“Retirement Longevity: Analyzing the Lifespan of $250,000 Across All States”

Updated On: May 15, 2025 6:53 am

Financial Strategies for Retirement: How Long Will $250,000 Last?

Planning for retirement requires careful consideration of several key factors including your location and expenses. According to the Federal Reserve’s Survey of Consumer Finances, the median retirement savings balance is projected to reach around $200,000 in 2025. While some retirements are cushioned by pensions and savvy investments, many individuals find themselves pinching pennies.

GOBankingRates conducted an analysis to determine how long $250,000 would last in each state, factoring in Social Security, which averages about $23,150 annually across the U.S. The study utilized data from the Bureau of Labor Statistics’ 2023 Consumer Expenditure Survey, focusing on the average annual costs for groceries, housing, utilities, transportation, and healthcare for seniors aged 65 and older.

Below is a summary showcasing how long $250,000 will last in each state, ordered from the shortest duration to the longest.

Beach and palm trees in the morning at Sugar Beach, Kihei, Maui, Hawaii, USA.

Hawaii

With Social Security: 2.8 years
Without Social Security: 2.23 years
Annual expenditure: $112,303

Massachusetts

With Social Security: 3.87 years
Without Social Security: 2.85 years
Annual expenditure: $87,667

California

With Social Security: 3.92 years
Without Social Security: 2.87 years
Annual expenditure: $87,006

Alaska

With Social Security: 4.88 years
Without Social Security: 3.36 years
Annual expenditure: $74,388

New York

With Social Security: 4.91 years
Without Social Security: 3.37 years
Annual expenditure: $74,087

Maryland

With Social Security: 5.42 years
Without Social Security: 3.61 years
Annual expenditure: $69,280

New Jersey

With Social Security: 5.47 years
Without Social Security: 3.63 years
Annual expenditure: $68,860

Vermont

With Social Security: 5.48 years
Without Social Security: 3.64 years
Annual expenditure: $68,740

Washington

With Social Security: 5.50 years
Without Social Security: 3.64 years
Annual expenditure: $68,619

# Exploring the Financial Longevity Across U.S. States: A Comprehensive Guide

## New Hampshire

With Social Security: 5.62 years
Without Social Security: 3.70 years
Annual Expenditure: $67,658

## Connecticut

With Social Security: 5.64 years
Without Social Security: 3.70 years
Annual Expenditure: $67,478

## Rhode Island

With Social Security: 5.65 years
Without Social Security: 3.71 years
Annual Expenditure: $67,418

## Maine

With Social Security: 5.66 years
Without Social Security: 3.71 years
Annual Expenditure: $67,358

## Oregon

With Social Security: 5.66 years
Without Social Security: 3.71 years
Annual Expenditure: $67,297

## Arizona

With Social Security: 5.70 years
Without Social Security: 3.73 years
Annual Expenditure: $66,997

## Utah

With Social Security: 6.27 years
Without Social Security: 3.97 years
Annual Expenditure: $63,031

## Florida

With Social Security: 6.47 years
Without Social Security: 4.05 years
Annual Expenditure: $61,769

## Colorado

With Social Security: 6.56 years
Without Social Security: 4.08 years
Annual Expenditure: $61,289

## Idaho

With Social Security: 6.56 years
Without Social Security: 4.08 years
Annual Expenditure: $61,289

## Nevada

With Social Security: 6.63 years
Without Social Security: 4.11 years
Annual Expenditure: $60,868

## Delaware

With Social Security: [Data Pending]

This overview of financial longevity across various states highlights the years of living afforded by Social Security and without it, along with the annual expenditures residents typically face. Understanding these metrics can assist individuals in making sound financial planning decisions.

