.92
Annual groceries expenditures: $4,715.45
Annual housing expenditures: $9,002.84
Annual utilities expenditures: $4,108.92
Annual transportation expenditures: $4,858.97
Annual healthcare expenditures: $6,853.86

https://img.particlenews.com/image.php?url=4dMvni_0ubYtpXc00 — Larry Gibson / iStock.com

13. Louisiana

# of years $5M will last: 93.90
Years, months and days: 93 years, 10 months, 23 days
Annual expenditure: $53,250.38
Annual groceries expenditures: $4,595.53
Annual housing expenditures: $9,891.43
Annual utilities expenditures: $3,376.09
Annual transportation expenditures: $4,715.62
Annual healthcare expenditures: $7,125.30

https://img.particlenews.com/image.php?url=2K67Tk_0ubYtpXc00 — RoschetzkyIstockPhoto / Getty Images

14. Texas

# of years $5M will last: 93.59
Years, months and days: 93 years, seven months, two days
Annual expenditure: $53,423.83
Annual groceries expenditures: $4,614.71
Annual housing expenditures: $9,599.13
Annual utilities expenditures: $4,388.50
Annual transportation expenditures: $4,582.16
Annual healthcare expenditures: $7,245.94

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https://img.particlenews.com/image.php?url=474S2d_0ubYtpXc00 — JT Crawford / Getty Images/iStockphoto

15. Kentucky

# of years $5M will last: 93.39
Years, months and days: 93 years, four months, 21 days
Annual expenditure: $53,539.47
Annual groceries expenditures: $4,782.61
Annual housing expenditures: $9,143.14
Annual utilities expenditures: $3,689.56
Annual transportation expenditures: $4,700.79
Annual healthcare expenditures: $8,052.72

https://img.particlenews.com/image.php?url=3oO4JG_0ubYtpXc00 — powerofforever / Getty Images

16. North Dakota

# of years $5M will last: 93.19
Years, months and days: 93 years, two months, nine days
Annual expenditure: $53,655.10
Annual groceries expenditures: $4,533.17
Annual housing expenditures: $9,610.82
Annual utilities expenditures: $3,532.82
Annual transportation expenditures: $4,878.74
Annual healthcare expenditures: $8,241.22

https://img.particlenews.com/image.php?url=11TiCa_0ubYtpXc00 — tunart / Getty Images

17. Illinois

# of years $5M will last: 92.69
Years, months and days: 92 years, eight months, eight days
Annual expenditure: $53,944.19
Annual groceries expenditures: $4,686.67
Annual housing expenditures: $9,610.82
Annual utilities expenditures: $4,151.28
Annual transportation expenditures: $4,819.43
Annual healthcare expenditures: $7,532.46

https://img.particlenews.com/image.php?url=4FGpm6_0ubYtpXc00 — Jacob Boomsma / Getty Images/iStockphoto

18. Nebraska (tied)

# of years $5M will last: 92.59
Years, months and days: 92 years, seven months, two days
Annual expenditure: $54,002.01
Annual groceries expenditures: $4,710.65
Annual housing expenditures: $9,435.44
Annual utilities expenditures: $3,833.58
Annual transportation expenditures: $4,750.22
Annual healthcare expenditures: $7,720.96

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18. South Dakota (tied)

# of years $5M will last: 92.59
Years, months and days: 92 years, seven months, two days
Annual expenditure: $54,002.01
Annual groceries expenditures: $4,681.87
Annual housing expenditures: $10,300.65
Annual utilities expenditures: $3,626.02
Annual transportation expenditures: $5,066.58
Annual healthcare expenditures: $7,690.80

https://img.particlenews.com/image.php?url=0hwSX3_0ubYtpXc00 — benedek / Getty Images/iStockphoto

