Planning for retirement shouldn’t feel like a full-time job. Instead, it should allow you to enjoy your golden years without constantly worrying about finances. The amount you’ve saved for retirement can significantly depend on your investment choices and where you decide to retire.

The goal during retirement is to enhance your quality of life, rather than simply calculate how long your savings will last. Social Security benefits vary depending on your retirement age, so having a separate savings plan is wise. Although $650,000 may seem substantial, it raises the question: how long will it support your lifestyle?

How Long Can Your Retirement Funds Last?

GOBankingRates conducted research to find out how long $650,000 combined with Social Security benefits lasts in retirement across different states. They evaluated factors such as median household income, average home prices, mortgage costs, and living expenses to rank states from the longest to shortest duration for this amount of savings.

Curious about how much retirement savings are needed for each state? Check out more insights below.

Windmills in the mountains near Keyser, West Virginia.

West Virginia

Total population: 1,775,156
Percentage of population aged 65 and older: 21.2%
Average monthly cost of living: $2,814
Total monthly cost of living after Social Security: $946
Average annual cost of living: $33,767
Total annual cost of living after Social Security: $11,353
Years to draw down $650,000 in retirement savings: 57.25

Mississippi

Jackson, Mississippi stock photo

Total population: 2,940,057
Percentage of population aged 65 and older: 17.5%
Average monthly cost of living: $2,847
Total monthly cost of living after Social Security: $979
Average annual cost of living: $34,161
Total annual cost of living after Social Security: $11,748
Years to draw down $650,000 in retirement savings: 55.33

Arkansas

Fayetteville, Arkansas

Total population: 3,045,637
Percentage of population aged 65 and older: 17.7%
Average monthly cost of living: $2,925
Total monthly cost of living after Social Security: $1,058
Average annual cost of living: $35,105
Total annual cost of living after Social Security: $12,691
Years to draw down $650,000 in retirement savings: 51.22

Louisiana

Lake Charles, Louisiana

Total population: 4,590,241
Percentage of population aged 65 and older: 17.0%
Average monthly cost of living: $2,930
Total monthly cost of living after Social Security: $1,062
Average annual cost of living: $35,156
Total annual cost of living after Social Security: $12,742
Years to draw down $650,000 in retirement savings: 51.01

Oklahoma

Downtown Tulsa, Oklahoma.

Total population: 4,019,800
Percentage of population aged 65 and older: 16.5%
Average monthly cost of living: $2,997
Total monthly cost of living after Social Security: $1,129
Average annual cost of living: $35,966
Total annual cost of living after Social Security: $13,552
Years to draw down $650,000 in retirement savings: 47.96

Alabama

American Flags flying in a small town square.

Total population: 5,074,296
Percentage of population aged 65 and older: 18.0%
Average monthly cost of living: $3,084
Total monthly cost of living after Social Security: $1,217
Average annual cost of living: $37,006
Total annual cost of living after Social Security: $13,670
Years to draw down $650,000 in retirement savings: 47.49

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Understanding Retirement Costs: A State-by-State Look

Key Financial Insights for Future Retirees

Average Cost of Living: $37,012
Total Annual Cost of Living After Social Security: $14,598
Years to Draw Down $650,000 in Retirement Savings: 44.53

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Owensboro, Kentucky

Kentucky

Total Population: 4,512,310
Percentage of Population Aged 65 and Older: 17.5%
Average Monthly Cost of Living: $3,091
Total Monthly Cost of Living After Social Security: $1,223
Average Annual Cost of Living: $37,088
Total Annual Cost of Living After Social Security: $14,674
Years to Draw Down $650,000 in Retirement Savings: 44.30

Dubuque, Iowa

Iowa

Total Population: 3,200,517
Percentage of Population Aged 65 and Older: 18.4%
Average Monthly Cost of Living: $3,131
Total Monthly Cost of Living After Social Security: $1,263
Average Annual Cost of Living: $37,573
Total Annual Cost of Living After Social Security: $15,159
Years to Draw Down $650,000 in Retirement Savings: 42.88

Wichita, Kansas

Kansas

Total Population: 2,937,150
Percentage of Population Aged 65 and Older: 17.2%
Average Monthly Cost of Living: $3,142
Total Monthly Cost of Living After Social Security: $1,274
Average Annual Cost of Living: $37,699
Total Annual Cost of Living After Social Security: $15,285
Years to Draw Down $650,000 in Retirement Savings: 42.52

St. Louis, Missouri

Missouri

Total Population: 6,177,957
Percentage of Population Aged 65 and Older: 18.0%
Average Monthly Cost of Living: $3,205
Total Monthly Cost of Living After Social Security: $1,337
Average Annual Cost of Living: $38,455
Total Annual Cost of Living After Social Security: $16,041
Years to Draw Down $650,000 in Retirement Savings: 40.52

