While $1M may sound like a large sum of money, it may not last as long as many people expect when stretched over decades of retirement — especially in some parts of the United States.

According to new analysis from GoBankingRates, $1 million would last fewer than nine years in Hawaii and would be depleted within 15 years in 15 other states (1). The numbers suggest retirement costs can vary widely depending on where you live.

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Rising health care costs, elevated housing prices and persistent inflation continue to reshape the retirement equation. It’s no surprise that Americans are concerned: A 2025 Allianz Life study found that 64% of retirees fear outliving their savings more than death (2).

While $1 million doesn’t stretch as far as it once did, experts see no reason to panic. According to them, retirement success is not defined by a single number, and, with the right moves, it’s possible to retire comfortably at a reasonable age without hitting commonly cited targets (3).

The GoBankingRates study underscores just how dramatically living costs vary across the country — and how much that variation can affect retirement longevity.

Hawaii ranked as the most expensive state for retirees. According to GoBankingRates, high housing costs, steep grocery prices and above-average healthcare expenses mean that $1 million would last just 9.06 years there.

The most affordable state, meanwhile, was Oklahoma. There, GoBankingRates claims $1 million would last a much longer 19.3 years, thanks to lower housing costs, more affordable healthcare and a generally lower cost of living.

In terms of regions, the study suggests that Southern and Midwestern states tend to offer retirees greater financial breathing room, while many coastal areas — particularly in the West and Northeast — are significantly more expensive.

Viewed in isolation, this information can be scary for Americans, many of which haven’t accumulated $1 million in retirement savings to begin with (4).

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Figures like these can feel intimidating, but they don’t necessarily reflect how retirement finances work in the real world.

A big driving factor behind GoBankingRates’ alarming projections was rent and property prices. For retirees who own their homes outright or carry minimal mortgage debt, the disparity between high- and low-cost states may not be as dramatic. Without monthly rent or mortgage payments, retirement dollars can stretch significantly further than headline figures suggest.

The $1 million benchmark is also frequently taken out of context. Retirement resources are not limited to a 401(k), Roth IRA or brokerage account balance. Income in retirement often includes Social Security benefits, pensions, part-time work and investment income, all of which can substantially supplement savings.

Personal circumstances matter, too. Not everyone has the same expenses, lifestyle and external support.

That’s why many financial experts caution against fixating on a single “magic number (3).” A lump-sum target such as $1 million can be a helpful planning tool, but it is not a universal requirement for retirement success. For the millions of Americans who are nowhere near that benchmark — and who may feel discouraged by headlines suggesting even $1 million barely lasts a decade in some states — that perspective can be reassuring.

Retirement planning isn’t static. Even small adjustments can meaningfully improve outlooks and potentially extend how many years savings will last.

Steps people can take to boost their retirement security include:

Save more and automate it. If you’re still working, maximize contributions to workplace retirement plans and other tax-advantaged accounts and automate contributions to ensure you stay on track. Experts suggest saving at least 10% of gross income and gradually increasing contributions over time (5).

Reduce fixed expenses. Paying off a mortgage, eliminating high-interest debt, downsizing or relocating to a lower-cost area can free up thousands annually. If you’re thinking about moving to another state, watch out for less obvious expenses that can erode anticipated savings, such as property taxes, insurance and trips back and forth to see family and friends.

Increase income streams. Delaying Social Security boosts guaranteed monthly benefits, while working part-time in early retirement or developing passive income streams, such as renting out a portion of your home, can reduce pressure on your portfolio (6).

Prepare for healthcare costs. Medical expenses are often underestimated. Maintaining insurance coverage and contributing to a tax-advantaged health savings account (HSA), if eligible, can help offset future bills.

Rethink your withdrawal strategy. Instead of rigidly following the 4% rule, adjust spending based on market conditions.

Find cheap hobbies. Retirement brings lots of free time and not everything fun has to be expensive.

Ultimately, retirement planning is less about hitting a single savings number and more about building a strategy that matches your lifestyle, location and long-term goals.

In other words, the question isn’t simply whether $1 million is enough to retire on — it’s whether your retirement plan matches the reality of where and how you plan to live. And for many Americans, thoughtful planning and flexibility may matter just as much as the final number in their savings account.

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GoBankingRates (1); Allianz (2); AARP (3); Schroders (4); Empower (5); Boldin (6)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.