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.
Trending Now: How Rare Coins Can Fund Your Early Retirement Dreams
See More: I’m a Retirement Planner: 7 Ways I Am Guiding Clients Now That Trump Won
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’ 2022 Consumer Expenditure Survey and the 2023 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.
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.
Hawaii
- Annual groceries cost: $5,598.10
- Annual housing cost: $36,607.65
- Annual utilities cost: $6,409.07
- Annual transportation cost: $6,673.05
- Annual healthcare cost: $9,281.74
- Total annual expenditures: $104,245.85
How long $750,000 will last in savings: 7 years 2 months 8 days
Good To Know: 10 Little Luxuries To Stay Away From in Retirement
Be Aware: Avoid This Retirement Savings Mistake That’s Costing Americans Up To $300K
Massachusetts
- Annual groceries cost: $5,051.24
- Annual housing cost: $25,547.02
- Annual utilities cost: $5,672.00
- Annual transportation cost: $5,808.03
- Annual healthcare cost: $8,512.66
- Total annual expenditures: $84,703.37
How long $750,000 will last in savings: 8 years 10 months 6 days
For You: 9 Ways Frugal Retirees Spend Their Social Security Checks
California
- Annual groceries cost: $5,372.64
- Annual housing cost: $23,243.70
- Annual utilities cost: $5,371.25
- Annual transportation cost: $6,208.41
- Annual healthcare cost: $8,180.90
- Total annual expenditures: $80,077.93
How long $750,000 will last in savings: 9 years 4 months 14 days
New York
- Annual groceries cost: $4,950.50
- Annual housing cost: $20,577.92
- Annual utilities cost: $4,367.32
- Annual transportation cost: $5,239.58
- Annual healthcare cost: $8,022.56
- Total annual expenditures: $72,792.86
How long $750,000 will last in savings: 10 years 3 months 20 days
Alaska
- Annual groceries cost: $5,924.30
- Annual housing cost: $14,322.70
- Annual utilities cost: $6,688.64
- Annual transportation cost: $5,699.28
- Annual healthcare cost: $11,166.74
- Total annual expenditures: $72,388.14
How long $750,000 will last in savings: 10 years 4 months 10 days
Be Aware: 7 Best Cars for Retirees on a Budget
Maryland
- Annual groceries cost: $5,104.01
- Annual housing cost: $17,117.09
- Annual utilities cost: $4,689.25
- Annual transportation cost: $4,858.97
- Annual healthcare cost: $7,343.96
- Total annual expenditures: $67,357.97
How long $750,000 will last in savings: 11 years 1 months 17 days
Washington
- Annual groceries cost: $5,267.11
- Annual housing cost: $15,047.60
- Annual utilities cost: $3,901.36
- Annual transportation cost: $6,094.72
- Annual healthcare cost: $9,078.16
- Total annual expenditures: $67,068.88
How long $750,000 will last in savings: 11 years 2 months 4 days
Vermont
- Annual groceries cost: $5,027.26
- Annual housing cost: $15,562.05
- Annual utilities cost: $5,117.09
- Annual transportation cost: $5,284.07
- Annual healthcare cost: $7,992.40
- Total annual expenditures: $66,664.15
How long $750,000 will last in savings: 11 years 3 months 2 days
Oregon
- Annual groceries cost: $5,219.14
- Annual housing cost: $15,936.20
- Annual utilities cost: $4,062.32
- Annual transportation cost: $5,763.54
- Annual healthcare cost: $7,939.62
- Total annual expenditures: $66,317.25
How long $750,000 will last in savings: 11 years 3 months 23 days
Explore More: Here’s the Cost To Retire Comfortably in Every State by Age
New Hampshire
- Annual groceries cost: $4,892.94
- Annual housing cost: $12,802.74
- Annual utilities cost: $5,549.16
- Annual transportation cost: $5,432.36
- Annual healthcare cost: $8,535.28
- Total annual expenditures: $65,970.34
How long $750,000 will last in savings: 11 years 4 months 14 days
New Jersey
- Annual groceries cost: $4,921.72
- Annual housing cost: $15,877.74
- Annual utilities cost: $4,587.59
- Annual transportation cost: $5,175.32
- Annual healthcare cost: $7,487.22
- Total annual expenditures: $65,854.70
How long $750,000 will last in savings: 11 years 4 months 22 days
Connecticut
- Annual groceries cost: $4,878.55
- Annual housing cost: $14,334.39
- Annual utilities cost: $5,523.74
- Annual transportation cost: $4,962.77
- Annual healthcare cost: $8,195.98
- Total annual expenditures: $65,218.70