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Youngstown, Ohio

Ohio

Total Population: 11,756,058
Percentage of Population Aged 65 and Older: 18.4%
Average Monthly Cost of Living: $3,212
Total Monthly Cost of Living After Social Security: $1,344
Average Annual Cost of Living: $38,541
Total Annual Cost of Living After Social Security: $16,127
Years to Draw Down $650,000 in Retirement Savings: 40.31

Goshen, Indiana

Indiana

Total Population: 6,833,037
Percentage of Population Aged 65 and Older: 16.9%
Average Monthly Cost of Living: $3,230
Total Monthly Cost of Living After Social Security: $1,362
Average Annual Cost of Living: $38,758
Total Annual Cost of Living After Social Security: $16,344
Years to Draw Down $650,000 in Retirement Savings: 39.77

Ypsilanti, Michigan

Michigan

Total Population: 10,034,118
Percentage of Population Aged 65 and Older: 18.7%
Average Monthly Cost of Living: $3,259
Total Monthly Cost of Living After Social Security: $1,392
Average Annual Cost of Living: $39,113
Total Annual Cost of Living After Social Security: $16,699
Years to Draw Down $650,000 in Retirement Savings: 38.92

Understanding Retirement Costs Across the U.S.: A State-by-State Breakdown

Nebraska’s Retirement Landscape

Total population: 1,967,923
Percentage of population aged 65 and older: 17.0%
Average monthly cost of living: $3,388
Total monthly cost of living after Social Security: $1,521
Average annual cost of living: $40,662
Total annual cost of living after Social Security: $18,248
Years to draw down $650,000 in retirement savings: 35.62

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North Dakota: A Closer Look

Total population: 779,261
Percentage of population aged 65 and older: 16.7%
Average monthly cost of living: $3,425
Total monthly cost of living after Social Security: $1,557
Average annual cost of living: $41,094
Total annual cost of living after Social Security: $18,680
Years to draw down $650,000 in retirement savings: 34.80

Insights from Pennsylvania

Total population: 12,972,008
Percentage of population aged 65 and older: 19.6%
Average monthly cost of living: $3,433
Total monthly cost of living after Social Security: $1,565
Average annual cost of living: $41,194
Total annual cost of living after Social Security: $18,780
Years to draw down $650,000 in retirement savings: 34.61

Financial Considerations in Illinois

Total population: 12,582,032
Percentage of population aged 65 and older: 17.2%
Average monthly cost of living: $3,457
Total monthly cost of living after Social Security: $1,589
Average annual cost of living: $41,485
Total annual cost of living after Social Security: $19,072
Years to draw down $650,000 in retirement savings: 34.08

New Mexico: A Snapshot of Costs

Total population: 2,113,344
Percentage of population aged 65 and older: 19.2%
Average monthly cost of living: $3,580
Total monthly cost of living after Social Security: $1,712
Average annual cost of living: $42,963
Total annual cost of living after Social Security: $20,549
Years to draw down $650,000 in retirement savings: 31.63

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The Economic Landscape in Tennessee

Total population: 7,051,339
Percentage of population aged 65 and older: 17.3%
Average monthly cost of living: $3,612
Total monthly cost of living after Social Security: $1,744
Average annual cost of living: $43,343
Total annual cost of living after Social Security: $20,929
Years to draw down $650,000 in retirement savings: 31.06

Retirement Considerations in South Carolina

Total population: 5,282,634
Percentage of population aged 65 and older: 19.1%
Average monthly cost of living: $3,618
Total monthly cost of living after Social Security: $1,750
Average annual cost of living: $43,417
Total annual cost of living after Social Security: $21,003
Years to draw down $650,000 in retirement savings: 30.95

Texas: A Diverse Economic Environment

Total population: [Data Missing]

Cost of Living and Retirement Savings: Key Insights from U.S. States

South Dakota

Total population: 909,824
Percentage of population aged 65 and older: 18.2%
Average monthly cost of living: $3,641
Total monthly cost of living after Social Security: $1,773
Average annual cost of living: $43,696
Total annual cost of living after Social Security: $21,282
Years to draw down $650,000 in retirement savings: 30.54

Wisconsin

Total population: 5,892,539
Percentage of population aged 65 and older: 18.7%
Average monthly cost of living: $3,738
Total monthly cost of living after Social Security: $1,870
Average annual cost of living: $44,850
Total annual cost of living after Social Security: $22,436
Years to draw down $650,000 in retirement savings: 28.97

Georgia

Total population: 10,912,876
Percentage of population aged 65 and older: 15.1%
Average monthly cost of living: $3,799
Total monthly cost of living after Social Security: $1,931
Average annual cost of living: $45,584
Total annual cost of living after Social Security: $23,171
Years to draw down $650,000 in retirement savings: 28.05

