How Long $750K in Retirement Will Last in Every State (2023)

Retirement / Planning

By John Csiszar

How Long $750K in Retirement Will Last in Every State (1)

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’ 2021 Consumer Expenditure Survey and the 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.

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Hawaii

  • Annual groceries cost: $6,678.05
  • Annual housing cost:$31,888.09
  • Annual utilities cost:$5,277.67
  • Annual transportation cost:$5,264.15
  • Annual healthcare cost: $8,457.09
  • Total annual expenditures: $96,982.26

How long $750,000 will last in savings: 7 years, 8 months, 23 days

District of Columbia

  • Annual groceries cost: $4,730.84
  • Annual housing cost:$25,333.89
  • Annual utilities cost:$4,642.46
  • Annual transportation cost:$4,500.99
  • Annual healthcare cost: $6,664.44
  • Total annual expenditures: $79,984.29

How long $750,000 will last in savings: 9 years 4 months 18 days

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Massachusetts

  • Annual groceries cost: $5,081.61
  • Annual housing cost:$22,570.95
  • Annual utilities cost:$4,752.25
  • Annual transportation cost:$5,498.02
  • Annual healthcare cost: $8,000.14
  • Total annual expenditures: $78,159.36

How long $750,000 will last in savings: 9 years 7 months 6 days

California

  • Annual groceries cost: $5,050.13
  • Annual housing cost:$20,150.78
  • Annual utilities cost:$4,799.30
  • Annual transportation cost:$5,104.13
  • Annual healthcare cost: $7,711.91
  • Total annual expenditures: $72,319.57

How long $750,000 will last in savings: 10 years 4 months 14 days

New York

  • Annual groceries cost: $4,910.72
  • Annual housing cost:$20,161.17
  • Annual utilities cost:$3,944.53
  • Annual transportation cost:$4,332.77
  • Annual healthcare cost: $7,247.93
  • Total annual expenditures: $70,755.34

How long $750,000 will last in savings: 10 years 7 months 6 days

Alaska

  • Annual groceries cost: $5,927.05
  • Annual housing cost:$12,464.40
  • Annual utilities cost:$5,426.66
  • Annual transportation cost:$4,964.63
  • Annual healthcare cost: $10,664.51
  • Total annual expenditures: $65,436.96

How long $750,000 will last in savings: 11 years 5 months 16 days

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Maryland

  • Annual groceries cost: $5,045.63
  • Annual housing cost:$16,307.59
  • Annual utilities cost:$4,191.55
  • Annual transportation cost:$4,226.09
  • Annual healthcare cost: $6,636.32
  • Total annual expenditures: $64,706.98

How long $750,000 will last in savings: 11 years 7 months 3 days

Oregon

  • Annual groceries cost: $4,784.81
  • Annual housing cost:$16,214.11
  • Annual utilities cost:$3,579.87
  • Annual transportation cost:$5,132.85
  • Annual healthcare cost: $7,676.76
  • Total annual expenditures: $63,716.30

How long $750,000 will last in savings: 11 years 9 months 7 days

Vermont

  • Annual groceries cost: $4,802.80
  • Annual housing cost:$13,451.17
  • Annual utilities cost:$4,783.62
  • Annual transportation cost:$4,976.94
  • Annual healthcare cost: $7,704.88
  • Total annual expenditures: $60,692.12

How long $750,000 will last in savings: 12 years 4 months 10 days

Retire Comfortably

Connecticut

  • Annual groceries cost: $4,456.53
  • Annual housing cost:$12,620.21
  • Annual utilities cost:$4,991.43
  • Annual transportation cost:$4,599.46
  • Annual healthcare cost: $7,599.43
  • Total annual expenditures: $60,170.71

How long $750,000 will last in savings: 12 years 5 months 16 days

New Hampshire

  • Annual groceries cost: $4,703.86
  • Annual housing cost:$11,155.64
  • Annual utilities cost:$4,458.18
  • Annual transportation cost:$4,574.85
  • Annual healthcare cost: $9,047.61
  • Total annual expenditures: $59,805.73

How long $750,000 will last in savings: 12 years 6 months 15 days

Maine

  • Annual groceries cost: $4,640.90
  • Annual housing cost:$12,443.63
  • Annual utilities cost:$4,458.18
  • Annual transportation cost:$4,574.85
  • Annual healthcare cost: $9,047.61
  • Total annual expenditures: $59,701.45

How long $750,000 will last in savings: 12 years 6 months 22 days

New Jersey

  • Annual groceries cost: $4,811.79
  • Annual housing cost:$13,866.65
  • Annual utilities cost:$4,171.94
  • Annual transportation cost:$4,570.74
  • Annual healthcare cost: $6,783.95
  • Total annual expenditures: $59,440.74

