Skip to Main

How Long Will a Retirement Nest Egg of $1 Million Last

  • Oppenheimer & Co. Inc.

According to a recent study1, about ten thousand people turn 65 in the U.S. every single day. At the same time, the average American retirement age is 63, and on average Americans should plan for a long, 22 year retirement. The AARP suggests a retirement income nest egg of at least $1 million, but how far that takes you varies signifi cantly, depending on where you live. So if you're asking "how long will my money last in retirement," the answer may depend on your state.

Quotation from Aenean Pretium

How Long Will a Retirement Nest Egg of $1 Million Last?

It Depends on Where You Live.

Retirement Planning

In order to determine how long $1 million will last the average retiree in each state, GOBankingRates found the average total expenditures for people 65 and older, which includes groceries, housing, utilities, transportation and healthcare. Then, they multiplied that by the cost of living index in each state to find the average expenditure cost for each state.

Beyond being simply interesting reading, the study helps point out some of the differences in costs of living per location.


1GOBankingRates, How Long $1 Million Will Last in Retirement in Every State, August 21, 2017.

©2018 Oppenheimer & Co. Inc. All Rights Reserved. Oppenheimer Transacts Business on All Principal Exchanges and Member SIPC. This brochure is for informational purposes only. All

information provided and opinions expressed are subject to change without notice. This newsletter is not and is under no circumstances to be construed as an offer to sell or buy any

securities. No part of this brochure may be reproduced in any manner without the written permission of Oppenheimer & Co. Inc. Oppenheimer & Co. Inc., nor any of its employees or affi liates, does not provide legal or tax advice. However, your Oppenheimer Financial Advisor will work with clients, their attorneys and their tax professionals to help ensure all of their needs are met and properly executed. 2014217.1

Find a Financial Advisor

Find a Financial Advisor