Save and Invest

The 10 US cities where $1 million goes the furthest in retirement

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Twenty20

If you're able to save up the recommended $1 million for retirement, congratulations. Now it's time to make that money last. So how far does $1 million actually go in retirement?

To determine how long a $1 million retirement fund would last, personal-finance website SmartAsset looked at average expenses for seniors, including food, health care, transportation, housing and utilities, cost of living and investment returns in major U.S. cities.

The site used data from the Bureau of Labor Statistics and the nonprofit Council for Community and Economic Research to calculate how many years a $1 million portfolio would cover in each place, including any investment returns earned.

The majority of the locations where $1 million would last the longest can be found in the South, which is unsurprising, considering the region's low cost of living. In places like Memphis, Tennessee, and McAllen, Texas, residents can expect $1 million in retirement savings to last close to three decades, as opposed to large, coastal cities, such as Los Angeles and New York, where it would only last about half of that time.

Here's a closer look at the 10 U.S. cities where a $1 million retirement portfolio would last the longest.

10. Jonesboro, Arkansas

Number of years $1 million will last in retirement: 28.15

Annual housing expenses: $6,637
Annual food expenses: $5,662
Annual transportation expenses: $6,521

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9. Conway, Arkansas

Number of years $1 million will last in retirement: 28.42

Annual housing expenses: $6,322
Annual food expenses: $5,491
Annual transportation expenses: $7,145

8. Wichita Falls, Texas

Number of years $1 million will last in retirement: 28.59

Annual housing expenses: $6,267
Annual food expenses: $5,535
Annual transportation expenses: $6,394

7. Kalamazoo, Michigan

Number of years $1 million will last in retirement: 28.6

Annual housing expenses: $5,340
Annual food expenses: $4,865
Annual transportation expenses: $7,844

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6. Muskogee, Oklahoma

Number of years $1 million will last in retirement: 28.87

Annual housing expenses: $6,248
Annual food expenses: $6,111
Annual transportation expenses: $6,281

5. Knoxville, Tennessee

Number of years $1 million will last in retirement: 28.89

Annual housing expenses: $6,508
Annual food expenses: $5,339
Annual transportation expenses: $6,446

4. Richmond, Indiana

Number of years $1 million will last in retirement: 29.75

Annual housing expenses: $6,044
Annual food expenses: $5,839
Annual transportation expenses: $7,122

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3. Memphis, Tennessee

Number of years $1 million will last in retirement: 29.78

Annual housing expenses: $6,350
Annual food expenses: $5,649
Annual transportation expenses: $6,416

2. McAllen, Texas

Number of years $1 million will last in retirement: 31.29

Annual housing expenses: $5,794
Annual food expenses: $5,257
Annual transportation expenses: $6,717

1. Harlingen, Texas

Number of years $1 million will last in retirement: 31.68

Annual housing expenses: $5,747
Annual food expenses: $5,181
Annual transportation expenses: $6,281

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