$1M in Retirement Savings Lasts Shortest in New York, Best in Oklahoma

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A new study by GOBankingRates has found that $1 million in retirement savings lasts the shortest amount of time in New York, at just 12.9 years on average, due to the high costs of housing, healthcare, and groceries in the state. In contrast, the same $1 million would last the longest in Oklahoma, at 19.3 years on average, thanks to much lower costs of living. Connecticut and New Jersey fared slightly better than New York in the tri-state area, with $1 million lasting 14.3 and 14.2 years respectively.

Why it matters

This study highlights the significant impact that cost of living can have on how long retirement savings last. Retirees in high-cost states like New York may need to plan for a shorter retirement or find ways to reduce expenses, while those in lower-cost states can potentially enjoy a longer retirement on the same nest egg. The findings are relevant for anyone planning for or currently in retirement.

The details

The study examined average annual expenditures for people ages 65 and older in each state, as reported in the Bureau of Labor Statistics 2024 Consumer Expenditure Survey. It then calculated how long $1 million in retirement savings would last based on those variable costs. New York had one of the highest average annual expenditures at $77,773, including $23,209 for housing and $8,805 for healthcare. In contrast, Oklahoma's average annual costs were much lower at $51,807, with housing at just $8,824 and food at $4,973.

• The study was conducted in 2026 using 2024 data from the Bureau of Labor Statistics.