Where to Retire With $1 Million to Live the Longest on the Money
Retirement could be the best time of your life, provided you’ve got the savings and means to support yourself during your twilight years. If you’re thinking of relocating, it’s best to know what you’re in for before you commit to a destination.
Hawaii
With its perpetually idyllic coastlines and scenic views all around, Hawaii makes for an ideal retirement destination. Assuming you’ve managed to save up $1 million (kudos to you, by the way), you should be able to make your savings last around 7.3 years, with your total annual expenditure at $137,773.
California
The Golden State makes for an interesting retirement destination, with its constant hustle and bustle all year round. That said, you can squeeze out a living over almost ten years with $1 million in savings. This is mostly due to the fairly low price of groceries, with your total annual expenditures running at $101,718.
Massachusetts
With its gorgeous landscapes and relatively peaceful atmosphere (outside of Boston, at least), Massachusetts is pretty welcoming to retirees. With $1 million in savings, you can live there quite comfortably for ten years, mostly due to the fairly low price of both groceries and transportation. Your total annual expenditures will run you $99,573 per year.
Washington, D. C.
Although not technically a state, many retirees would appreciate the chance to settle in the nation’s capital during their twilight years. Those people can rest assured that you can enjoy everything D.C. has to offer for a full 11 years, without having to worry about money.
Washington
Whether you’re retiring to Seattle or a smaller town in the state of Washington, life here is fairly peaceful, especially if you’re a fan of that trademark Pacific Northwest weather. On $1 million in savings, you can live comfortably for a little over 12 years, with your annual expenditures sitting at $83,426 per year.
New Jersey
In contrast to its highly metropolitan neighbor state of New York, New Jersey is - for the most part - a fairly tranquil, peaceful retirement destination. It’s also not as expensive to live there as you might think - on $1 million in savings, you can enjoy everything New Jersey has to offer for around 12 and a half years.
New York
Speaking of New Jersey’s bustling neighbor, living in New York is a dream for many - and nowhere near as unattainable as it may seem. Despite the generally high price of rent, groceries, utilities, and transportation costs are fairly low, and you can make $1 million last over 13 years.
Oregon
Dramatic landscapes and a decidedly rugged coastline make Oregon a scenic retirement destination. It’s also fairly cheap. With $1 million in savings, you can eke out a comfortable living there for around 13 years, with annual expenditures sitting somewhere around $75,660 per year.
Colorado
If you prefer basking in the sun or exploring the mountains, Colorado may be the state for you. Outdoor activities abound here for the adventurous few, which could include you if you’ve got around $1 million in savings. That’ll last you around 13 and a half years, with your annual expenditures running at $74,621 per year.
Utah
The Beehive State is known for its mostly dry, arid landscapes, punctuated here and there by rocky mountains and high plateaus. It’s a great place to retire to if you enjoy a bit of peace and quiet. With $1 million in savings, you can enjoy everything Utah has to offer for a little over 13 years, with your annual expenditures at $73,465.
New Hampshire
It may be small, but New Hampshire still has tons to offer, including mountains, forests, lakes, and coastlines. You can enjoy varying weather patterns all year round if you decide to make the Granite State your home. Speaking of, living here on $1 million in savings is entirely feasible, with your annual expenditures at $73,355 per year.
Alaska
Of course, if you’re a fan of the cold, then there is perhaps no better state in the US for you. Alaska may not seem like it has much to offer at first, but the peaceful way of life here is unmatched. On $1 million in savings, you could live here comfortably for around 13.8 years.
Rhode Island
Fans of the finer things in life will appreciate Rhode Island’s consummate, coastal beauty, with unmatched colonial stylings evocative of a bygone era. Living here is also much cheaper than you might think. On $1 million in savings, you can enjoy the sights and sounds of Rhode Island without worry for 13.9 years.
Maryland
Maryland has plenty of local lore and history for folks to dive into, not to mention its vast and varied topography that includes everything from mountains to plains. Living here is also pretty tempting for those who want to make their money last. On $1 million in savings, you can enjoy the majesty of Maryland for a little over 14 years.
