- A study by GoBankingRates found how many years $1 million would last during retirement in 50 of the most populated cities in the US.
- The study looked at the annual expenditures for someone 65 and older in each city, then subtracted annual Social Security benefits to find the the annual expenditure figure.
- Visit Business Insider’s homepage for more stories.
Depending on where you live, $1 million can last you as long as 45 years or just eight years in retirement.
A recent study by GoBankingRates found how many years $1 million would last during retirement in 50 of the most populated cities in the US. The study multiplied the annual expenditures for someone 65 and older in each city, then subtracted annual Social Security benefits. The final annual expenditure figure was divided into one million to find the years, months, and days that $1 million would last in each city.
The study found that in cities like Tulsa and Indianapolis, $1 million would last for more than 35 years. However, in cities like New York and San Francisco, it would last less than 10 years.
Keep reading to see how long $1 million will last during retirement in 50 of the most populous US cities, according to GoBankingRates.
50. One million dollars will last 8 years, 3 months, and 19 days in San Francisco, California.
Annual expenditures: $136,965.98
Annual expenditures after using annual Social Security income: $120,355.70
Median home value: $1,392,859
Population: 870,044
49. One million dollars will last 10 years, 9 months, and 20 days in San Jose, California.
Annual expenditures: $109,094.70
Annual expenditures after using annual Social Security income: $92,484.42
Median home value: $1,022,531
Population: 1,026,658
48. One million dollars will last 12 years, 8 months, and 16 days in New York City.
Annual expenditures: $95,209.92
Annual expenditures after using annual Social Security income: $78,599.64
Median home value: $652,728
Population: 8,443,713
47. One million dollars will last 13 years, 10 months, and 10 days in Oakland, California.
Annual expenditures: $88,699.84
Annual expenditures after using annual Social Security income: $72,089.56
Median home value: $765,350
Population: 421,042
46. One million dollars will last 13 years, 11 months, and 19 days in Los Angeles, California.
Annual expenditures: $88,140.38
Annual expenditures after using annual Social Security income: $71,530.10
Median home value: $723,783
Population: 3,959,657
45. One million dollars will last 14 years and 25 days in Seattle, Washington.
Annual expenditures: $87,631.78
Annual expenditures after using annual Social Security income: $71,021.50
Median home value: $752,187
Population: 708,823
44. One million dollars will last 15 years, 1 month, and 21 days in Boston.
Annual expenditures: $82,596.64
Annual expenditures after using annual Social Security income: $65,986.36
Median home value: $631,997
Population: 679,413
43. One million dollars will last 15 years, 4 months, and 19 days in Long Beach, California.
Annual expenditures: $81,579.44
Annual expenditures after using annual Social Security income: $64,969.16
Median home value: $606,820
Population: 468,883
42. One million dollars will last 15 years, 5 months, 1 day in San Diego, California.
Annual expenditures: $81,426.86
Annual expenditures after using annual Social Security income: $64,816.58
Median home value: $652,175
Population: 1,401,932
41. One million dollars will last 16 years, 5 months, and 12 days in Washington, DC.
Annual expenditures: $77,358.06
Annual expenditures after using annual Social Security income: $60,747.78
Median home value: $636,372
Population: 684,498
40. One million dollars will last 20 years and 7 days in Portland, Oregon.
Annual expenditures: $66,524.88
Annual expenditures after using annual Social Security income: $49,914.60
Median home value: $455,753
Population: 639,387
39. One million dollars will last 20 years, 5 months, and 15 days in Denver, Colorado.
Annual expenditures: $65,456.82
Annual expenditures after using annual Social Security income: $48,846.54
Median home value: $454,940
Population: 693,417
38. One million dollars will last 21 years, 8 months, and 21 days in Miami, Florida.
Annual expenditures: $62,608.66
Annual expenditures after using annual Social Security income: $45,998.38
Median home value: $366,519
Population: 451,214
37. One million dollars will last 22 years, 8 months, and 4 days in Austin, Texas.
