How Long Would $1.5 Million Last in Maine if You Retired in 2024?

While Maine may be known as 'Vacationland,' after looking at the numbers, it’s becoming very obvious why it’s not called 'Retire-land.'

Get our free mobile app

Believe it or not, Maine is one of the priciest states in the country for retirees.

A recent annual study by GoBankingRates found that the length of time $1.5 million in retirement funds will last varies greatly across different US states. The study utilized the Bureau of Labor Statistics' 2022 Consumer Expenditure Survey data and each state's overall cost-of-living index score for 2023 from the Missouri Economic Research and Information Center to determine the annual expenditures for people 65 and older in each state.

But before we look at the numbers from this year, what did the numbers look like this time last year?

Last year, the length of time that $1.5 million would last in Maine was projected at 24 years, 11 months, and 11 days. Our Pine Tree State ranked 40th in the country regarding this metric.

Maine's annual expenditures were all above the national average, with housing being the biggest expense at $14,614.18 per year. Transportation costs were also steep in the state, at $5,066.36 annually, followed closely by healthcare at $4,972.54 per year. Utilities and groceries are also higher than the national average.

Now that we’re familiar with last year’s numbers, what’s changed?

The length of time that $1.5 million would last in Maine is, unsurprisingly, lower now than it was a year ago. Now, that number sits at 23 years, 7 months, 10 days.

And again, it’s no surprise that many things are more expensive now compared to a year ago. But how much more expensive is eye-opening.

Maine’s annual cost of groceries: $4,883

Maine’s annual cost of housing: $13,726

Maine’s annual cost of utilities: $4,520

Maine’s annual cost of transportation: $5,388

Maine’s annual cost of healthcare: $7,759

Maine’s total annual expenditures: $63,542

Our ranking did, however, change for the better. Instead of being the 40th ranked country in regards to how short the money would last, this year, we improved to 36th.