There’s a Record Number of 401(k) Millionaires: Is It Enough To Retire in Your State?

A recent Fidelity Investments report found that there are currently about 497,000 401(k) accounts with at least $1 million. That’s a 2.5% increase from earlier this year when the number of 401(k) millionaires was 485,000. It’s also a new record.

Accumulating $1 million in retirement savings is a key milestone, one that’s worth celebrating. Depending on where you live and what age you plan to retire, it might even be enough money to quit your day job and live out your retirement years in comfort.

If you’re like the average American, you’re probably going to spend about 20 years in retirement, as per the U.S. Department of Labor data. That means you’ll need to split your $1 million across 20 years (assuming there are no interest gains or taxes due). That’s about $50,000 a year.

Besides your 401(k) savings, you may also have Social Security to fall back on. As of January 2024, the average Social Security recipient gets $1,907 a month or $22,884 a year. With that benefit amount, you’d earn an additional $457,680 over 20 years if everything stays exactly the same. This would give you a grand total of about $1,457,680 or $72,884 a year (excluding taxes).

Assuming all of these factors hold true, and using data from a recent GOBankingRates study, these are the top U.S. states where that amount of money is enough to retire on in descending order. Can you figure out which five are too expensive to make the cut?

West Virginia

  • Total yearly expenditure (average): $49,261
  • How long $1 million will last in savings: 20 years, 3 months, 19 days
  • How long $1 million with Social Security will last in savings: 29.6 years

Mississippi

  • Total yearly expenditure (average): $50,128
  • How long $1 million will last in savings: 19 years, 11 months, 12 days
  • How long $1 million with Social Security will last in savings: 29 years

Read Next: 8 States To Move to If You Don’t Want To Pay Taxes on Social Security

Oklahoma

  • Total yearly expenditure (average): $50,186
  • How long $1 million will last in savings: 19 years, 11 months, 5 days
  • How long $1 million with Social Security will last in savings: 29 years

Kansas

  • Total yearly expenditure (average): $50,533
  • How long $1 million will last in savings: 19 years, 9 months, 15 days
  • How long $1 million with Social Security will last in savings: 28.8 years

Alabama

  • Total yearly expenditure (average): $50,995
  • How long $1 million will last in savings: 19 years, 7 months, 11 days
  • How long $1 million with Social Security will last in savings: 28.6 years

Missouri

  • Total yearly expenditure (average): $51,053
  • How long $1 million will last in savings: 19 years, 7 months, 3 days
  • How long $1 million with Social Security will last in savings: 28.5 years

Arkansas

  • Total yearly expenditure (average): $51,169
  • How long $1 million will last in savings: 19 years, 6 months, 15 days
  • How long $1 million with Social Security will last in savings: 28.5 years

Iowa

  • Total yearly expenditure (average): $51,978
  • How long $1 million will last in savings: 19 years, 2 months, 26 days
  • How long $1 million with Social Security will last in savings: 28 years

Tennessee

  • Total yearly expenditure (average): $52,267
  • How long $1 million will last in savings: 19 years, 1 month, 17 days
  • How long $1 million with Social Security will last in savings: 27.8 years

Louisiana

  • Total yearly expenditure (average): $52,441
  • How long $1 million will last in savings: 19 years, 0 months, 26 days
  • How long $1 million with Social Security will last in savings: 27.8 years

Georgia

  • Total yearly expenditure (average): $52,557
  • How long $1 million will last in savings: 19 years, 0 months, 11 days
  • How long $1 million with Social Security will last in savings: 27.7 years

Nebraska

  • Total yearly expenditure (average): $52,614
  • How long $1 million will last in savings: 19 years, 0 months, 4 days
  • How long $1 million with Social Security will last in savings: 27.7 years

Michigan

  • Total yearly expenditure (average): $52,614
  • How long $1 million will last in savings: 19 years, 0 months, 4 days
  • How long $1 million with Social Security will last in savings: 27.7 years

Indiana

  • Total yearly expenditure (average): $52,672
  • How long $1 million will last in savings: 18 years, 11 months, 27 days
  • How long $1 million with Social Security will last in savings: 27.7 years

Illinois

  • Total yearly expenditure (average): $53,077
  • How long $1 million will last in savings: 18 years, 10 months, 3 days
  • How long $1 million with Social Security will last in savings: 27.5 years

South Dakota

  • Total yearly expenditure (average): $53,077
  • How long $1 million will last in savings: 18 years, 10 months, 3 days
  • How long $1 million with Social Security will last in savings: 27.5 years

Ohio

  • Total yearly expenditure (average): $53,308
  • How long $1 million will last in savings: 18 years, 9 months, 4 days
  • How long $1 million with Social Security will last in savings: 27.3 years

Texas

  • Total yearly expenditure (average): $53,701
  • How long $1 million will last in savings: 18 years, 7 months, 7 days
  • How long $1 million with Social Security will last in savings: 27.1 years

Wyoming

  • Total yearly expenditure (average): $53,886
  • How long $1 million will last in savings: 18 years, 6 months, 23 days
  • How long $1 million with Social Security will last in savings: 27 years