State-by-State Analysis of Retirement Readiness Without Social Security

Virginia

With Social Security: 6.69 years
Without Social Security: 4.13 years
Annual expenditure: $60,508

North Carolina

With Social Security: 7.02 years
Without Social Security: 4.25 years
Annual expenditure: $58,765

Wisconsin

With Social Security: 7.12 years
Without Social Security: 4.29 years
Annual expenditure: $58,284

South Carolina

With Social Security: 7.25 years
Without Social Security: 4.34 years
Annual expenditure: $57,623

Wyoming

With Social Security: 7.30 years
Without Social Security: 4.36 years
Annual expenditure: $57,383

Minnesota

With Social Security: 7.35 years
Without Social Security: 4.38 years
Annual expenditure: $57,143

Pennsylvania

With Social Security: 7.35 years
Without Social Security: 4.38 years
Annual expenditure: $57,143

Montana

With Social Security: 7.38 years
Without Social Security: 4.38 years
Annual expenditure: $57,023

Illinois

With Social Security: 7.45 years
Without Social Security: 4.41 years
Annual expenditure: $56,722

Ohio

With Social Security: 7.47 years
Without Social Security: 4.42 years
Annual expenditure: $56,602

New Mexico

With Social Security: 7.60 years
Without Social Security: 4.46 years
Annual expenditure: $56,061

Important Consideration: Understanding how these variables impact retirement planning is crucial for financial security in later years.

Retirement Longevity and Spending Breakdown Across States

Nebraska

With Social Security: 7.62 years
Without Social Security: 4.47 years
Annual expenditure: $55,941

Kentucky

With Social Security: 7.64 years
Without Social Security: 4.47 years
Annual expenditure: $55,881

Texas

With Social Security: 7.68 years
Without Social Security: 4.49 years
Annual expenditure: $55,701

Louisiana

With Social Security: 7.75 years
Without Social Security: 4.51 years
Annual expenditure: $55,400

South Dakota

With Social Security: 7.75 years
Without Social Security: 4.51 years
Annual expenditure: $55,400

North Dakota

With Social Security: 7.80 years
Without Social Security: 4.53 years
Annual expenditure: $55,220

Georgia

With Social Security: 7.88 years
Without Social Security: 4.56 years
Annual expenditure: $54,859

Indiana

With Social Security: 8.01 years
Without Social Security: 4.60 years
Annual expenditure: $54,379

Tennessee

With Social Security: 8.01 years
Without Social Security: 4.60 years
Annual expenditure: $54,379

Michigan

With Social Security: 8.02 years
Without Social Security: 4.60 years
Annual expenditure: $54,319

Iowa

With Social Security: 8.13 years
Without Social Security: 4.64 years
Annual expenditure: $53,898

Arkansas

With Social Security: 8.29 years
Without Social Security: 4.69 years
Annual expenditure: [Data Missing]

Understanding Retirement Savings: How Long $250,000 Lasts by State

Missouri

With Social Security: 8.29 years
Without Social Security: 4.69 years
Annual expenditure: $53,297

Alabama

With Social Security: 8.41 years
Without Social Security: 4.73 years
Annual expenditure: $52,877

Mississippi

With Social Security: 8.43 years
Without Social Security: 4.73 years
Annual expenditure: $52,816

Kansas

With Social Security: 8.58 years
Without Social Security: 4.78 years
Annual expenditure: $52,276

Oklahoma

With Social Security: 8.82 years
Without Social Security: 4.85 years
Annual expenditure: $51,495

West Virginia

With Social Security: 9.13 years
Without Social Security: 4.95 years
Annual expenditure: $50,533

Methodology: To determine how long $250,000 will last across different states with and without Social Security, GOBankingRates utilized the national average annual expenditures for those 65 and older from the Bureau of Labor Statistics’ 2023 Consumer Expenditure Survey. They also referenced annual Social Security income from the Social Security Administration’s January 2025 data. State-level annual expenditure estimates were calculated by adjusting the national figure based on each state’s cost-of-living index score for 2024 from the Missouri Economic Research and Information Center. Finally, they calculated how many years $250,000 would last by dividing the amount by each state’s average annual expenditures estimate, incorporating Social Security income where applicable. All data was current as of March 17, 2025.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of Nasdaq, Inc.

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