Under the standard 4% rule, $1.5 million supports about $60,000 a year before Social Security and lasts roughly 25 to 30 years nationally. Add Social Security and keep spending moderate, and it stretches to 30-plus years in most states. The real range is wide: a 2025 cost-of-living study put it at as little as 17 years in Hawaii and as much as 54 years in West Virginia.
In Florida, $1.5 million lasts about 39 years once Social Security is factored in — among the more generous timelines in the country, largely because there is no state income tax and the cost of living outside the Miami metro sits near the national middle. That is the number worth anchoring to if you plan to retire on the Gulf Coast or in Central Florida.
What “How Long Will It Last” Actually Means
There is no single fixed answer, and any page that gives you one is skipping the important part. How long $1.5 million lasts is a function of four moving pieces: your withdrawal rate, your annual spending, your investment returns, and inflation. Change any one and the timeline shifts by years.
The shorthand most planners use is the 4% rule: withdraw 4% of your balance in year one, then adjust that dollar amount for inflation each year after. The rule was built to give a portfolio a very high chance of surviving 30 years. On $1.5 million, that is $60,000 the first year.
It also helps to separate two very different outcomes. If you live entirely off investment returns and never touch the principal, the money can last indefinitely — it never runs out. If you draw down principal faster than it grows, you are on a depletion schedule, and the question becomes how many years until the balance hits zero. Most retirees land somewhere in between, spending a mix of returns and principal.
Key Facts and Context
The 4% math is simple by design. $1,500,000 × 4% = $60,000 in year one. At a more conservative 3.5%, you get $52,500; at a more aggressive 5%, $75,000 — but the higher the rate, the higher the odds you outlive the money.
Social Security changes everything. The average retired worker collects roughly $1,900 to $2,000 a month — about $23,000 to $24,000 a year. Every dollar of guaranteed benefit is a dollar you do not have to pull from your portfolio. That is precisely why the state studies measure “cost of living after Social Security”: it is the gap your savings actually has to cover.
Investment returns can make it last forever. The S&P 500 has averaged roughly 7% after inflation over the long run. If your withdrawals stay below your real return, the balance grows even as you spend. That is the difference between a 25-year runway and a portfolio you never outlive.
Healthcare is the wildcard. Fidelity estimates a 65-year-old couple will spend around $330,000 on healthcare across retirement, and long-term care can run $60,000 to $120,000 a year. A single extended care event can knock a decade off any of these estimates, which is why the state rankings are a starting point, not a guarantee.
Examples: How Long $1.5 Million Lasts by Scenario
Numbers are easier to trust when you can see yourself in them. Here is how the same $1.5 million plays out across four realistic profiles.
- Single retiree, modest spending, low-cost state: Spends about $45,000 a year, collects $22,000 from Social Security, draws only $23,000 from savings. Runway: 40-plus years — effectively lifelong.
- Couple, moderate spending, average-cost state: Spends around $70,000 a year with two Social Security checks totaling $40,000, drawing $30,000 from the portfolio. Runway: roughly 28 to 30 years.
- High spender, expensive state (Hawaii, California, New York): Spends $110,000-plus, and even with Social Security is pulling $80,000 a year. Runway: as few as 15 to 20 years.
- Florida retiree, typical spending: Faces roughly $38,379 a year in living costs after Social Security, per the 2025 study. Divide $1.5 million by that figure and you get a 39-year runway — no state income tax doing a lot of the heavy lifting.
How to Run the $1.5 Million Calculator Yourself
You do not need a fancy tool to get a solid estimate. Do it by hand in three steps:
- Estimate annual spending. Add up housing, food, healthcare, insurance, transportation, and fun. Say $65,000.
- Subtract Social Security. Take out your expected benefit — say $24,000. Your portfolio has to cover the remaining $41,000.
- Divide $1.5 million by that gap. $1,500,000 ÷ $41,000 ≈ 36 years before returns, and longer once growth is included.