20. New Mexico

# of years $5M will last: 92.39
Years, months and days: 92 years, four months, 21 days
Annual expenditure: $54,117.65
Annual groceries expenditures: $4,595.53
Annual housing expenditures: $10,300.65
Annual utilities expenditures: $3,664.14
Annual transportation expenditures: $4,572.28
Annual healthcare expenditures: $7,615.40

https://img.particlenews.com/image.php?url=1qTxuW_0ubYtpXc00 — Sean Pavone / Getty Images/iStockphoto

21. Ohio

# of years $5M will last: 92.00
Years, months and days: 91 years, 11 months, 31 days
Annual expenditure: $54,348.92
Annual groceries expenditures: $4,753.83
Annual housing expenditures: $9,821.28
Annual utilities expenditures: $4,312.25
Annual transportation expenditures: $4,755.17
Annual healthcare expenditures: $7,132.84

https://img.particlenews.com/image.php?url=1QS9oa_0ubYtpXc00 — constantgardener / Getty Images

22. Montana

# of years $5M will last: 91.41
Years, months and days: 91 years, four months, 29 days
Annual expenditure: $54,695.83
Annual groceries expenditures: $4,782.61
Annual housing expenditures: $9,914.82
Annual utilities expenditures: $3,554.00
Annual transportation expenditures: $5,313.73
Annual healthcare expenditures: $8,211.06

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https://img.particlenews.com/image.php?url=0rQIyq_0ubYtpXc00 — Jacob Boomsma / Getty Images/iStockphoto

23. Minnesota

# of years $5M will last: 91.22
Years, months and days: 91 years, two months, 21 days
Annual expenditure: $54,811.46
Annual groceries expenditures: $4,907.33
Annual housing expenditures: $9,528.98
Annual utilities expenditures: $4,096.21
Annual transportation expenditures: $4,656.31
Annual healthcare expenditures: $8,015.02

https://img.particlenews.com/image.php?url=1TlXGg_0ubYtpXc00 — stockphoto52 / Getty Images/iStockphoto

24. Wyoming

# of years $5M will last: 90.93
Years, months and days: 90 years, 11 months, five days
Annual expenditure: $54,984.92
Annual groceries expenditures: $4,816.19
Annual housing expenditures: $10,242.19
Annual utilities expenditures: $3,621.78
Annual transportation expenditures: $4,374.56
Annual healthcare expenditures: $7,984.86

https://img.particlenews.com/image.php?url=104rBE_0ubYtpXc00 — Wirestock / Getty Images/iStockphoto

25. Pennsylvania

# of years $5M will last: 90.46
Years, months and days: 90 years, five months, 16 days
Annual expenditure: $55,274.01
Annual groceries expenditures: $4,720.25
Annual housing expenditures: $10,031.74
Annual utilities expenditures: $4,384.26
Annual transportation expenditures: $5,313.73
Annual healthcare expenditures: $6,665.36

https://img.particlenews.com/image.php?url=1NxAsf_0ubYtpXc00 — Ron and Patty Thomas / Getty Images/iStockphoto

26. Wisconsin

# of years $5M will last: 89.15
Years, months and days: 89 years, one month, 23 days
Annual expenditure: $56,083.46
Annual groceries expenditures: $4,710.65
Annual housing expenditures: $10,639.72
Annual utilities expenditures: $4,147.04
Annual transportation expenditures: $4,577.22
Annual healthcare expenditures: $8,263.84

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27. South Carolina

# of years $5M will last: 88.60
Years, months and days: 88 years, seven months, six days
Annual expenditure: $56,430.37
Annual groceries expenditures: $4,777.81
Annual housing expenditures: $10,604.64
Annual utilities expenditures: $4,710.43
Annual transportation expenditures: $4,700.79
Annual healthcare expenditures: $7,004.66

https://img.particlenews.com/image.php?url=3MVK9C_0ubYtpXc00 — Sean Pavone / Getty Images/iStockphoto

