In These 10 States, Your $1 Million for Retirement Goes Further—And the Southeast Tops the List

You’ve reached that golden milestone—$1 million in the retirement fund.

Time to kick back and relax, right? But hold on, before you retire your work shoes and sail into the sunset, let’s talk geography.

Your retirement location can make or break your golden years, and a new study from GoBankingRates reveals some details.

In Hawaii, that much-talked-about paradise, a million-dollar retirement fund will fizzle out in just 10 years, 3 months, and 22 days.

The glamorous New York life? Your million will give out in just a bit over 14 years.

California, the land of endless sunshine, doesn’t fare much better; your million will last around 13 years and 9 months.

Hawaii10.9 years Mississippi25.3 years
New York13.8 years Oklahoma24.8 years
California15 years Kansas24.6 years
Massachusetts16.2 years Alabama24 years
Alaska16.5 years Iowa23.8 years
Maryland16.6 years Georgia23.8 years
Oregon16.8 years Indiana23.5 years
Connecticut17.7 years Tennessee23.5 years
New Hampshire17.9 years Arkansas23.4 years
Vermont18 years Michigan23.4 years

But if you’re thinking about a more balanced retirement, states like Virginia, Colorado, and Florida might catch your eye.

In Virginia, a million-dollar nest egg will last you almost 19 years, while in Colorado and Florida, you’ve got just over 18 years. That gives you ample time for beach days, hiking trips, and maybe even spoiling some grandkids.

Now, where does your million go the distance? Say hello to the South! Mississippi takes the crown with your million lasting a whopping 22 years and 8 months. Oklahoma, Alabama, and Kansas trail not too far behind, all letting you enjoy more than 21 years of retirement.

Why such a wide gap? The answer lies in the cost of living—housing, groceries, healthcare, you name it. States like Mississippi and Alabama have some of the lowest costs of living in the country, allowing retirees to stretch their savings for the maximum number of years.

To navigate your way to a comfortable retirement, experts recommend a steady savings rate of 12 to 15% of your income, including employer contributions. And if you’re still early in your career, make sure you’re at least matching your employer’s contributions to maximize your retirement savings.

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