Depending on where retirees live, $1 million might not be enough to last more than two decades, according to a recent GOBankingRates study.

In the study, GOBankingRates determined the number of years and months $1 million will last throughout retirement by analyzing the annual expenditures for someone 65 or older and the cost of living for each city. Among the living costs considered in the report are housing, transportation, utilities, health care, groceries and miscellaneous expenses.

"Based on the results of this study, it's clear that $1 million might not last you very long in cities like New York and San Francisco," GOBankingRates states. "Although $1 million can go far in cheaper cities, such as Houston and Oklahoma City, it's important to keep in mind that your personal costs might help — or hurt — your efforts to stretch your retirement savings." The study found that the median length of time that retirees can stretch $1 million is 22.06 years. The places where it lasts the longest are concentrated in the South, Southwest and Southern Midwest, according to the study. Meanwhile, large, coastal cities won't be as forgiving with retirees' $1 million, according to the study. The areas where $1 million will run out the quickest include New York; Philadelphia; San Jose, California; San Francisco; and Boston. The study finds that the best retirees can expect to get out of $1 million in those cities is a little more than 18 years. GOBankingRates found the number of years and months that $1 million will last during retirement by multiplying the annual expenditures for someone 65 and older from the Bureau of Labor Statistics by the cost of living for each city from Sperling's Best Places, sourced on March 8. Check out the gallery for the big cities where $1 million will last retirees the longest. Related on BenefitsPRO: 15 best cities for LGBT seniors 10 states with the best pension funding 10 states with strongest job growth