North Carolina

Total population: 10,698,973
Percentage of population aged 65 and older: 17.4%
Average monthly cost of living: $3,855
Total monthly cost of living after Social Security: $1,987
Average annual cost of living: $46,260
Total annual cost of living after Social Security: $23,846
Years to draw down $650,000 in retirement savings: 27.26

Wyoming

Total population: 581,381
Percentage of population aged 65 and older: 18.6%
Average monthly cost of living: $3,857
Total monthly cost of living after Social Security: $1,990
Average annual cost of living: $46,288
Total annual cost of living after Social Security: $23,874
Years to draw down $650,000 in retirement savings: 27.23

Minnesota

Total population: 5,717,184
Percentage of population aged 65 and older: 17.4%
Average monthly cost of living: $3,916
Total monthly cost of living after Social Security: $2,049
Average annual cost of living: $46,997
Total annual cost of living after Social Security: $24,583
Years to draw down $650,000 in retirement savings: 26.44

Delaware

Total population: 1,018,396
Percentage of population aged 65 and older: 20.8%
Average monthly cost of living: $4,192
Total monthly cost of living after Social Security: $2,324
Average annual cost of living: $50,302
Total annual cost of living after Social Security: $27,888
Years to draw down $650,000 in retirement savings: 23.31

Cost of Living Across Eight U.S. States: A Financial Snapshot

Virginia: Balancing Act for Retirees

Total population: 8,683,619
Percentage of population aged 65 and older: 16.8%
Average monthly cost of living: $4,216
Total monthly cost of living after Social Security: $2,348
Average annual cost of living: $50,587
Total annual cost of living after Social Security: $28,173
Years to draw down $650,000 in retirement savings: 23.07

Florida: A Retiree’s Paradise with Higher Costs

Total population: 22,244,823
Percentage of population aged 65 and older: 21.6%
Average monthly cost of living: $4,364
Total monthly cost of living after Social Security: $2,496
Average annual cost of living: $52,370
Total annual cost of living after Social Security: $29,956
Years to draw down $650,000 in retirement savings: 21.70

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Vermont: High Living Expenses Impacting Seniors

Total population: 647,064
Percentage of population aged 65 and older: 21.6%
Average monthly cost of living: $4,392
Total monthly cost of living after Social Security: $2,524
Average annual cost of living: $52,703
Total annual cost of living after Social Security: $30,289
Years to draw down $650,000 in retirement savings: 21.46

Maine: Managing the Cost of Retiring

Total population: 1,385,340
Percentage of population aged 65 and older: 22.6%
Average monthly cost of living: $4,441
Total monthly cost of living after Social Security: $2,573
Average annual cost of living: $53,293
Total annual cost of living after Social Security: $30,879
Years to draw down $650,000 in retirement savings: 21.05

Arizona: Retirement Costs on the Rise

Total population: 7,359,197
Percentage of population aged 65 and older: 18.8%
Average monthly cost of living: $4,469
Total monthly cost of living after Social Security: $2,601
Average annual cost of living: $53,626
Total annual cost of living after Social Security: $31,212
Years to draw down $650,000 in retirement savings: 20.83

Maryland: A Mixed Picture for Seniors

Total population: 6,164,660
Percentage of population aged 65 and older: 16.9%
Average monthly cost of living: $4,501
Total monthly cost of living after Social Security: $2,633
Average annual cost of living: $54,011
Total annual cost of living after Social Security: $31,597
Years to draw down $650,000 in retirement savings: 20.57

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Idaho: Increasing Living Expenses for Retirees

Total population: 1,939,033
Percentage of population aged 65 and older: 17.0%
Average monthly cost of living: $4,544
Total monthly cost of living after Social Security: $2,676
Average annual cost of living: $54,528
Total annual cost of living after Social Security: $32,114
Years to draw down $650,000 in retirement savings: 20.24

Cost of Living and Retirement Savings: A State-by-State Analysis

Nevada: A Glimpse into the Silver State’s Living Costs

Total population: 3,177,772
Percentage of population aged 65 and older: 16.9%
Average monthly cost of living: $4,614
Total monthly cost of living after Social Security: $2,746
Average annual cost of living: $55,365
Total annual cost of living after Social Security: $32,951
Years to draw down $650,000 in retirement savings: 19.73

New York: The Empire State’s Cost Overview

Total population: 19,677,151
Percentage of population aged 65 and older: 18.1%
Average monthly cost of living: $4,645
Total monthly cost of living after Social Security: $2,777
Average annual cost of living: $55,735
Total annual cost of living after Social Security: $33,321
Years to draw down $650,000 in retirement savings: 19.51

Connecticut: High Costs in the Constitution State

Total population: 3,626,205
Percentage of population aged 65 and older: 18.3%
Average monthly cost of living: $4,655
Total monthly cost of living after Social Security: $2,787
Average annual cost of living: $55,856
Total annual cost of living after Social Security: $33,442
Years to draw down $650,000 in retirement savings: 19.44