Kentucky

  • Total yearly expenditure (average): $53,886
  • How long $1 million will last in savings: 18 years, 6 months, 23 days
  • How long $1 million with Social Security will last in savings: 27 years

New Mexico

  • Total yearly expenditure (average): $54,291
  • How long $1 million will last in savings: 18 years, 5 months, 2 days
  • How long $1 million with Social Security will last in savings: 26.8 years

North Dakota

  • Total yearly expenditure (average): $54,522
  • How long $1 million will last in savings: 18 years, 4 months, 3 days
  • How long $1 million with Social Security will last in savings: 26.7 years

South Carolina

  • Total yearly expenditure (average): $54,522
  • How long $1 million will last in savings: 18 years, 4 months, 3 days
  • How long $1 million with Social Security will last in savings: 26.7 years

Minnesota

  • Total yearly expenditure (average): $54,580
  • How long $1 million will last in savings: 18 years, 3 months, 27 days
  • How long $1 million with Social Security will last in savings: 26.7 years

Pennsylvania

  • Total yearly expenditure (average): $54,811
  • How long $1 million will last in savings: 18 years, 2 months, 26 days
  • How long $1 million with Social Security will last in savings: 26.5 years

Wisconsin

  • Total yearly expenditure (average): $55,158
  • How long $1 million will last in savings: 18 years, 1 month, 16 days
  • How long $1 million with Social Security will last in savings: 26.4 years

North Carolina

  • Total yearly expenditure (average): $55,621
  • How long $1 million will last in savings: 17 years, 11 months, 23 days
  • How long $1 million with Social Security will last in savings: 26 years

Idaho

  • Total yearly expenditure (average): $57,240
  • How long $1 million will last in savings: 17 years, 5 months, 20 days
  • How long $1 million with Social Security will last in savings: 25.4 years

Delaware

  • Total yearly expenditure (average): $58,281
  • How long $1 million will last in savings: 17 years, 1 month, 13 days
  • How long $1 million with Social Security will last in savings: 25 years

Florida

  • Total yearly expenditure (average): $58,396
  • How long $1 million will last in savings: 17 years, 1 month, 13 days
  • How long $1 million with Social Security will last in savings: 24.9 years

Nevada

  • Total yearly expenditure (average): $58,454
  • How long $1 million will last in savings: 17 years, 1 month, 9 days
  • How long $1 million with Social Security will last in savings: 24.9 years

Virginia

  • Total yearly expenditure (average): $58,627
  • How long $1 million will last in savings: 17 years, 0 months, 22 days
  • How long $1 million with Social Security will last in savings: 24.8 years

Montana

  • Total yearly expenditure (average): $59,610
  • How long $1 million will last in savings: 16  years, 9 months, 10 days
  • How long $1 million with Social Security will last in savings: 24.4 years

Utah

  • Total yearly expenditure (average): $60,420
  • How long $1 million will last in savings: 16 years, 6 months, 18 days
  • How long $1 million with Social Security will last in savings: 24.1 years

Colorado

  • Total yearly expenditure (average): $61,807
  • How long $1 million will last in savings: 16 years, 2 months, 4 days
  • How long $1 million with Social Security will last in savings: 23.5 years

Arizona

  • Total yearly expenditure (average): $63,600
  • How long $1 million will last in savings: 15 years, 8 months, 20 days
  • How long $1 million with Social Security will last in savings: 22.9 years

New Jersey

  • Total yearly expenditure (average): $63,773
  • How long $1 million will last in savings: 15 years, 8 months, 6 days
  • How long $1 million with Social Security will last in savings: 22.8 years

Maine

  • Total yearly expenditure (average): $64,005
  • How long $1 million will last in savings: 15 years, 7 months, 15 days
  • How long $1 million with Social Security will last in savings: 22.7 years

Rhode Island

  • Total yearly expenditure (average): $64,756
  • How long $1 million will last in savings: 15 years, 5 months, 10 days
  • How long $1 million with Social Security will last in savings: 22.5 years

Connecticut

  • Total yearly expenditure (average): $65,855
  • How long $1 million will last in savings: 15 years, 2 months, 4 days
  • How long $1 million with Social Security will last in savings: 22 years

Oregon

  • Total yearly expenditure (average): $66,317
  • How long $1 million will last in savings: 15 years, 0 months, 29 days
  • How long $1 million with Social Security will last in savings: 21.9 years

Maryland

  • Total yearly expenditure (average): $66,375
  • How long $1 million will last in savings: 15 years, 0 months, 26 days
  • How long $1 million with Social Security will last in savings: 21.9 years

Vermont

  • Total yearly expenditure (average): $66,433
  • How long $1 million will last in savings: 15 years, 0 months, 19 days
  • How long $1 million with Social Security will last in savings: 21.9 years

New Hampshire

  • Total yearly expenditure (average): $66,838
  • How long $1 million will last in savings: 14 years, 11 months, 16 days
  • How long $1 million with Social Security will last in savings: 21.8 years

Washington

  • Total yearly expenditure (average): $66,895
  • How long $1 million will last in savings: 14 years, 11 months, 12 days
  • How long $1 million with Social Security will last in savings: 21.7 years
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