How much do you need to retire in Illinois? Report breaks down how long $1M would last

While the average U.S. resident between 55 to 65 years old has less than $200,000 saved for retirement, even $1 million may not last as long as you think in Illinois, according to a recent article from finance website GoBankingRates.

The GoBankingRates article ranked all 50 states and Washington, D.C., for how long $1 million would last someone who’s retired. Illinois landed in 37th spot, with 50th place being where the money would last the longest.

The methodology used the average annual expenditures for people 65 and older from the U.S. Bureau of Labor Statistics, cost of living index score for each state from the Missouri Economic Research and Information Center and average annual costs for groceries, housing, utilities, transportation and health care to compare each state.

Here’s how Illinois stacked up to other U.S. states.

How much it costs to retire in Illinois

Typical annual expenditures in Illinois total $53,077 per year for a retired person, GoBankingRates reports. Here’s how that number is calculated:

• Annual groceries cost: $4,730

• Annual housing cost: $9,213

• Annual utilities cost: $3,740

• Annual transportation cost: $4,997

• Annual health care cost: $7,231

According to GoBankingRates’ calculation, $1 million would last a retired Illinoisan 18 years, 10 months and three days. The median retirement age for U.S. residents is 62, CBS News reports, so depending on life expectancy, a typical American could be retired for 20 years or more.

The Land of Lincoln was named one of the worst states in the U.S. to retire in a 2023 WalletHub ranking due to affordability and “tax-friendliness.”

Another ranking, from Consumer Reports, named St. Louis the second-best city in the U.S. for retirees in 2023. The Consumer Reports ranking cited the city’s walkability, cost of living and access to healthier foods.

There are a variety of services available to St. Clair County residents over the age of 65, including assisted living, in-home care, food pantries, veterans services and more.

How do the states compare?

Here are the 10 states where $1 million will last the shortest amount of time in retirement, according to GoBankingRates:

1. Hawaii: $1 million will last nine years, seven months and 25 days
2. Massachusetts: 11 years, eight months and nine days
3. Washington, D.C.: 11 years, 10 months and 25 days
4. California: 12 years, eight months and five days
5. New York.: 13 years, eight months and one day
6. Alaska: 13 years, eight months and five days
7. Washington: 14 years, 11 months and 12 days
8. New Hampshire: 14 years, 11 months and 16 days
9. Vermont: 15 years and 19 days
10. Maryland: 15 years and 26 days

Here’s how the 10 states where $1 million would last the longest compare:

1. West Virginia: 20 years, three months and 19 days
2. Mississippi: 19 years, 11 months and 12 days
3. Oklahoma: 19 years, 11 months and five days
4. Kansas: 19 years, nine months and 15 days
5. Alaska: 19 years, seven months and 11 days
6. Missouri: 19 years, seven months and three days
7. Arkansas: 19 years, six months and 15 days
8. Iowa: 19 years, two months and 26 days
9. Tennessee: 19 years, one month and 17 days
10. Louisiana: 19 years and 26 days

Do you have a question about the cost of living in Illinois for our service journalism team? We’d like to hear from you. Fill out our Metro-east Matters form below.

Meredith Howard

Belleville News-Democrat

Meredith Howard is a service journalist with the Belleville News-Democrat. She is a Baylor University graduate and has previously freelanced with the Illinois Times and the Pulitzer Center on Crisis Reporting. Support my work with a digital subscription