How long $750,000 will last in savings: 11 years 6 months 1 days
Rhode Island
- Annual groceries cost: $4,878.55
- Annual housing cost: $13,656.26
- Annual utilities cost: $4,761.26
- Annual transportation cost: $4,572.28
- Annual healthcare cost: $8,120.58
- Total annual expenditures: $64,004.53
How long $750,000 will last in savings: 11 years 8 months 20 days
Find Out: 7 Ways Shopping at Costco Helps Retirees Stick To a Budget
Maine
- Annual groceries cost: $4,883.35
- Annual housing cost: $13,726.41
- Annual utilities cost: $4,519.81
- Annual transportation cost: $5,387.87
- Annual healthcare cost: $7,758.66
- Total annual expenditures: $63,541.98
How long $750,000 will last in savings: 11 years 9 months 18 days
Arizona
- Annual groceries cost: $4,902.53
- Annual housing cost: $14,509.77
- Annual utilities cost: $4,036.91
- Annual transportation cost: $5,244.52
- Annual healthcare cost: $7,072.52
- Total annual expenditures: $62,674.71
How long $750,000 will last in savings: 11 years 11 months 20 days
Colorado
- Annual groceries cost: $4,864.16
- Annual housing cost: $13,282.11
- Annual utilities cost: $3,867.47
- Annual transportation cost: $5,200.04
- Annual healthcare cost: $7,570.16
- Total annual expenditures: $60,766.72
How long $750,000 will last in savings: 12 years 4 months 3 days
Utah
- Annual groceries cost: $4,763.42
- Annual housing cost: $12,943.04
- Annual utilities cost: $4,019.96
- Annual transportation cost: $5,195.09
- Annual healthcare cost: $6,861.40
- Total annual expenditures: $59,668.18
How long $750,000 will last in savings: 12 years 6 months 26 days
Discover More: Why Florida’s Retirees Are Fleeing — And Where They’re Going Instead
Montana
- Annual groceries cost: $4,916.93
- Annual housing cost: $12,136.30
- Annual utilities cost: $3,931.01
- Annual transportation cost: $5,387.87
- Annual healthcare cost: $7,366.58
- Total annual expenditures: $59,494.72
How long $750,000 will last in savings: 12 years 7 months 10 days
Virginia
- Annual groceries cost: $4,825.78
- Annual housing cost: $12,358.44
- Annual utilities cost: $4,418.15
- Annual transportation cost: $4,685.96
- Annual healthcare cost: $7,705.88
- Total annual expenditures: $58,916.54
How long $750,000 will last in savings: 12 years 8 months 23 days
Delaware
- Annual groceries cost: $4,892.94
- Annual housing cost: $11,341.24
- Annual utilities cost: $4,147.04
- Annual transportation cost: $5,046.80
- Annual healthcare cost: $7,781.28
- Total annual expenditures: $58,454.00
How long $750,000 will last in savings: 12 years 9 months 29 days
Nevada
- Annual groceries cost: $4,936.11
- Annual housing cost: $12,557.21
- Annual utilities cost: $4,197.88
- Annual transportation cost: $5,763.54
- Annual healthcare cost: $6,914.18
- Total annual expenditures: $58,396.18
How long $750,000 will last in savings: 12 years 10 months 2 days
Read Next: 3 Ways Upper-Middle-Class Retirees Stay Rich in Retirement
Florida
- Annual groceries cost: $4,773.02
- Annual housing cost: $12,428.60
- Annual utilities cost: $4,121.63
- Annual transportation cost: $4,908.40
- Annual healthcare cost: $7,276.10
- Total annual expenditures: $58,222.73
How long $750,000 will last in savings: 12 years 10 months 17 days
Idaho
- Annual groceries cost: $4,844.97
- Annual housing cost: $11,224.32
- Annual utilities cost: $3,630.25
- Annual transportation cost: $5,200.04
- Annual healthcare cost: $7,457.06
- Total annual expenditures: $57,008.55
How long $750,000 will last in savings: 13 years 1 months 27 days
Pennsylvania
- Annual groceries cost: $4,773.02
- Annual housing cost: $9,575.75
- Annual utilities cost: $4,545.23
- Annual transportation cost: $5,219.81
- Annual healthcare cost: $7,110.22
- Total annual expenditures: $55,274.01
How long $750,000 will last in savings: 13 years 6 months 26 days
North Carolina
- Annual groceries cost: $4,705.86
- Annual housing cost: $10,546.18
- Annual utilities cost: $4,003.02
- Annual transportation cost: $4,537.67
- Annual healthcare cost: $8,150.74
- Total annual expenditures: $55,100.55
How long $750,000 will last in savings: 13 years 7 months 11 days
Learn More: 10 Ways for Retirees To Cut Back on Expenses in 2024
South Carolina
- Annual groceries cost: $4,758.62