That last step is the whole “how long does 1.5 million last in retirement calculator” question in one line of arithmetic. Any online tool just layers in inflation and market-return assumptions on top of it. If your gap is small relative to your balance, the honest answer is often “longer than you’ll need.”
Florida Relevance: What $1.5 Million Buys Retirees Here
Florida’s headline advantage is no state income tax. Compared with a high-tax state, a retiree pulling $60,000 a year can keep several thousand dollars annually that would otherwise go to a state return — money that compounds into extra years of runway. That is a big part of why the state lands at 39 years while higher-tax, higher-cost states cluster in the teens and twenties.
Where you settle inside Florida matters as much as the state line. South Florida — Miami, Fort Lauderdale, the Keys — carries noticeably higher housing and insurance costs, and property insurance in particular has climbed fast along the coast. Tampa Bay, the Gulf Coast, and Central Florida (Orlando, Lakeland, Ocala) generally run cheaper, which is exactly where that 39-year figure feels most realistic. A retiree drawn to the water can still get resort-style living without Miami pricing; our honest guide to Tampa resorts on the beach is a useful reality check on what Gulf Coast leisure actually costs.
Two more Florida notes worth keeping on your radar. Windfalls do not change the math as much as people hope — see what actually happened after the $800M Florida Mega Millions win before you bank on one. And if you are eyeing a second-act job to pad the portfolio, the pay ranges in fields like maritime work are worth a look; our breakdown of what a cruise boat captain makes and our ranking of the most dangerous jobs in America lay out the trade-offs plainly.
The Bottom Line
So, how long would 1.5 million last in retirement? Plan on 25 to 30 years as a national baseline, understand it can run 17 to 54 years by state, and count on about 39 years if you retire in Florida with average spending and Social Security. Keep withdrawals near 4%, protect yourself against a healthcare shock, and the odds are strong that $1.5 million does exactly what you need it to.
FAQs
How long will $1.5 million last in retirement for a couple?
For a couple, expect roughly 25 to 30 years with moderate spending. Two Social Security checks (often $38,000-$45,000 combined) cover a large share of expenses, and shared housing lowers per-person costs — but combined spending is usually higher than a single retiree’s, which offsets some of the benefit. In a lower-cost state like Florida, a frugal couple can stretch it well past 30 years.
How long will $1.5 million last in retirement in Florida?
About 39 years, based on a 2025 cost-of-living study putting Florida’s annual expenses at roughly $38,379 after Social Security. The main driver is Florida’s lack of a state income tax, plus moderate costs outside the Miami metro. Tampa Bay and Central Florida stretch the figure further than pricier South Florida.
Is $1.5 million enough to retire comfortably at 65?
For most people, yes. At 65, $1.5 million supports about $60,000 a year under the 4% rule, and Social Security adds roughly $24,000 more — pushing total income near $84,000. That is comfortable in most of the country and generous in low-tax states like Florida, as long as you plan for healthcare and long-term care costs.
How much monthly income does $1.5 million generate in retirement?
Around $5,000 a month before Social Security using the 4% rule ($60,000 a year). Add an average Social Security benefit of about $1,950 a month and total income lands near $7,000 monthly. A more conservative 3.5% withdrawal drops the portfolio portion to about $4,375 a month but improves the odds the money never runs out.
How long will $1.5 million last in retirement in Canada or Australia?
The withdrawal math is the same — 4% of $1.5 million is $60,000 a year — but the safety nets differ. Canada layers CPP and Old Age Security on top of savings, while Australia has its compulsory superannuation system and the Age Pension. Currency conversion and different healthcare costs also shift the picture, so a U.S. dollar estimate won’t map one-to-one, but the 25-to-30-year baseline is a reasonable starting point.
Does Social Security change how long $1.5 million lasts?
Significantly. Social Security is guaranteed, inflation-adjusted income, and every dollar it provides is a dollar you don’t withdraw from savings. The average benefit of about $23,000-$24,000 a year can add a decade or more to your portfolio’s runway, which is why cost-of-living studies measure expenses after Social Security is applied.
