It’s a common question: How far will $1 million go in retirement? The answer is less straightforward: It depends on several factors, including state of residence.

For years, $1 million has been a benchmark for retirement savings, but variables from inflation and healthcare costs to longer life expectancy have challenged the notion. Empower research shows that Americans put the “magic number” for retirement at over $1 million — saying they’ll need a target of $1,058,547, on average. But where a person lives and the corresponding cost of living in that state can have a significant impact on how long $1 million might last after leaving the workforce.

Read more: Can you retire with a million dollars?

How states stack up

How long could $1 million potentially last in each state? According to the latest data from the U.S. Bureau of Labor statistics, the average household in the United States spends $77,280 a year on expenses.¹ Using this as a baseline, the cost of living by state is determined based on indices for essential expenses, including groceries, housing, utilities, health, transportation, and miscellaneous goods and services.²  It does not include taxes, nor does it take into account cost of living increases, corresponding increases in Social Security benefits, taxes, other sources of income or expenses, individual spending habits, or other individual circumstances. This is a basic calculation for illustrative purposes, considering average cost of living, average Social Security benefits, and average expenses after Social Security.

*Calculated based on average U.S. household annual spending of $77,2801 and Cost of living index.³
**Average cost of living less average annual Social Security benefits.
***Calculated using annual expenses as factor of $1 million.
 

Where could $1 million last the longest?

Retiring at age 65 in one of these states could mean being able to rely on $1 million in savings for more than two decades.

• Oklahoma. It has the country’s lowest cost of living, and $1 million in savings could last as long as 22.8 years in the Sooner State, the most of anywhere in the country.⁵ Housing costs run 24% less and transportation 10% less than the national averages.

• Alabama. Housing in the Yellowhammer State is nearly a third (29%) below the national average — which may be one reason why $1 million can stretch up to 22 years.⁶

• Kansas. With a cost of living at 10.3% lower than the national average, life in the Sunflower State is almost as affordable and retirement savings could keep going for 22 years.

• Michigan. While overall prices across statewide are in line with national averages, some cities are as much as 17% cheaper, making the Wolverine State another option to draw out $1 million in retirement savings for about 22 years.

• Missouri. Affordability of housing in the Show-me State could mean digging into retirement savings at a slower-than-average pace, with savings lasting about 21.9 years.

Where could $1 million last the least?

• Hawaii. The Aloha State falls at the other end of the spectrum with a cost of living that ranks highest in the nation. This is due in part to its location — the need to import so many goods means they’re more expensive — as are costs for housing and transportation.⁷ As a result, $1 million might last just 8.5 years for someone living in Hawaii — the least time of any state and 14 years less than if they lived in Oklahoma.

• Massachusetts. $1 million in the Bay State, which has the second highest cost of living in the U.S., could last 11.4 years. The state’s high living expenses are based on a combination of pricey housing, groceries, health care, and utilities.⁸

• California. Based on high expenses in those same categories as Massachusetts, Golden State has the third highest cost of living. Social Security benefits are slightly lower than Massachusetts though, $1 million might last about 11.5 years.

• Alaska. Like Hawaii, location is a primary factor pushing up prices in the Last Frontier State. Vast landscape combined with sometimes harsh weather makes getting goods an expensive challenge. Coupled with the high costs for housing, utilities, and transportation, $1 million in retirement might last 13.1 years.

• New York. With housing costs reaching a whopping 200% above the national average, it’s no surprise that $1 million could run out after 13.7 years.⁹

Within states, though, all cities and regions are not created equal. Take Florida, for example. The Sunshine State has a longstanding reputation as an attractive place to retire, and with a cost of living index that’s just 2% above the national average, $1 million in savings could last Florida retirees nearly 18 years. But among the 10 best places to retire in Florida, the cost of living in Cape Coral is 9% higher than the state average, while it’s 12% lower in Palm Coast — so finding the best spot to settle down may require some research on lifestyle, taxes, and other financial benefits.

Read more: The 10 best places to retire in California

How much is enough?

There’s no one-size-fits-all answer to the million-dollar question. Aside from essential expenses, personal spending habits and lifestyle and legacy goals may significantly factor into how far savings can stretch. It may not last as long for those who, say, want to travel frequently during their golden years. Likewise, those with limited variable expenses might be in a position to depend on what they’ve socked away for longer than expected.

Ultimately, thoughtful planning, saving early and often, and optimizing vehicles like 401(k)s, traditional IRAs, and Roth IRAs can be important steps to help savers stay on track or even become retirement millionaires. And keep in mind, through the power of compounding, savings may continue to grow during retirement years.

Read more: The 10 best places to retire in North Carolina