Connecticut
One of New England’s loveliest states, Connecticut boasts both fantastic urban life and rural charm. It’s a wonderful place to retire to. And if you’ve got $1 million lying around, you can make that last for a little over 14 years, with your total annual expenditures only setting you back around $70,133 per year.
Arizona
Arizona is also sometimes known as the Grand Canyon State - and we’ll give you three guesses as to why. Indeed, though many wish to see the Grand Canyon with their own eyes, few make the journey. You could spend your retirement here, basking in the majestic sights of Arizona for 14 and a half years with $1 million in savings.
Nevada
There’s more to Nevada than Las Vegas, you know - there’s Reno, too! While certainly not for everyone, the Nevada way of life is exciting, and it’s one you can enjoy for yourself with $1 million in savings. That’ll last you around 14 and a half years… assuming you don’t gamble it all away! Seriously, don’t do that.
Maine
If you’ve ever read a Stephen King novel, you’ll know that Maine is home to monsters and murderers most foul. In reality, Maine is probably one of the most peaceful states you can visit, and a great retirement destination if you enjoy fishing! You can live here comfortably for just under 15 years with $1 million in savings.
Vermont
Vermont is small in size, but big in culture and community. You won’t easily find a place that matches the independent spirit of Vermont. If that sounds like the type of place you’d want to spend your twilight years, you’re in luck - on $1 million in savings, you can enjoy everything Vermont has to offer for just under 15 years.
Idaho
Located in the Pacific Northwest, Idaho may seem pretty sparse on the surface - because it is. But that’s also what makes it so appealing for many. Folks are few, but friendly. And if you’d like to ingratiate yourself with them, you can do so for 15 years with $1 million in savings.
Montana
You’ll hear some people call Montana the “Big Sky Country”, on account of those vast, scenic skylines that take your breath away. There’s probably no prettier state in all America, and you can live there for just over 15 years on $1 million in savings.
Florida
Florida is pretty much the retirement capital of America, anyway, and therefore a natural destination that you should consider. It’s got beaches, lively urban life, and temperamental weather. You can stretch out $1 million in savings over 15 and a half years, at $64,693 per year.
Virginia
Virginia is the birthplace of so many presidents that it’s sometimes known as the “Mother of Presidents”. It’s a lovely state to live in as well, with varying geography and lovely urban environments to boot. You can live here without worry for just under 16 years with $1 million in savings.
Delaware
Okay, we know what you’re thinking: what the hell is in Delaware? Well, it’s one of the most important historical sites in the United States, and it has a fantastic tourism industry as well. It’s also a cheap place to live, allowing you to easily live out your retirement for over 16 years with $1 million in savings.
Wyoming
For fans of snowy landscapes and relatively peaceful urban environments, Wyoming is pretty much unmatched - and also just downright pretty. You can live here comfortably for over 17 years with $1 million in savings, with yearly expenditures of $57,755.
North Carolina
North Carolina is a great slice of southeastern American beauty, with gorgeous geography that spans the Atlantic coastline all the way to the Appalachian mountains. If that sounds like your vibe, you’ll be pleased to know that it’s a relatively cheap place to live, and you can stretch out $1 million in savings over 17 and a half years.
Minnesota
The people of Minnesota are so welcoming and pleasant that they’re often confused with Canadians. The state itself is also beautiful and peaceful, making for a great retirement destination. With $1 million in savings, you can live here peacefully for just under 18 years.
Wisconsin
Also known as the Badger State, Wisconsin is probably best known for its fantastic dairy production, along with a spirited sports culture. And beer. Lots of beer. If that sounds like your bag, rest assured that with $1 million in savings, you could live here comfortably for 18 years.
Georgia
Whether it’s the urban environs of Atlanta that appeal to you or just the gorgeous, green landscapes, Georgia has plenty to offer. It’s a place you can retire to with $1 million in savings and live comfortably for a little over 18 years.
South Dakota
Ever wanted to see Mount Rushmore? By retiring to South Dakota, you can gaze upon its incredible visage whenever you please. With $1 million in savings, South Dakota can accommodate you for around 18 and a half years with no extra financing.
New Mexico
Ah, New Mexico - sunny, moderate, and totally easy-going. It’s a slow kind of place, sure, but that may be just what you’re looking for in a retirement destination. You can live here for just under 19 years with $1 million in savings.