Annual expenditures: $60,675.98
Annual expenditures after using annual Social Security income: $44,065.70
Median home value: $394,095
Population: 935,755
36. One million dollars will last 22 years, 11 months, and 19 days in Sacramento, California.
Annual expenditures: $60,116.52
Annual expenditures after using annual Social Security income: $43,506.24
Median home value: $350,301
Population: 495,011
35. One million dollars will last 24 years, 10 months, and 20 days in Las Vegas, Nevada.
Annual expenditures: $56,759.76
Annual expenditures after using annual Social Security income: $40,149.48
Median home value: $285,524
Population: 626,637
34. One million dollars will last 26 years, 3 months, 2 days in Atlanta, Georgia.
Annual expenditures: $54,674.50
Annual expenditures after using annual Social Security income: $38,064.22
Median home value: $287,015
Population: 479,655
33. One million dollars will last 26 years, 5 months, and 18 days in Chicago, Illinois.
Annual expenditures: $54,369.34
Annual expenditures after using annual Social Security income: $37,759.06
Median home value: $242,601
Population: 2,718,555
32. One million dollars will last 26 years, 7 months, and 9 days Minneapolis, Minnesota.
Annual expenditures: $54,165.90
Annual expenditures after using annual Social Security income: $37,555.62
Median home value: $286,055
Population: 416,021
31. One million dollars will last 26 years, 11 months, and 7 days in Virginia Beach, Virginia.
Annual expenditures: $53,708.16
Annual expenditures after using annual Social Security income: $37,097.88
Median home value: $281,046
Population: 450,135
30. One million dollars will last 27 years, 4 months, and 7 days in Colorado Springs, Colorado.
Annual expenditures: $53,148.70
Annual expenditures after using annual Social Security income: $36,538.42
Median home value: $316,396
Population: 457,502
29. One million dollars will last 27 years, 5 months, and 18 days in Mesa, Arizona.
Annual expenditures: $52,996.12
Annual expenditures after using annual Social Security income: $36,385.84
Median home value: $272,546
Population: 491,194
28. One million dollars will last 27 years, 7 months, and 27 days in Phoenix, Arizona.
Annual expenditures: $52,741.82
Annual expenditures after using annual Social Security income: $36,131.54
Median home value: $263,253
Population: 1,610,071
27. One million dollars will last 28 years, 1 month, and 2 days in Fresno, California.
Annual expenditures: $52,182.36
Annual expenditures after using annual Social Security income: $35,572.08
Median home value: $251,405
Population: 522,277
26. One million dollars will last 28 years, 2 months, and 18 days in Raleigh, North Carolina.
Annual expenditures: $52,029.78
Annual expenditures after using annual Social Security income: $35,419.50
Median home value: $284,829
Population: 457,159
25. One million dollars will last 28 years, 5 months, and 30 days in Dallas, Texas.
Annual expenditures: $51,673.76
Annual expenditures after using annual Social Security income: $35,063.48
Median home value: $223,148
Population: 1,318,806
24. One million dollars will last in 28 years, 6 months, and 30 days in Nashville, Tennessee.
Annual expenditures: $51,572.04
Annual expenditures after using annual Social Security income: $34,961.76
Median home value: $283,882
Population: 660,062
23. One million dollars will last 28 years, 7 months, and 30 days in Philadelphia, Pennsylvania.
Annual expenditures: $51,470.32
Annual expenditures after using annual Social Security income: $34,860.04
Median home value: $184,555
Population: 1,575,522
22. One million dollars will last 28 years, 10 months, and 30 days in Arlington, Texas.
Annual expenditures: $51,165.16
Annual expenditures after using annual Social Security income: $34,554.88
Median home value: $218,707
Population: 392,462
21. One million dollars will last 29 years, 3 months, and 5 days in Fort Worth, Texas.
Annual expenditures: $50,758.28
Annual expenditures after using annual Social Security income: $34,148.00
Median home value: $210,110
Population: 855,786
20. One million dollars will last 29 years, 7 months, and 28 days in Charlotte, North Carolina.
Annual expenditures: $50,300.54
Annual expenditures after using annual Social Security income: $33,690.26
Median home value: $249,707
Population: 841,611
19. One million dollars will last 30 years, 9 months, and 10 days in Houston, Texas.
Annual expenditures: $49,079.90
