Retirement Retirement Planning

I Asked ChatGPT Where Retirees Will Run Out of $1 Million the Fastest

Your nest egg might run dry quicker than you think in these places.

By Stacy Garrels , Edited by Calista Headrick

Updated Oct. 30, 2025

Add Us On Google

When planning retirement, people commonly ask for advice on how to make their money last. They turn to friends, family, and professionals — and even ChatGPT – for advice, posing the usual questions. How much will I need? Will I outlive my money?

No one's in a hurry to burn through their retirement savings. But what if you asked for advice on how to drain your life savings? In the same way you wonder whether or not a hot dog is truly a sandwich or how you'd decorate your Malibu beach palace, I decided to ask ChatGPT for its words of wisdom.

I asked the chatbot, "In which places will retirees burn through $1 million the fastest?" and here's what the AI oracle had to say.

Editor's note: Cost-of-living data comes from Apartments.com.

Set up direct deposit - pocket $400

Set up an eligible direct deposit with SoFi Checking and Savings and you could pocket a bonus of up to $400. Make the switch, set up direct deposit, earn the bonus. It basically takes no extra work at all other than following these steps.

Why people are switching: This account earns up to an insane 4.00% APY¹ Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 5/28/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC. on savings for up to six months (3.10% APY standard + 0.90% APY boost) on top of that $50 or $400 bonus.² New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at <a href="https://www.sofi.com/banking/checking-offer/">sofi.com/banking/checking-offer/</a> That's way better than the measly 0.38% APY (as of 06/15/26)³ Based on <a href="https://www.fdic.gov/national-rates-and-rate-caps">this</a> FDIC data, as of 6/15/26. national average savings accounts offer.

No monthly fees and no surprises. Open your account and earn up to a $400 bonus

New York City, New York

With sky-high real estate, steep taxes, and expensive services, even modest comfort costs a premium. The Motley Fool ranks New York among the worst states to retire in for housing affordability, overall cost of living, safety, and tax rates.

According to Kiplinger, New York is the state where you're most likely to burn through your savings and wind up with a shortfall, pegging the average deficit at $448,000.

Shopping for cheaper auto insurance? Enter your zip code here to get started.

San Francisco / Silicon Valley, California

Housing in Silicon Valley is among the world's most unaffordable. San Jose, for example, has an average home value of just under $1.4 million according to Zillow, and this is down from a year ago.

The overall cost of living in the tech bubble is 81% higher than the national average, and it's not just sky-high housing costs. Residents pay 14% more for groceries and health care, 41% more for transportation, and 52% more for utilities.

Honolulu, Hawaii

Remote location drives up the cost of everything: shipping, utilities, and anything else you might buy — except for coconuts and local, tropical fruit.

In many maps of state retirement costs, Hawaii tops the list. With housing, health care, and other costs, total expenditures add up to over $110,00 a year, according to CNBC.

If you’re over 50, take advantage of massive discounts and financial resources

Over 50? Join AARP today— because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.

Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up to 25% off your AARP membership, making it just $15 the first year with auto-renewal.

Los Angeles, California

Los Angeles, California, is another spot where retirees can easily run out of $1 million. While not as expensive as Silicon Valley, Los Angeles is still one of the nation's spendiest cities.

Compared to national averages, groceries, utilities, housing, and transportation are all pricier. Overall, living in L.A. costs nearly 49.7% more than in other U.S. locations.

Boston, Massachusetts

With high property taxes and a higher, overall cost of living, Boston's metro area is one of the nation's least affordable retirement destinations.

Everything costs more in Beantown. Housing is more than double the U.S. average, and health care — a major cost sink for seniors — is 24% higher.

Washington, D.C. / Northern Virginia

The nation's capital is packed, drawing full-time and part-time residents from around the globe. This density means sky-high rents, steep service costs, and heavy taxes on goods and services.

After New York and Hawaii, Kiplinger ranks Washington, D.C. as the "top place" for seniors to run out of retirement savings.

Retirement News: Almost 80% of Americans fear a retirement age increase — here’s the real reason why

Miami, Florida

While Florida is known as a bastion for affordable living, the reality is very different in expensive urban areas like Miami. Heat, humidity, homeowner's insurance, and property values all push up costs.

And the area termites may eat through your home and wallet. According to Orkin, Miami is the worst city in America for these creepy crawlers, edging out Los Angeles and New York City. Treating your home for termites in Florida could set you back up to $8,000, and make room in your budget for annual inspections.

Seattle, Washington

While Washington boasts no state income taxes, the local sales tax in Seattle is 10.25%. Everything costs more in the Emerald City. On average, the cost of living in Seattle is 44.5% higher than the nation's average cost-of-living index.

Housing and health care are 105.4% and 24.3% more expensive there, making Seattle a difficult place to make $1 million last.

London, England

London's rich history and cultural buzz are appealing, but come at a steep price. Mercer ranks it among the world's 10 most expensive cities, with housing, dining, and transit costs far above global averages.

A strong British pound compounds expenses for U.S. retirees relying on dollar-based savings, where bad exchange rates can quickly siphon off a million.

Get instant access to hundreds of discounts

Over 50? Join AARP today— because if you’re not a member you could be missing out on huge perks like discounts on travel, dining, and even prescriptions.

Get 25% off membership — just $15 for your first year with auto-renewal — and a free gift if you join today.

Become an AARP member now

Vancouver, Canada

Vancouver's lush, mountainous backdrop makes it a popular destination for retirees. While it doesn't have the cosmopolitan glam of London, it's still a spendy spot. Mercer's cost-of-living rankings place Vancouver as the second most expensive in Canada, coming in just behind Toronto.

According to BMO Harris, average home prices exceed 1.2 million Canadian dollars (about $857,000), and monthly expenses are over $1,000 just for one person. That's before you factor in things like out-of-country health insurance and medical costs.

Bottom line

ChatGPT's picks reinforce a universal truth: retirement is expensive everywhere, but some spots are true money pits. There, even modest withdrawals can exhaust your retirement savings in short order.

If you want some optimism to end on, consider a more affordable place like Oklahoma. ChatGPT suggested I consider the charms of Tulsa, as it ranks among the nation's cheapest cities to retire in, when accounting for housing, utilities, and general cost of living.

Suggesting Tulsa, Oklahoma as the antidote to living in New York City or London seemed a bit off the mark, like recommending cardboard huts for all to end the housing affordability crisis.

While there's a charm to its absurdity, your best bet is to map out your dream retirement lifestyle — and then stress test it against different housing, medical, tax, and cost scenarios — to see what you could afford, and then talk with a flesh-and-blood retirement planning expert.

More from FinanceBuzz: