There are a lot of us that wonder if we will ever be able to retire. It's tough to build up enough retirement cash to even make the thought realistic and recent inflation doesn't help.

A million dollars sounds like a pretty substantial amount of cash but with no more income coming in, it really isn't that much.  How long you could expect one million dollars to last, in retirement, all depends on which state you live in.

If you plan on retiring to California or Hawaii, that million isn't going to go as far as it would in less desirable states. Northeastern states are also more expensive to live in, draining that retirement money a bit quicker.'s survey used the following criteria for each state. Annual grocery cost, annual housing cost, annual utility costs, annual transportation cost, and annual healthcare cost.

Hawaii came in as the most expensive with a million dollars lasting about 10 years, 2 months and 29 days. On the other end of the spectrum, Mississippi came in as the least expensive state to retire, at 23 years, 2 months and 2 days. But who wants to live in Mississippi?

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The good ol' state of Minnesota hangs kind of in the middle of the pack at #21. Here's how the costs break down:

  • Annual groceries cost: $4,367.96
  • Annual housing cost: $8,943.33
  • Annual utilities cost: $3,650.60
  • Annual transportation cost: $3,570.45
  • Annual healthcare cost: $7,128.09
  • Total annual expenditures: $47,579.00

How long $1 million will last in savings in Minnesota? 20 years, 11 months, 31 days.

Surrounding states will stretch your buck a bit further, but not much. Iowa a million will last about 21 years, 4 months and 18 days, North Dakota, 20 years, 1 month and 1 day, Wisconsin, 20 years, 4 months and 18 days.

So, if you want your retirement to last the longest it can, you may have to move to Mississippi.  On the bright side, your money will not only last longer, life itself will probably even seem longer.

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