Annual expenditures after using annual Social Security income: $32,469.62
Median home value: 2,295,982
Population: 2,295,982
18. One million dollars will last 30 years, 10 months, and 14 days in New Orleans, Louisiana.
Annual expenditures: $48,978.18
Annual expenditures after using annual Social Security income: $32,367.90
Median home value: $234,985
Population: 389,648
17. One million dollars will last 32 years, 3 months, and 16 days in Jacksonville, Florida.
Annual expenditures: $47,554.10
Annual expenditures after using annual Social Security income: $30,943.82
Median home value: $190,347
Population: 878,907
16. One million dollars will last 33 years, 4 months, and 1 day in Tucson, Arizona.
Annual expenditures: $46,587.76
Annual expenditures after using annual Social Security income: $29,977.48
Median home value: $212,648
Population: 539,216
15. One million dollars will last 33 years, 7 months, and 13 days in Albuquerque, New Mexico.
Annual expenditures: $46,333.46
Annual expenditures after using annual Social Security income: $29,723.18
Median home value: $211,574
Population: 559,202
14. One million dollars will last 34 years, 4 months, and 20 days in Omaha, Nebraska.
Annual expenditures: $45,672.28
Annual expenditures after using annual Social Security income: $29,062.00
Median home value: $193,062
Population: 465,112
13. One million dollars will last 34 years, 5 months, and 11 days in San Antonio, Texas.
Annual expenditures: $45,621.42
Annual expenditures after using annual Social Security income: $29,011.14
Median home value: $185,085
Population: 1,486,521
12. One million dollars will last 35 years and 3 months in Louisville, Kentucky.
Annual expenditures: $44,960.24
Annual expenditures after using annual Social Security income: $28,349.96
Median home value: $176,603
Population: 617,032
11. One million dollars will last 35 years, 4 months, and 17 days in Baltimore, Maryland.
Annual expenditures: $44,858.52
Annual expenditures after using annual Social Security income: $28,248.24
Median home value: $149,959
Population: 614,700
10. One million dollars will last 35 years, 9 months, and 5 days in Detroit, Michigan.
Annual expenditures: $44,553.36
Annual expenditures after using annual Social Security income: $27,943.08
Median home value: $35,527
Population: 677,155
9. One million dollars will last 36 years, 8 months, and 10 days in Kansas City, Missouri.
Annual expenditures: $43,841.32
Annual expenditures after using annual Social Security income: $27,231.04
Median home value: $158,959
Population: 481,417
8. One million dollars will last 37 years, 2 months, and 7 days in Columbus, Ohio.
Annual expenditures: $43,485.30
Annual expenditures after using annual Social Security income: $26,875.02
Median home value: $170,492
Population: 867,628
7. One million dollars will last 37 years, 3 months, and 2 days in Oklahoma City, Oklahoma.
Annual expenditures: $43,434.44
Annual expenditures after using annual Social Security income: $26,824.16
Median home value: $140,138
Population: 637,284
6. One million dollars will last 37 years, 7 months, and 10 days in Milwaukee, Wisconsin.
Annual expenditures: $43,180.14
Annual expenditures after using annual Social Security income: $26,569.86
Median home value: $130,714
Population: 596,886
5. One million dollars will last 38 years, 7 months, and 23 days in Indianapolis, Indiana.
Annual expenditures: $42,468.10
Annual expenditures after using annual Social Security income: $25,857.82
Median home value: $149,854
Population: 857,637
4. One million dollars will last 38 years, 10 months, and 15 days in Tulsa, Oklahoma.
Annual expenditures: $42,315.52
Annual expenditures after using annual Social Security income: $25,705.24
Median home value: $127,839
Population: 402,223
3. One million dollars will last 39 years, 8 months, and 27 days in Wichita, Kansas.
Annual expenditures: $41,756.06
Annual expenditures after using annual Social Security income: $25,145.78
Median home value: $135,819
Population: 389,563
2. One million dollars will last 40 years, 3 months, and 22 days in El Paso, Texas.
Annual expenditures: $41,400.04
Annual expenditures after using annual Social Security income: $24,789.76
Median home value: $136,499
Population: 680,354
1. One million dollars will last 45 years, 4 months, and 1 day in Memphis, Tennessee.
Annual expenditures: $38,653.60
Annual expenditures after using annual Social Security income: $22,043.32
Median home value: $95,422
Population: 653,248