Montana: Costs Amidst Scenic Landscapes

Total population: 1,122,867
Percentage of population aged 65 and older: 20.1%
Average monthly cost of living: $4,670
Total monthly cost of living after Social Security: $2,802
Average annual cost of living: $56,041
Total annual cost of living after Social Security: $33,627
Years to draw down $650,000 in retirement savings: 19.33

Alaska: The Last Frontier’s Expenses

Total population: 733,583
Percentage of population aged 65 and older: 13.8%
Average monthly cost of living: $4,788
Total monthly cost of living after Social Security: $2,920
Average annual cost of living: $57,456
Total annual cost of living after Social Security: $35,042
Years to draw down $650,000 in retirement savings: 18.55

Rhode Island: Small State, Big Living Costs

Total population: 1,093,734
Percentage of population aged 65 and older: 18.8%
Average monthly cost of living: $4,891
Total monthly cost of living after Social Security: $3,023
Average annual cost of living: $58,694
Total annual cost of living after Social Security: $36,280
Years to draw down $650,000 in retirement savings: 17.92

Utah: A View of Costs in the Beehive State

Total population: 3,380,800
Percentage of population aged 65 and older: 11.9%
Average monthly cost of living: $4,901
Total monthly cost of living after Social Security: $3,033
Average annual cost of living: $58,808
Total annual cost of living after Social Security: $36,394
Years to draw down $650,000 in retirement savings: 17.86

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New Hampshire: Living Costs in the Granite State

Total population: [Data Not Provided]
Percentage of population aged 65 and older: [Data Not Provided]
Average monthly cost of living: [Data Not Provided]
Total monthly cost of living after Social Security: [Data Not Provided]
Average annual cost of living: [Data Not Provided]
Total annual cost of living after Social Security: [Data Not Provided]
Years to draw down $650,000 in retirement savings: [Data Not Provided]

Understanding Retirement Living Costs Across the States

With a growing elderly population, the financial landscape for retirees can vary significantly by state. Here’s a look at how far $650,000 in retirement savings, combined with Social Security, will stretch across various states.

Oregon

Total population: 4,240,137
Percentage of population aged 65 and older: 19.3%
Average monthly cost of living: $5,032
Total monthly cost of living after Social Security: $3,165
Average annual cost of living: $60,390
Total annual cost of living after Social Security: $37,976
Years to draw down $650,000 in retirement savings: 17.12

Colorado

Total population: 5,839,926
Percentage of population aged 65 and older: 15.7%
Average monthly cost of living: $5,153
Total monthly cost of living after Social Security: $3,285
Average annual cost of living: $61,833
Total annual cost of living after Social Security: $39,419
Years to draw down $650,000 in retirement savings: 16.49

New Jersey

Total population: 9,261,699
Percentage of population aged 65 and older: 17.4%
Average monthly cost of living: $5,196
Total monthly cost of living after Social Security: $3,328
Average annual cost of living: $62,351
Total annual cost of living after Social Security: $39,937
Years to draw down $650,000 in retirement savings: 16.28

Washington

Total population: 7,785,786
Percentage of population aged 65 and older: 16.8%
Average monthly cost of living: $5,717
Total monthly cost of living after Social Security: $3,849
Average annual cost of living: $68,602
Total annual cost of living after Social Security: $46,188
Years to draw down $650,000 in retirement savings: 14.07

Massachusetts

Total population: 6,981,974
Percentage of population aged 65 and older: 18.0%
Average monthly cost of living: $6,128
Total monthly cost of living after Social Security: $4,261
Average annual cost of living: $73,540
Total annual cost of living after Social Security: $51,126
Years to draw down $650,000 in retirement savings: 12.71

California

Total population: 39,029,342
Percentage of population aged 65 and older: 15.8%
Average monthly cost of living: $7,009
Total monthly cost of living after Social Security: $5,141
Average annual cost of living: $84,110
Total annual cost of living after Social Security: $61,696
Years to draw down $650,000 in retirement savings: 10.54

Hawaii

Total population: 1,440,196
Percentage of population aged 65 and older: 20.5%
Average monthly cost of living: $8,365
Total monthly cost of living after Social Security: $6,497
Average annual cost of living: $100,380
Total annual cost of living after Social Security: $77,966
Years to draw down $650,000 in retirement savings: 8.34

Methodology: For this study, GOBankingRates analyzed each U.S. state to find how far $650,000 and Social Security benefits would go, collecting data from various sources including the U.S. Census and the Bureau of Labor Statistics. The goal was to understand the financial resources available to retirees in different regions.

This article originally appeared on GOBankingRates.com: How Far $650K Plus Social Security Will Go in Every State

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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