The Expanse of Hawaii
Hawaii, a tropical paradise revered for its pristine beaches and swaying palm trees, may entice retirees with its natural beauty but comes at a steep price. With annual expenditures totaling a hefty $104,245.85, including costs for groceries, housing, utilities, transportation, and healthcare, $750,000 would last only 7 years, 2 months, and 8 days. A stark reminder that paradise often comes at a considerable cost.
The Resilience of District of Columbia
Contrasting the extravagance of Hawaii is the District of Columbia, a place where history and politics intersect. With lower annual expenses amounting to $84,876.82, $750,000 stretches further, lasting 8 years, 10 months, and 2 days. Washington D.C. may offer a blend of culture and urban living that provides retirees with a more prolonged financial cushion compared to its Pacific counterpart.
The Charisma of Massachusetts
Massachusetts, known for its academic prowess and historical significance, presents a balanced picture for retirees. With yearly expenditures totaling $84,703.37, $750,000 proves to be substantial, lasting 8 years, 10 months, and 6 days. The state offers a mix of cultural experiences and natural beauty, ensuring retirees can savor their savings for an extended period.
The Allure of California
California, synonymous with Hollywood glamour and technological innovation, captures the hearts of many retirees. With total annual outlays amounting to $80,077.93, including expenses for groceries, housing, utilities, transportation, and healthcare, $750,000 endures for 9 years, 4 months, and 14 days. While the Golden State boasts diverse landscapes and a vibrant lifestyle, it also demands a sizable portion of retirement savings.
Insights on Cost of Living and Savings Duration Across U.S. States
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
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 month 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
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
Insights into State Annual Expenditures and Savings Duration
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 day
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
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
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
Insights on Cost of Living and Savings Duration Across Various US States
Delaware – The Diamond State
- 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 can $750,000 last in savings: 12 years 9 months 29 days
Nevada – The Silver State
- 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 can $750,000 last in savings: 12 years 10 months 2 days
Florida – The Sunshine State
- 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 can $750,000 last in savings: 12 years 10 months 17 days
Idaho – The Gem State
- 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 can $750,000 last in savings: 13 years 1 month 27 days
Pennsylvania – The Keystone State
- 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 can $750,000 last in savings: 13 years 6 months 26 days
North Carolina – The Tar Heel State
- 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 can $750,000 last in savings: 13 years 7 months 11 days
South Carolina – The Palmetto State
- 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 can $750,000 last in savings: 13 years 7 months 11 days
Wisconsin – The Badger State
- 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 can $750,000 last in savings: 13 years 7 months 22 days
Rumbling Through the Heartland: A Financial Expedition Through Various States
Ohio State of Affairs
- 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
Reflections on Savings: Considering these figures, $750,000 would keep the coffers full for 13 years 8 months 12 days.
A Glimpse of 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
Delving into Savings: Nesting $750,000 here would stretch for 13 years 8 months 16 days.
Minnesota: More Than Meets the Eye
- 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
Diving Deeper into Savings: With $750,000 at the helm, one could sail smoothly for 13 years 9 months 14 days.
New Mexico in the Limelight
- 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
Riding the Waves of Savings: Placing $750,000 in the treasure chest here would last for 13 years 9 months 18 days.
Texas: Views from El Paso
- 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
Sailing Through Savings: Anchoring $750,000 in Texas would provide a cushion for 13 years 11 months 26 days.
South Dakota Under the Microscope
- 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
Unearthing Savings Gems: Stashing $750,000 here could support dreams for 14 years 0 months 15 days.
Wyoming’s Wild West
- 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
Unveiling the Savings Treasure: Depositing $750,000 here could safeguard wealth for 14 years 0 months 15 days.
Illinois: Insights From Aurora
- 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
Peer into Savings: With $750,000 tucked away, one could thrive for 14 years 0 months 29 days.
Analyzing State Expenditures: Financial Health in Different U.S. Regions
Financial Insights into 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
Insight into Louisiana’s Financial Landscape
- 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
Financial Overview of 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
Financial Picture of 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’s Financial Landscape
- 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
Analyzing Michigan’s Financial Status
- 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
Financial Assessment of 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
The Financial Landscape of 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
Insights into Statewise Financial Longevity
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
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
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
Methodology: In order to determine how long $750,000 will last across the country, GOBankingRates utilized national expenditure averages for individuals aged 65 and older from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey data. State-level expenditure estimates were then calculated by adjusting the national average using each state’s cost of living index for 2023. The duration $750,000 would last in each state was derived by dividing $750,000 by the estimated average annual expenditures for that state.
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This article originally appeared on GOBankingRates.com: How Long $750K in Retirement Will Last in Every State