- Annual housing cost: $10,113.58
- Annual utilities cost: $4,511.34
- Annual transportation cost: $4,488.24
- Annual healthcare cost: $7,125.30
- Total annual expenditures: $55,100.55
How long $750,000 will last in savings: 13 years 7 months 11 days
Wisconsin
- Annual groceries cost: $4,758.62
- Annual housing cost: $9,903.12
- Annual utilities cost: $4,329.19
- Annual transportation cost: $4,839.20
- Annual healthcare cost: $8,467.42
- Total annual expenditures: $54,984.92
How long $750,000 will last in savings: 13 years 7 months 22 days
Ohio
- Annual groceries cost: $4,864.16
- Annual housing cost: $9,493.90
- Annual utilities cost: $4,202.11
- Annual transportation cost: $4,962.77
- Annual healthcare cost: $7,381.66
- Total annual expenditures: $54,753.65
How long $750,000 will last in savings: 13 years 8 months 12 days
North Dakota
- Annual groceries cost: $4,518.77
- Annual housing cost: $9,751.13
- Annual utilities cost: $4,202.11
- Annual transportation cost: $4,908.40
- Annual healthcare cost: $8,384.48
- Total annual expenditures: $54,695.83
How long $750,000 will last in savings: 13 years 8 months 16 days
Read More: 9 Things Frugal Retirees Never Waste Money On
Minnesota
- Annual groceries cost: $4,710.65
- Annual housing cost: $9,599.13
- Annual utilities cost: $3,956.42
- Annual transportation cost: $4,804.60
- Annual healthcare cost: $8,233.68
- Total annual expenditures: $54,406.74
How long $750,000 will last in savings: 13 years 9 months 14 days
New Mexico
- Annual groceries cost: $4,624.31
- Annual housing cost: $10,207.12
- Annual utilities cost: $3,943.72
- Annual transportation cost: $4,681.02
- Annual healthcare cost: $7,487.22
- Total annual expenditures: $54,348.92
How long $750,000 will last in savings: 13 years 9 months 18 days
Texas
- Annual groceries cost: $4,590.73
- Annual housing cost: $9,716.05
- Annual utilities cost: $4,405.44
- Annual transportation cost: $4,537.67
- Annual healthcare cost: $7,080.06
- Total annual expenditures: $53,597.29
How long $750,000 will last in savings: 13 years 11 months 26 days
South Dakota
- Annual groceries cost: $4,653.09
- Annual housing cost: $10,183.73
- Annual utilities cost: $3,706.50
- Annual transportation cost: $4,814.48
- Annual healthcare cost: $7,381.66
- Total annual expenditures: $53,423.83
How long $750,000 will last in savings: 14 years 0 months 15 days
Trending Now: How a Trump Win in 2024 Could Impact Your Retirement Savings
Wyoming
- Annual groceries cost: $4,907.33
- Annual housing cost: $9,353.60
- Annual utilities cost: $3,710.74
- Annual transportation cost: $4,666.19
- Annual healthcare cost: $7,547.54
- Total annual expenditures: $53,423.83
How long $750,000 will last in savings: 14 years 0 months 15 days
Illinois
- Annual groceries cost: $4,701.06
- Annual housing cost: $9,330.22
- Annual utilities cost: $3,753.10
- Annual transportation cost: $5,091.29
- Annual healthcare cost: $7,163.00
- Total annual expenditures: $53,250.38
How long $750,000 will last in savings: 14 years 0 months 29 days
Kentucky
- Annual groceries cost: $4,859.36
- Annual housing cost: $8,617.00
- Annual utilities cost: $4,422.38
- Annual transportation cost: $4,547.56
- Annual healthcare cost: $6,310.98
- Total annual expenditures: $53,192.56
How long $750,000 will last in savings: 14 years 1 months 6 days
Louisiana
- Annual groceries cost: $4,557.15
- Annual housing cost: $9,540.67
- Annual utilities cost: $3,558.24
- Annual transportation cost: $4,735.39
- Annual healthcare cost: $7,441.98
- Total annual expenditures: $52,614.38
How long $750,000 will last in savings: 14 years 3 months 1 days
Indiana
- Annual groceries cost: $4,725.05
- Annual housing cost: $8,862.54
- Annual utilities cost: $4,519.81
- Annual transportation cost: $4,715.62
- Annual healthcare cost: $7,268.56
- Total annual expenditures: $52,614.38
How long $750,000 will last in savings: 14 years 3 months 1 days
Nebraska
- Annual groceries cost: $4,595.53
- Annual housing cost: $9,189.91
- Annual utilities cost: $3,630.25
- Annual transportation cost: $4,943.00
- Annual healthcare cost: $7,381.66
- Total annual expenditures: $52,556.56
How long $750,000 will last in savings: 14 years 3 months 9 days
Georgia
