16 Big Cities Where $1 Million Won’t Last Even 15 Years in Retirement

J. David Herman

Sat, February 21, 2026 at 9:21 PM GMT+9 5 min read

Retirement used to come with a reassuring benchmark: Save a million dollars and you’ll be set for decades. But in many of America’s biggest and most expensive cities, that once golden number isn’t what it used to be.

A new GOBankingRates analysis shows that in 16 large cities, even retirees who combine a $1 million nest egg with Social Security benefits may run out of money in less than 15 years.

The findings highlight just how dramatically the cost of living has outpaced traditional retirement planning assumptions. Cities across Massachusetts, California, Hawaii, New York and Washington dominate the list, reflecting regions where housing, healthcare and everyday essentials have surged far beyond national averages. In some places, annual spending needs are so high that $1 million evaporates in barely a decade.

Social Security — long considered a stabilizing force for retirees — barely moves the needle in these high-cost metros. In cities such as Boston, Seattle and Los Angeles, benefits extend the lifespan of a $1 million portfolio by only a few years. Without that monthly support, the timeline shrinks even more dramatically.

Here’s a list of 16 cities — taken from the five highest population locales in each state — where you would be particularly wise to save more than $1 million if you can.

Also see how long $1 million will last in every state.

DenisTangneyJr / Getty Images/iStockphoto

Cambridge, Massachusetts

**Annual expenditures after Social Security: **$68,286

**How long $1 million will last after Social Security: **14.6 years

**How long $1 million will last without Social Security: **11 years

Find More: How Much the Average Middle Class Retiree Spends Monthly at Age 68

Learn More: 5 Clever Ways Retirees Are Earning Up To $1K per Month From Home

Wangkun Jia / Shutterstock.com

Lowell, Massachusetts

**Annual expenditures after Social Security: **$68,286

**How long $1 million will last after Social Security: **14.6 years

**How long $1 million will last without Social Security: **11 years

Also See: Here’s How Much You Need To Retire With a $100K Lifestyle

Atomazul / Shutterstock.com

Boston

**Annual expenditures after Social Security: **$72,154

**How long $1 million will last after Social Security: **13.9 years

**How long $1 million will last without Social Security: **10.5 years

Sean Pavone- / Shutterstock.com

San Diego

**Annual expenditures after Social Security: **$74,753

**How long $1 million will last after Social Security: **13.4 years

**How long $1 million will last without Social Security: **10.2 years

bigapple / Getty Images/iStockphoto

Yonkers, New York

**Annual expenditures after Social Security: **$76,085

**How long $1 million will last after Social Security: **13.1 years

**How long $1 million will last without Social Security: **10 years

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Bellevue, Washington

**Annual expenditures after Social Security: **$76,782

**How long $1 million will last after Social Security: **13 years

**How long $1 million will last without Social Security: **10 years

 






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Seattle

**Annual expenditures after Social Security:** $76,782

**How long $1 million will last after Social Security: **13 years

**How long $1 million will last without Social Security: **10 years

Discover More: The Most Common Retirement Mistake, According to an Expert

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Los Angeles

**Annual expenditures after Social Security: **$79,065

**How long $1 million will last after Social Security: **12.7 years

**How long $1 million will last without Social Security: **9.8 years

Phototreat / Getty Images/iStockphoto

Arlington, Virginia

**Annual expenditures after Social Security: **$80,714

**How long $1 million will last after Social Security: **12.4 years

**How long $1 million will last without Social Security: **10 years

Art Wager / Getty Images

East Honolulu, Hawaii

**Annual expenditures after Social Security: **$85,279

**How long $1 million will last after Social Security: **11.7 years

**How long $1 million will last without Social Security: **9.2 years

JJM Photography / Shutterstock.com

Pearl City, Hawaii

**Annual expenditures after Social Security: **$85,279

**How long $1 million will last after Social Security: **11.7 years

**How long $1 million will last without Social Security: **9.2 years

See More: Savings Needed To Be Rich in America’s Most Popular Retirement Destinations

Art Wager / Getty Images

Urban Honolulu, Hawaii

**Annual expenditures after Social Security: **$85,279

**How long $1 million will last after Social Security: **11.7 years

**How long $1 million will last without Social Security:** 9.2 years

SvetlanaSF / Shutterstock.com

Waipahu, Hawaii

**Annual expenditures after Social Security:** $85,279

**How long $1 million will last after Social Security: **11.7 years

**How long $1 million will last without Social Security: **9.2 years

bloodua / iStock.com

New York City

**Annual expenditures after Social Security: **$85,913

**How long $1 million will last after Social Security: **11.6 years

**How long $1 million will last without Social Security: **9.1 years

DenisTangneyJr / Getty Images/iStockphoto

San Jose, California

**Annual expenditures after Social Security: **$123,007

**How long $1 million will last after Social Security: **8.1 years

**How long $1 million will last without Social Security: **6.8 years

batuhanozdel / Getty Images/iStockphoto

San Francisco

**Annual expenditures after Social Security: **$132,201

**How long $1 million will last after Social Security: **7.6 years

**How long $1 million will last without Social Security:** 6.4 years

_Methodology: GOBankingRates determined how long $1 million would last for retirees in the five largest cities in every state, both with and without Social Security, by first identifying each state’s five most populous cities using the 2023 American Community Survey. It then calculated the national average annual expenditures for adults 65 and older from the Bureau of Labor Statistics’ 2023 Consumer Expenditure Survey–adjusted to 2025 dollars–and paired this with annual Social Security income from the Social Security Administration’s August 2025 data. City-level spending estimates were produced by applying each city‘__s overall cost-__of-living index from Sperling‘s BestPlaces to the national expenditure figure. Using these estimates, GOBankingRates calculated how many years $1 million would last in each city both before and after accounting for Social Security. The analysis also included category-_s_pecific annual costs for groceries, housing, utilities, transportation, and healthcare for people 65 and older, derived by applying Sperling’s cost-of-_living indices to national Consumer Expenditure Survey data. All data reflects information available as of Nov. 20, 2025.

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This article originally appeared on GOBankingRates.com: 16 Big Cities Where $1 Million Won’t Last Even 15 Years in Retirement

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