28. North Carolina

# of years $5M will last: 87.70
Years, months and days: 87 years, nine months, 18 days
Annual expenditure: $56,950.73
Annual groceries expenditures: $4,720.25
Annual housing expenditures: $10,861.87
Annual utilities expenditures: $4,185.17
Annual transportation expenditures: $4,755.17
Annual healthcare expenditures: $7,917.00

https://img.particlenews.com/image.php?url=4cXBkc_0ubYtpXc00 — BrianEKushner / Getty Images/iStockphoto

29. Delaware

# of years $5M will last: 85.71
Years, months and days: 85 years, eight months, 15 days
Annual expenditure: $58,338.36
Annual groceries expenditures: $4,888.14
Annual housing expenditures: $11,341.24
Annual utilities expenditures: $4,147.04
Annual transportation expenditures: $5,106.12
Annual healthcare expenditures: $7,668.18

https://img.particlenews.com/image.php?url=1xxGGM_0ubYtpXc00 — Jennifer_Sharp / Getty Images/iStockphoto

30. Idaho

# of years $5M will last: 85.54
Years, months and days: 85 years, six months, 15 days
Annual expenditure: $58,454.00
Annual groceries expenditures: $4,964.90
Annual housing expenditures: $11,797.23
Annual utilities expenditures: $3,321.02
Annual transportation expenditures: $5,427.41
Annual healthcare expenditures: $7,351.50

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https://img.particlenews.com/image.php?url=4dXPWi_0ubYtpXc00 — ferrantraite / Getty Images

31. Virginia

# of years $5M will last: 85.37
Years, months and days: 85 years, four months, 14 days
Annual expenditure: $58,569.63
Annual groceries expenditures: $4,792.20
Annual housing expenditures: $12,510.44
Annual utilities expenditures: $4,231.76
Annual transportation expenditures: $4,661.25
Annual healthcare expenditures: $7,690.80

https://img.particlenews.com/image.php?url=3oReiw_0ubYtpXc00 — Jim Glab / iStock.com

32. Colorado

# of years $5M will last: 84.95
Years, months and days: 84 years, 11 months, 11 days
Annual expenditure: $58,858.72
Annual groceries expenditures: $4,816.19
Annual housing expenditures: $12,650.74
Annual utilities expenditures: $3,825.11
Annual transportation expenditures: $4,626.65
Annual healthcare expenditures: $7,954.70

https://img.particlenews.com/image.php?url=00fmcp_0ubYtpXc00 — photoquest7 / Getty Images/iStockphoto

33. Nevada

# of years $5M will last: 84.20
Years, months and days: 84 years, two months, 13 days
Annual expenditure: $59,379.09
Annual groceries expenditures: $4,988.88
Annual housing expenditures: $12,744.28
Annual utilities expenditures: $4,562.17
Annual transportation expenditures: $5,808.03
Annual healthcare expenditures: $6,831.24

https://img.particlenews.com/image.php?url=35eLYC_0ubYtpXc00 — f11photo / Getty Images/iStockphoto

34. Utah

# of years $5M will last: 84.04
Years, months and days: 84 years, zero months, 14 days
Annual expenditure: $59,494.72
Annual groceries expenditures: $4,705.86
Annual housing expenditures: $13,083.35
Annual utilities expenditures: $3,998.78
Annual transportation expenditures: $4,938.06
Annual healthcare expenditures: $6,748.30

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https://img.particlenews.com/image.php?url=4CtbNe_0ubYtpXc00 — Sean Pavone / Getty Images/iStockphoto

35. Florida

# of years $5M will last: 83.88
Years, months and days: 83 years, 10 months, 17 days
Annual expenditure: $59,610.36
Annual groceries expenditures: $5,022.46
Annual housing expenditures: $12,674.13
Annual utilities expenditures: $4,485.92
Annual transportation expenditures: $4,997.37
Annual healthcare expenditures: $7,585.24

https://img.particlenews.com/image.php?url=37fmRP_0ubYtpXc00 — Art Wager / iStock.com

