$1.2 million could last 32.39 years with Social Security on average, but that varies significantly by state.
Oklahoma ranked first, where $1.2 million could last nearly 45 years, while Hawaii ranked last at just 13.46 years.
Experts say your retirement target should reflect where you live, how much you spend, and how early you start saving.
Saving $1.2 million for retirement may sound like reaching the finish line.
But how long that money actually lasts can depend on much more than the size of your nest egg. Where you live, how much you spend, and other sources of income can all play a role in determining how quickly your savings are used up.
So, how far could $1.2 million really take you?
ConsumerAffairs spoke with Rudri Bhatt Patel, NACCC Certified Financial Health Counselor, for insight into what retirees should consider when deciding whether their savings are enough.
Methodology
To estimate how long $1.2 million could last in retirement, MoneyLion started with the average annual spending for Americans age 65 and older, using 2024 Consumer Expenditure Survey data from the Bureau of Labor Statistics. It then adjusted that national spending figure for each state using 2026 first-quarter cost-of-living data from the Missouri Economic Research and Information Center (MERIC).
MoneyLion also factored in Social Security income, using Social Security Administration data from July 2026. The analysis calculated how long $1.2 million would last both with and without Social Security, then ranked all 50 states based on how long the savings would last. The study also estimated annual costs for categories including groceries, housing, utilities, transportation, and healthcare. The data was collected and updated as of Aug. 20, 2026.
It’s important to keep in mind that these figures are estimates. They’re based on average spending and cost-of-living data, so an individual retiree’s results could look very different depending on factors such as lifestyle, housing costs, and other sources of income.
Key findings
On average, MoneyLion found that $1.2 million would last about 32.39 years with Social Security and 19.53 years without it.
Oklahoma came out on top, with $1.2 million estimated to last 44.59 years when Social Security is included. Alabama and Mississippi followed at 43.11 and 42 years, respectively.
At the other end of the list, Hawaii ranked last, with $1.2 million estimated to last just 13.46 years with Social Security. Massachusetts, California, and Alaska also fell near the bottom.
The difference largely comes down to the cost of everyday life. Hawaii had the highest estimated annual expenditures at about $113,526, compared with roughly $51,296 in Oklahoma, the state where the money was projected to last the longest.
Healthcare and groceries can also add up quickly. Only six states — Mississippi, Alabama, Arkansas, Michigan, Tennessee, and West Virginia — had estimated annual healthcare costs below $7,000, while Hawaii and Alaska had average annual grocery costs above $6,600.
Preparing for retirement
Regardless of where you are in your career journey, Patel recommends kickstarting retirement savings as soon as possible.
“Don’t make saving for your retirement future a later goal,” she said. “Start saving now.”
Patel shared a few ways to make retirement savings a primary goal:
Take advantage of an employer’s 401(k) match. Contribute enough so you can benefit from the employer’s match.
Consider opening a Roth IRA (especially when you’re young so you can pay lower tax rates).
If you want to be aggressive with retirement savings and you’re young, place 70% of your portfolio in stocks and 30% in bonds/CDs.
With every raise or windfall, use a portion to increase your contribution to your tax-advantaged accounts.
Healthcare is one of the primary costs in retirement. Make sure you put your health first throughout your life. Take preventive measures now because it will likely save you money in retirement.
Continue to build skills and certifications. You want to maximize any opportunity to ask for a raise or promotion. These extra dollars could help your retirement nest egg grow faster.
Do a dry run on what it’s like to live on a retirement budget. For a few months, run your household on a retirement budget. This gives you a chance to make changes long before you retire.
Start saving today
Patel explained that preparation is key to retirement, and even if retirement is right around the corner, it’s never too late to start saving.
“If you start saving later, your approach should be aggressive and strategic,” she said. “I recommend, based on the survey data, you take a look at where you live and determine if your modest nest egg will allow you to live comfortably. If not, then consider relocating.
“Saving later in retirement may mean having to work a few extra years, downsizing, and reviewing some of your lifestyle choices. As an older saver, you can take advantage of catch-up contributions. Those who are 50 and older can use catch-up contributions to dedicate more money to a 401(k), 457(b), HSA, Traditional or ROTH IRA, or a SIMPLE IRA.”
Advice for current workers
If retirement is a bit further down the road, Patel offers some suggestions to make the most of the years you have left.
“Treat your retirement savings like you would a housing or utility cost,” Patel said. “Make it a mandatory part of your budget. Don’t convince yourself that you’ve got time to worry about retirement savings later. Later may put you too far behind.”
Here are a few of her strategies:
If your income increases, don’t automatically increase your burn. Try to live below your means.
Automate your contributions and any income boost should mean that you raise your savings rate.
Don’t make major lifestyle purchases without taking care of retirement first. It may feel difficult at the moment, but your golden-year-self will thank you.
Advocate for yourself in your job. Ask for that raise (if warranted) and take advantage of every financial perk your employer offers that can help you in retirement.
“As a certified financial health expert, I’d suggest people not look at the $1.2 million in isolation,” Patel explained. “Look at your target retirement number based on where you live and your personal spending.
“Don’t be afraid to ask questions if you're unclear on your strategy. Ask a financial advisor if you’re struggling and need guidance.”