- Annual groceries cost: $4,705.86
- Annual housing cost: $9,143.14
- Annual utilities cost: $3,621.78
- Annual transportation cost: $4,621.71
- Annual healthcare cost: $7,562.62
- Total annual expenditures: $52,498.74
How long $750,000 will last in savings: 14 years 3 months 16 days
Michigan
- Annual groceries cost: $4,739.44
- Annual housing cost: $9,014.53
- Annual utilities cost: $4,282.60
- Annual transportation cost: $4,779.88
- Annual healthcare cost: $7,034.82
- Total annual expenditures: $52,383.11
How long $750,000 will last in savings: 14 years 3 months 27 days
For You: I Retired Early: Why Real Estate Investing Was the Secret to My Success
Tennessee
- Annual groceries cost: $4,686.67
- Annual housing cost: $9,634.21
- Annual utilities cost: $3,922.54
- Annual transportation cost: $4,384.44
- Annual healthcare cost: $6,642.74
- Total annual expenditures: $52,209.65
How long $750,000 will last in savings: 14 years 4 months 14 days
Iowa
- Annual groceries cost: $4,633.90
- Annual housing cost: $8,663.77
- Annual utilities cost: $4,045.38
- Annual transportation cost: $4,873.80
- Annual healthcare cost: $7,494.76
- Total annual expenditures: $52,209.65
How long $750,000 will last in savings: 14 years 4 months 14 days
Arkansas
- Annual groceries cost: $4,571.54
- Annual housing cost: $8,722.23
- Annual utilities cost: $3,880.18
- Annual transportation cost: $4,428.93
- Annual healthcare cost: $6,597.50
- Total annual expenditures: $51,458.02
How long $750,000 will last in savings: 14 years 6 months 26 days
Missouri
- Annual groceries cost: $4,571.54
- Annual housing cost: $9,002.84
- Annual utilities cost: $4,176.70
- Annual transportation cost: $4,493.19
- Annual healthcare cost: $6,778.46
- Total annual expenditures: $51,168.93
How long $750,000 will last in savings: 14 years 7 months 29 days
Discover More: Barbara Corcoran Says, ‘Forget About Florida,’ Move Here for Cheap Homes
Alabama
- Annual groceries cost: $4,609.92
- Annual housing cost: $8,184.40
- Annual utilities cost: $4,337.66
- Annual transportation cost: $4,488.24
- Annual healthcare cost: $6,559.80
- Total annual expenditures: $51,053.29
How long $750,000 will last in savings: 14 years 8 months 9 days
West Virginia
- Annual groceries cost: $4,720.25
- Annual housing cost: $7,821.95
- Annual utilities cost: $4,053.85
- Annual transportation cost: $4,646.42
- Annual healthcare cost: $7,283.64
- Total annual expenditures: $50,706.39
How long $750,000 will last in savings: 14 years 9 months 15 days
Kansas
- Annual groceries cost: $4,662.68
- Annual housing cost: $7,880.41
- Annual utilities cost: $4,515.58
- Annual transportation cost: $4,453.64
- Annual healthcare cost: $7,306.26
- Total annual expenditures: $50,359.48
How long $750,000 will last in savings: 14 years 10 months 21 days
Mississippi
- Annual groceries cost: $4,662.68
- Annual housing cost: $8,289.63
- Annual utilities cost: $3,642.96
- Annual transportation cost: $4,335.01
- Annual healthcare cost: $7,419.36
- Total annual expenditures: $49,896.93
How long $750,000 will last in savings: 15 years 0 months 11 days
For You: I’m a Real Estate Agent: 5 Cities Where Homes Will Be the Best Bargains in 2024
Oklahoma
- Annual groceries cost: $4,528.37
- Annual housing cost: $8,009.02
- Annual utilities cost: $4,159.75
- Annual transportation cost: $4,577.22
- Annual healthcare cost: $6,982.04
- Total annual expenditures: $49,839.12
How long $750,000 will last in savings: 15 years 0 months 19 days
John Csiszar contributed to the reporting for this article.
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’ 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 $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 CEX. All data was collected on and up to date as of Feb. 20, 2024.
More From GOBankingRates
- Costco, Walmart and Other Stores With Perks Retirees Need To Be Taking Advantage Of
- The Trump Economy Begins: 4 Money Moves Retirees Should Make Before Inauguration Day
- 8 Best Stocking Stuffers at Sam's Club
- 3 Things Retirees Should Sell To Build Their Retirement Savings
This article originally appeared on GOBankingRates.com: How Long $750K in Retirement Will Last in Every State
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