South Carolina
South Carolina shares much in common with its northern sister state, including gorgeous natural landscapes and beautiful coastlines. It’s also easy on the old savings account, with $1 million easily able to last you just under 19 years without worry.
Tennessee
If you’re a fan of music (and who isn’t, really?), then you simply have to visit Tennessee at least once in your lifetime. Alternatively, you could retire there and enjoy your twilight years without worrying about money - $1 million in savings can last you just under 19 years.
Texas
This town ain’t big enough for the two of us - but Texas would be willing to welcome you, anyway. The quintessential western state in all the United States, retiring to Texas is a smart move for the money-savvy. $1 million in savings could last you around 19 years.
Illinois
Illinois is kind of like New York, but with less noise pollution. It’s a major cultural and economic hub without being stifling. It’s also a fantastic retirement destination. With $1 million in savings, you could live here comfortably for just over 19 years.
Pennsylvania
The Keystone State has plenty of historical significance, along with varied and beautiful geography to boot. Living here is pretty stress-free, since you can easily make $1 million last over 19 and a half years, with annual expenditures at $51,483 per year.
North Dakota
If prairie life sounds appealing to you, then North Dakota may be the perfect retirement destination. It’s also relatively cheap, provided you’ve got $1 million in savings, of course. This could last you just over 19 and a half years, at $51,077 per year.
Nebraska
The Cornhusker State is so called because - and you’ll never believe this - it’s got a prosperous corn industry. It’s also quite charming in its landscapes and geography, and makes for a great retirement destination, with $1 million lasting a solid 20 years.
Ohio
Ohio is pretty much the United States in a microcosm - bustling, beautiful, and historical. It’s a great retirement destination for those with $1 million in savings, a sum that could last you up to 20 and a half years.
Indiana
The Hoosier State is known for its abundance of verdant farmland and rolling plains. It’s peaceful and quiet, and if you’ve got $1 million in savings, you could enjoy its tranquility for just under 21 years.
Missouri
Missouri is something of a crossroads, bordering eight other states, but with a vibrant lifestyle of its own. Retiring here is ideal, with $1 million in savings able to last you just under 21 years.
Michigan
Michigan is known for two things: the Great Lakes and the automotive industry. If you’re a fan of either, this is the place for you. $1 million in savings can last you up to 21 years.
Kentucky
Kentucky is primarily defined by its landscapes, including the Bluegrass region and the Appalachian Mountains. It’s pretty welcoming to retirees, too, with $1 million in savings able to last you over 21 years.
Iowa
Whether you plan on retiring to Des Moines or a smaller community in the state, Iowa is a great retirement destination. With $1 million in savings, you could live here comfortably for up to 21 years, with change.
Kansas
Fans of the Man of Steel’s small-town charm will find plenty to love in Kansas. Retiring here is a great deal - with $1 million in savings, you could live here for a little over 21 and a half years, with annual expenditures totalling around $46,212.
Louisiana
Louisiana has it all: tons of culture, history, and gorgeous landscapes, provided you can look past all that swampland. Retiring here on $1 million allows you to live comfortably for up to 22 years.
Alabama
Alabama has a pretty unfavorable reputation, but it’s still one of the most beautiful states in the country. With $1 million in savings, you could live here stress-free for over 22 years, with annual costs totalling $45,321.
Oklahoma
Although Oklahoma is prone to what we in the business call “foul weather”, it’s still a beautiful state, and relatively peaceful to boot. $1 million in savings can last you up to 22 and a half years.
Arkansas
Arkansas’ state nickname - “The Natural State” - may not leave much to the imagination, but it’s still pretty fitting. They’ve got natural beauty aplenty down there, which is great to soak up during your twilight years. $1 million in savings can last you over 22 and a half years.
Mississippi
Mississippi offers a little bit of everything - rich history, diverse culture, and fabulous natural landscapes. Retiring here on $1 million allows you to live stress-free for around 23 years.
West Virginia
Country roads, take us home. Yes, indeed, beautiful West Virginia is probably the cheapest state to retire to. $1 million in savings can easily last you over 23 years.