How long $750,000 will last in savings: 12 years 7 months 13 days

Washington

  • Annual groceries cost: $4,811.79
  • Annual housing cost:$13,866.65
  • Annual utilities cost:$4,171.94
  • Annual transportation cost:$4,570.74
  • Annual healthcare cost: $6,783.95
  • Total annual expenditures: $59,440.74

How long $750,000 will last in savings: 12 years 7 months 13 days

Rhode Island

  • Annual groceries cost: $4,330.61
  • Annual housing cost:$11,820.41
  • Annual utilities cost:$4,842.44
  • Annual transportation cost:$4,546.12
  • Annual healthcare cost: $7,142.48
  • Total annual expenditures: $57,980.79

How long $750,000 will last in savings: 12 years 11 months 8 days

Arizona

  • Annual groceries cost: $4,577.95
  • Annual housing cost:$13,212.26
  • Annual utilities cost:$3,897.47
  • Annual transportation cost:$4,156.34
  • Annual healthcare cost: $6,495.72
  • Total annual expenditures: $56,312.28

How long $750,000 will last in savings: 13 years 3 months 26 days

Delaware

  • Annual groceries cost: $4,784.81
  • Annual housing cost:$10,771.32
  • Annual utilities cost:$3,689.66
  • Annual transportation cost:$4,821.03
  • Annual healthcare cost: $7,704.88
  • Total annual expenditures: $54,956.61

How long $750,000 will last in savings: 13 years 7 months 24 days

Montana

  • Annual groceries cost: $4,532.98
  • Annual housing cost:$12,017.76
  • Annual utilities cost:$3,289.72
  • Annual transportation cost:$4,562.54
  • Annual healthcare cost: $6,882.37
  • Total annual expenditures: $54,904.47

How long $750,000 will last in savings: 13 years 7 months 28 days

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Colorado

  • Annual groceries cost: $4,532.98
  • Annual housing cost:$12,017.76
  • Annual utilities cost:$3,289.72
  • Annual transportation cost:$4,603.57
  • Annual healthcare cost: $6,882.37
  • Total annual expenditures: $54,852.33

How long $750,000 will last in savings: 13 years 7 months 31 days

Retire Comfortably

Florida

  • Annual groceries cost: $4,784.81
  • Annual housing cost:$11,654.21
  • Annual utilities cost:$3,881.79
  • Annual transportation cost:$4,008.63
  • Annual healthcare cost: $6,889.40
  • Total annual expenditures: $54,487.35

How long $750,000 will last in savings: 13 years 9 months 3 days

Virginia

  • Annual groceries cost: $4,330.61
  • Annual housing cost:$11,249.12
  • Annual utilities cost:$3,924.92
  • Annual transportation cost:$3,860.92
  • Annual healthcare cost: $7,219.81
  • Total annual expenditures: $53,235.96

How long $750,000 will last in savings: 14 years 1 months 1 days

Utah

  • Annual groceries cost: $4,474.52
  • Annual housing cost:$10,906.35
  • Annual utilities cost:$3,611.24
  • Annual transportation cost:$4,525.61
  • Annual healthcare cost: $6,573.05
  • Total annual expenditures: $53,183.82

How long $750,000 will last in savings: 14 years 1 months 5 days

Nevada

  • Annual groceries cost: $4,703.86
  • Annual housing cost:$11,726.92
  • Annual utilities cost:$3,854.34
  • Annual transportation cost:$4,603.57
  • Annual healthcare cost: $6,566.02
  • Total annual expenditures: $53,131.68

How long $750,000 will last in savings: 14 years 1 months 12 days

Idaho

  • Annual groceries cost: $4,299.13
  • Annual housing cost:$10,625.90
  • Annual utilities cost:$3,105.43
  • Annual transportation cost:$4,710.24
  • Annual healthcare cost: $6,537.90
  • Total annual expenditures: $51,567.45

How long $750,000 will last in savings: 14 years 6 months 15 days

Pennsylvania

  • Annual groceries cost: $4,627.41
  • Annual housing cost:$9,285.98
  • Annual utilities cost:$4,093.52
  • Annual transportation cost:$4,353.28
  • Annual healthcare cost: $7,037.03
  • Total annual expenditures: $51,202.46

How long $750,000 will last in savings: 14 years 7 months 24 days

North Dakota

  • Annual groceries cost: $4,654.40
  • Annual housing cost:$9,161.33
  • Annual utilities cost:$4,105.29
  • Annual transportation cost:$4,164.55
  • Annual healthcare cost: $7,768.15
  • Total annual expenditures: $50,785.33