36. Arizona

# of years $5M will last: 78.26
Years, months and days: 78 years, three months, four days
Annual expenditure: $63,888.89
Annual groceries expenditures: $4,892.94
Annual housing expenditures: $15,024.22
Annual utilities expenditures: $4,282.60
Annual transportation expenditures: $5,185.21
Annual healthcare expenditures: $7,057.44

https://img.particlenews.com/image.php?url=2BIDTU_0ubYtpXc00 — DenisTangneyJr / Getty Images/iStockphoto

37. Maine

# of years $5M will last: 77.70
Years, months and days: 77 years, eight months, 11 days
Annual expenditure: $64,351.43
Annual groceries expenditures: $4,830.58
Annual housing expenditures: $14,252.55
Annual utilities expenditures: $4,697.72
Annual transportation expenditures: $5,486.73
Annual healthcare expenditures: $8,663.46

https://img.particlenews.com/image.php?url=32ztNl_0ubYtpXc00 — SeanPavonePhoto / Getty Images/iStockphoto

38. Connecticut

# of years $5M will last: 76.39
Years, months and days: 76 years, four months, 21 days
Annual expenditure: $65,449.98
Annual groceries expenditures: $4,892.94
Annual housing expenditures: $13,773.18
Annual utilities expenditures: $5,667.77
Annual transportation expenditures: $5,318.67
Annual healthcare expenditures: $8,097.96

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https://img.particlenews.com/image.php?url=0BNuei_0ubYtpXc00 — DenisTangneyJr / Getty Images/iStockphoto

39. Rhode Island

# of years $5M will last: 76.26
Years, months and days: 76 years, three months, three days
Annual expenditure: $65,565.61
Annual groceries expenditures: $4,864.16
Annual housing expenditures: $13,492.57
Annual utilities expenditures: $6,010.88
Annual transportation expenditures: $4,898.51
Annual healthcare expenditures: $7,932.08

https://img.particlenews.com/image.php?url=3zmLb2_0ubYtpXc00 — DenisTangneyJr / Getty Images

40. New Hampshire

# of years $5M will last: 76.13
Years, months and days: 76 years, one month, 16 days
Annual expenditure: $65,681.25
Annual groceries expenditures: $4,777.81
Annual housing expenditures: $13,621.18
Annual utilities expenditures: $4,392.73
Annual transportation expenditures: $5,550.99
Annual healthcare expenditures: $7,803.90

https://img.particlenews.com/image.php?url=4eGhxI_0ubYtpXc00 — John Penney / Getty Images

41. New Jersey

# of years $5M will last: 76.06
Years, months and days: 76 years, zero months, 21 days
Annual expenditure: $65,739.07
Annual groceries expenditures: $4,964.90
Annual housing expenditures: $15,854.35
Annual utilities expenditures: $4,240.24
Annual transportation expenditures: $5,284.07
Annual healthcare expenditures: $7,917.00

https://img.particlenews.com/image.php?url=13HWbH_0ubYtpXc00 — artran / Getty Images

42. Oregon

# of years $5M will last: 75.79
Years, months and days: 75 years, nine months, 15 days
Annual expenditure: $65,970.34
Annual groceries expenditures: $5,204.75
Annual housing expenditures: $15,784.20
Annual utilities expenditures: $3,774.28
Annual transportation expenditures: $5,995.86
Annual healthcare expenditures: $8,474.96

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https://img.particlenews.com/image.php?url=3yXHbJ_0ubYtpXc00 — DenisTangneyJr / iStock.com

43. Vermont

# of years $5M will last: 75.40
Years, months and days: 75 years, four months, 25 days
Annual expenditure: $66,317.25
Annual groceries expenditures: $5,075.23
Annual housing expenditures: $15,059.30
Annual utilities expenditures: $4,769.74
Annual transportation expenditures: $4,982.54
Annual healthcare expenditures: $8,278.92

https://img.particlenews.com/image.php?url=3WkZvY_0ubYtpXc00 — benedek / Getty Images

