Is $1 million enough for retirement in California? Here’s how long it could last

The cost of living in California can make saving for retirement a challenge.

From gas and housing to groceries and other everyday expenses, retirees can quickly see their savings disappear.

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According to a recent study by personal finance website GoBankingRates, California is one of the most expensive states in the country for retirees.

How long does $1 million in retirement savings last in California in 2026?

Here’s how many years you can expect that money to cover your living expenses:

How long can you live in California on $1 million in savings?

In California, $1 million in retirement savings would last about 12 years in 2026, making the Golden State the third-most expensive state for retirees in the nation, according to GoBankingRates.

That’s longer than the previous year’s estimate.

In 2025, GoBankingRates estimated that retirees would spend through $1 million in savings in about 9.2 years in California, The Sacramento Bee previously reported.

Annual retirement expenditures totaled $101,718 in 2025, according to GoBankingRates.

Here’s how those annual costs break down in California in 2026, according to the personal finance website:

• Groceries: $5,645 per year
• Housing: $23,625
• Transportation: $6,815
• Utilities: $6,492
• Health care: $8,119
• Total annual expenditures: $83,978

Where does $1 million in savings last the longest in US?

If you want $1 million in retirement savings to last you longer than it would in California, you should consider moving to the Midwest or the South, according to GoBankingRates.

The personal finance site said “this amount goes the distance” — or at least 20 years — in those regions.

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These were the 10 states where $1 million in retirement savings lasts the longest in 2026, according to GoBankingRates:

1. Oklahoma: 19.3 years
2. Mississippi: 19 years
3. Alabama: 18.5 years
4. West Virginia: 18.5 years
5. Kansas: 18.3 years
6. Missouri: 18.3 years
7. Arkansas: 18.2 years
8. Iowa: 18 years
9. Tennessee: 18 years
10. Indiana: 18 years

What are most expensive US states to retire?

Hawaii was the most expensive state to retire in 2026, according to GoBankingRates.

It also ranked as the priciest state for retirees in 2025.

With annual retirement expenditures totaling $110,393 in 2026, it’d take just 9 years to use up $1 million in retirement savings in the Aloha State, according to the personal finance website.

These were the top 10 most expensive states for retirees, including how long it’d take to spend $1 million in retirement savings:

1. Hawaii: 9 years
2. Massachusetts: 10.8 years
3. California: 11.9 years
4. Alaska: 12.8 years
5. New York: 12.9 years
6. Maryland: 13.7 years
7. New Jersey: 14.2 years
8. Maine: 14.3 years
9. Connecticut: 14.3 years
10. Washington state: 14.3 years

How did GoBankingRates come up with findings?

To compare how long $1 million in retirement savings would last in each state, GoBankingRates said it calculated the national average annual expenditures for people 65 and older in all 50 states.

Data was collected from the U.S. Bureau of Labor Statistics and the Missouri Economic Research and Information Center on Jan. 22.