How long $750,000 will last in savings: 14 years 9 months 7 days

North Carolina

  • Annual groceries cost: $4,425.05
  • Annual housing cost:$9,763.78
  • Annual utilities cost:$3,654.37
  • Annual transportation cost:$3,709.11
  • Annual healthcare cost: $7,796.27
  • Total annual expenditures: $50,524.63

How long $750,000 will last in savings: 14 years 10 months 2 days

South Carolina

  • Annual groceries cost: $4,559.96
  • Annual housing cost:$9,296.37
  • Annual utilities cost:$4,258.21
  • Annual transportation cost:$3,610.64
  • Annual healthcare cost: $6,805.04
  • Total annual expenditures: $50,211.78

How long $750,000 will last in savings: 14 years 11 months 8 days

South Dakota

  • Annual groceries cost: $4,514.99
  • Annual housing cost:$10,345.45
  • Annual utilities cost:$3,603.40
  • Annual transportation cost:$3,672.19
  • Annual healthcare cost: $6,931.58
  • Total annual expenditures: $50,107.50

How long $750,000 will last in savings: 14 years 11 months 19 days

Retire Comfortably

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Minnesota

  • Annual groceries cost: $4,380.08
  • Annual housing cost:$8,673.15
  • Annual utilities cost:$3,748.48
  • Annual transportation cost:$4,135.82
  • Annual healthcare cost: $7,662.70
  • Total annual expenditures: $49,586.09

How long $750,000 will last in savings: 15 years 1 months 16 days

Wisconsin

  • Annual groceries cost: $4,362.09
  • Annual housing cost:$8,766.63
  • Annual utilities cost:$4,140.58
  • Annual transportation cost:$3,906.06
  • Annual healthcare cost: $7,740.03
  • Total annual expenditures: $48,960.40

How long $750,000 will last in savings: 15 years 3 months 26 days

New Mexico

  • Annual groceries cost: $4,353.10
  • Annual housing cost:$9,067.85
  • Annual utilities cost:$3,466.16
  • Annual transportation cost:$4,144.03
  • Annual healthcare cost: $7,240.90
  • Total annual expenditures: $48,908.26

How long $750,000 will last in savings: 15 years 3 months 30 days

Louisiana

  • Annual groceries cost: $4,443.04
  • Annual housing cost:$8,849.72
  • Annual utilities cost:$3,462.24
  • Annual transportation cost:$3,938.88
  • Annual healthcare cost: $7,058.12
  • Total annual expenditures: $48,751.84

How long $750,000 will last in savings: 15 years 4 months 18 days

Kentucky

  • Annual groceries cost: $4,159.73
  • Annual housing cost:$7,862.96
  • Annual utilities cost:$4,132.73
  • Annual transportation cost:$4,345.08
  • Annual healthcare cost: $5,413.10
  • Total annual expenditures: $48,386.85

How long $750,000 will last in savings: 15 years 6 months 1 days

Texas

  • Annual groceries cost: $4,092.27
  • Annual housing cost:$8,808.18
  • Annual utilities cost:$4,152.34
  • Annual transportation cost:$3,770.66
  • Annual healthcare cost: $6,664.44
  • Total annual expenditures: $48,282.57

How long $750,000 will last in savings: 15 years 6 months 12 days

Illinois

  • Annual groceries cost: $4,519.49
  • Annual housing cost:$8,486.18
  • Annual utilities cost:$3,709.27
  • Annual transportation cost:$4,279.43
  • Annual healthcare cost: $6,748.80
  • Total annual expenditures: $47,917.58

How long $750,000 will last in savings: 15 years 7 months 25 days

Michigan

  • Annual groceries cost: $4,150.73
  • Annual housing cost:$8,527.73
  • Annual utilities cost:$3,850.42
  • Annual transportation cost:$4,041.46
  • Annual healthcare cost: $6,734.74
  • Total annual expenditures: $47,813.30

How long $750,000 will last in savings: 15 years 8 months 8 days

Wyoming

  • Annual groceries cost: $4,559.96
  • Annual housing cost:$8,351.15
  • Annual utilities cost:$3,203.46
  • Annual transportation cost:$3,955.29
  • Annual healthcare cost: $6,903.46
  • Total annual expenditures: $47,792.44

How long $750,000 will last in savings: 15 years 8 months 8 days

Nebraska

  • Annual groceries cost: $4,357.59
  • Annual housing cost:$8,475.79
  • Annual utilities cost:$3,481.85
  • Annual transportation cost:$4,189.16
  • Annual healthcare cost: $6,980.79
  • Total annual expenditures: $47,500.45

How long $750,000 will last in savings: 15 years 9 months 15 days

Retire Comfortably

Arkansas

  • Annual groceries cost: $4,159.73
  • Annual housing cost:$8,143.41
  • Annual utilities cost:$3,924.92
  • Annual transportation cost:$3,680.39
  • Annual healthcare cost: $5,919.26
  • Total annual expenditures: $47,291.89