44. Washington

# of years $5M will last: 75.13
Years, months and days: 75 years, one month, 16 days
Annual expenditure: $66,548.52
Annual groceries expenditures: $5,195.15
Annual housing expenditures: $14,872.22
Annual utilities expenditures: $3,867.47
Annual transportation expenditures: $6,282.55
Annual healthcare expenditures: $8,889.66

https://img.particlenews.com/image.php?url=0J2LZO_0ubYtpXc00 — Tim Pruss / Getty Images

45. Maryland

# of years $5M will last: 74.42
Years, months and days: 74 years, five months, one day
Annual expenditure: $67,184.52
Annual groceries expenditures: $5,041.65
Annual housing expenditures: $16,555.87
Annual utilities expenditures: $4,638.42
Annual transportation expenditures: $5,175.32
Annual healthcare expenditures: $7,592.78

https://img.particlenews.com/image.php?url=2yKL48_0ubYtpXc00 — miromiro / Getty Images

46. New York

# of years $5M will last: 70.25
Years, months and days: 70 years, two months, 31 days
Annual expenditure: $71,173.96
Annual groceries expenditures: $4,955.30
Annual housing expenditures: $19,432.10
Annual utilities expenditures: $4,333.43
Annual transportation expenditures: $5,432.36
Annual healthcare expenditures: $7,969.78

https://img.particlenews.com/image.php?url=1txaag_0ubYtpXc00 — Jacob Boomsma / Getty Images/iStockphoto

47. Alaska

# of years $5M will last: 69.13
Years, months and days: 69 years, one month, 15 days
Annual expenditure: $72,330.32
Annual groceries expenditures: $6,068.21
Annual housing expenditures: $14,123.94
Annual utilities expenditures: $6,307.40
Annual transportation expenditures: $5,783.31
Annual healthcare expenditures: $11,543.74

https://img.particlenews.com/image.php?url=1J7PPx_0ubYtpXc00 — DenisTangneyJr / Getty Images/iStockphoto

48. Massachusetts

# of years $5M will last: 59.93
Years, months and days: 59 years, 11 months, five days
Annual expenditure: $83,431.37
Annual groceries expenditures: $4,988.88
Annual housing expenditures: $24,880.58
Annual utilities expenditures: $6,311.64
Annual transportation expenditures: $5,625.13
Annual healthcare expenditures: $9,319.44

https://img.particlenews.com/image.php?url=286iNz_0ubYtpXc00 — Pgiam / Getty Images

49. Washington, D.C.

# of years $5M will last: 59.81
Years, months and days: 59 years, nine months, 22 days
Annual expenditure: $83,604.83
Annual groceries expenditures: $5,046.44
Annual housing expenditures: $27,476.20
Annual utilities expenditures: $4,570.64
Annual transportation expenditures: $5,279.12
Annual healthcare expenditures: $8,746.40

https://img.particlenews.com/image.php?url=08GBak_0ubYtpXc00 — batuhanozdel / Getty Images/iStockphoto

50. California

# of years $5M will last: 59.64
Years, months and days: 59 years, seven months, 21 days
Annual expenditure: $83,836.10
Annual groceries expenditures: $5,387.03
Annual housing expenditures: $24,518.12
Annual utilities expenditures: $5,752.49
Annual transportation expenditures: $6,984.46
Annual healthcare expenditures: $7,969.78

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https://img.particlenews.com/image.php?url=0xpdwM_0ubYtpXc00 — Art Wager / Getty Images

51. Hawaii

# of years $5M will last: 46.44
Years, months and days: 46 years, five months, nine days
Annual expenditure: $107,657.12
Annual groceries expenditures: $5,953.08
Annual housing expenditures: $36,619.34
Annual utilities expenditures: $7,472.30
Annual transportation expenditures: $6,860.88
Annual healthcare expenditures: $9,198.80

Methodology: In order to find how long $5,000,000 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 Q1 2024 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $5,000,000 will last in each state by dividing $5,000,000 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 $5,000,000 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 July 10, 2024.

This article originally appeared on GOBankingRates.com : How Long $5 Million in Retirement Will Last in Every State