How long $750,000 will last in savings: 15 years 10 months 9 days

Tennessee

  • Annual groceries cost: $4,245.17
  • Annual housing cost:$8,725.08
  • Annual utilities cost:$3,713.19
  • Annual transportation cost:$3,741.94
  • Annual healthcare cost: $6,172.34
  • Total annual expenditures: $47,083.32

How long $750,000 will last in savings: 15 years 11 months 5 days

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Indiana

  • Annual groceries cost: $4,249.67
  • Annual housing cost:$7,977.22
  • Annual utilities cost:$4,219.00
  • Annual transportation cost:$3,889.64
  • Annual healthcare cost: $6,854.25
  • Total annual expenditures: $47,031.18

How long $750,000 will last in savings: 15 years 11 months 12 days

Missouri

  • Annual groceries cost: $4,353.10
  • Annual housing cost:$8,351.15
  • Annual utilities cost:$3,693.58
  • Annual transportation cost:$4,012.73
  • Annual healthcare cost: $6,411.36
  • Total annual expenditures: $46,979.04

How long $750,000 will last in savings: 15 years 11 months 16 days

West Virginia

  • Annual groceries cost: $4,330.61
  • Annual housing cost:$7,987.60
  • Annual utilities cost:$3,595.56
  • Annual transportation cost:$4,295.84
  • Annual healthcare cost: $6,826.13
  • Total annual expenditures: $46,822.62

How long $750,000 will last in savings: 16 years 0 months 7 days

Ohio

  • Annual groceries cost: $4,532.98
  • Annual housing cost:$7,385.16
  • Annual utilities cost:$3,623.00
  • Annual transportation cost:$3,922.47
  • Annual healthcare cost: $6,636.32
  • Total annual expenditures: $46,614.05

How long $750,000 will last in savings: 16 years 1 months 1 days

Georgia

  • Annual groceries cost: $4,335.11
  • Annual housing cost:$8,070.70
  • Annual utilities cost:$3,528.90
  • Annual transportation cost:$3,668.08
  • Annual healthcare cost: $6,783.95
  • Total annual expenditures: $46,353.35

How long $750,000 will last in savings: 16 years 2 months 5 days

Iowa

  • Annual groceries cost: $4,407.06
  • Annual housing cost:$7,333.22
  • Annual utilities cost:$3,744.56
  • Annual transportation cost:$3,914.26
  • Annual healthcare cost: $6,952.67
  • Total annual expenditures: $45,988.36

How long $750,000 will last in savings: 16 years 3 months 22 days

Kansas

  • Annual groceries cost: $4,240.67
  • Annual housing cost:$7,478.64
  • Annual utilities cost:$3,870.03
  • Annual transportation cost:$3,951.19
  • Annual healthcare cost: $7,107.33
  • Total annual expenditures: $45,519.09

How long $750,000 will last in savings: 16 years 5 months 23 days

Alabama

  • Annual groceries cost: $4,416.05
  • Annual housing cost: $7,083.93
  • Annual utilities cost:$3,928.84
  • Annual transportation cost:$3,614.74
  • Annual healthcare cost: $6,291.85
  • Total annual expenditures: $45,414.81

How long $750,000 will last in savings: 16 years 6 months 4 days

Retire Comfortably

Oklahoma

  • Annual groceries cost: $4,258.66
  • Annual housing cost:$7,520.19
  • Annual utilities cost:$3,724.95
  • Annual transportation cost:$3,750.14
  • Annual healthcare cost: $6,432.45
  • Total annual expenditures: $45,206.25

How long $750,000 will last in savings: 16 years 7 months 2 days

Mississippi

  • Annual groceries cost: $4,132.74
  • Annual housing cost:$7,115.10
  • Annual utilities cost:$3,470.09
  • Annual transportation cost:$3,799.38
  • Annual healthcare cost: $6,994.85
  • Total annual expenditures: $44,059.15

How long $750,000 will last in savings: 17 years 0 months 6 days

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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’ 2021 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 the 3Q 2022 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 CES. All data was collected on and up to date as of December 14, 2022

About the Author

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John Csiszar

After earning a B.A. in English with a Specialization in Business from UCLA, John Csiszar worked in the financial services industry as a registered representative for 18 years. Along the way, Csiszar earned both Certified Financial Planner and Registered Investment Adviser designations, in addition to being licensed as a life agent, while working for both a major Wall Street wirehouse and for his own investment advisory firm. During his time as an advisor, Csiszar managed over $100 million in client assets while providing individualized investment plans for hundreds of clients.

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