The Value of $1 Million in Retirement Savings and Social Security Across the States

Updated On: May 31, 2025 7:33 am

Retirement Savings: $1 Million’s Lifespan Varies Across States

Recent discussions have shifted focus on the necessity of $1 million for a comfortable retirement. As living costs rise and retirees live longer, those nearing retirement face pressure to save more or move to states where their savings stretch further.

Research Methodology: GOBankingRates analyzed data from the U.S. Census American Community Survey, Missouri’s Economic and Research Information Center, and the Bureau of Labor Statistics Consumer Expenditure Survey to assess how long $1 million, supplemented by Social Security, lasts across states.

Key Findings

Rapid Depletion: In Massachusetts, California, and Hawaii, a $1 million retirement fund would be exhausted in under 20 years.
Extended Longevity: Conversely, retirees in Oklahoma, Louisiana, Arkansas, Mississippi, and West Virginia could stretch their $1 million for over 70 years, requiring less than $1,200 monthly after Social Security.
30-Year Viability: A $1 million fund plus Social Security suffices for at least 30 years in 36 states.

For insights on state-by-state financial longevity with $1 million and Social Security, continue reading.

State Breakdown

1. Hawaii

Average Monthly Cost: $2,761
Annual Cost After SS Benefits: $80,125
Years $1M and SS Will Last: 12.48

2. California

Average Monthly Cost: $2,269
Annual Cost After SS Benefits: $61,406
Years $1M and SS Will Last: 16.29

3. Massachusetts

Average Monthly Cost: $2,340
Annual Cost After SS Benefits: $51,686
Years $1M and SS Will Last: 19.35

4. Washington

Average Monthly Cost: $2,096
Annual Cost After SS Benefits: $45,629
Years $1M and SS Will Last: 21.92

5. New Jersey

Average Monthly Cost: $2,001
Annual Cost After SS Benefits: $41,315
Years $1M and SS Will Last: 24.20

6. Colorado

Average Monthly Cost: $1,899
Annual Cost After SS Benefits: $39,759
Years $1M and SS Will Last: 25.15

7. New Hampshire

Average Monthly Cost: $2,081
Annual Cost After SS Benefits: $38,052
Years $1M and SS Will Last: 26.28

8. Utah

Average Monthly Cost: $1,893
Annual Cost After SS Benefits: $37,797
Years $1M and SS Will Last: (data cut-off)

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States Where $1M and Social Security Benefits Last the Longest

9. Oregon

Average monthly expenditure cost: $2,017
Annual total cost of living for one person after SS benefits: $37,346
How many years $1M and SS benefits will last: 26.78

10. Rhode Island

Average monthly expenditure cost: $2,113
Annual total cost of living for one person after SS benefits: $36,920
How many years $1M and SS benefits will last: 27.09

11. Alaska

Average monthly expenditure cost: $2,601
Annual total cost of living for one person after SS benefits: $35,853
How many years $1M and SS benefits will last: 27.89

12. New York

Average monthly expenditure cost: $2,028
Annual total cost of living for one person after SS benefits: $34,570
How many years $1M and SS benefits will last: 28.93

13. Connecticut

Average monthly expenditure cost: $2,154
Annual total cost of living for one person after SS benefits: $34,113
How many years $1M and SS benefits will last: 29.31

14. Nevada

Average monthly expenditure cost: $1,855
Annual total cost of living for one person after SS benefits: $32,332
How many years $1M and SS benefits will last: 30.93

15. Idaho

Average monthly expenditure cost: $1,887
Annual total cost of living for one person after SS benefits: $32,289
How many years $1M and SS benefits will last: 30.97

16. Montana

Average monthly expenditure cost: $1,825
Annual total cost of living for one person after SS benefits: $31,651
How many years $1M and SS benefits will last: 31.59

17. Maryland

Average monthly expenditure cost: $1,931
Annual total cost of living for one person after SS benefits: $31,301
How many years $1M and SS benefits will last: 31.95

18. Arizona

Average monthly expenditure cost: $1,890
Annual total cost of living for one person after SS benefits: $31,215
How many years $1M and SS benefits will last: 32.04

19. Maine

Average monthly expenditure cost: $2,070
Annual total cost of living for one person after SS benefits: $30,194
How many years $1M and SS benefits will last: 33.12

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Living Costs in 31 U.S. States: Key Financial Insights

20. Vermont

Average monthly expenditure cost: $2,050
Annual total cost of living for one person after SS benefits: $30,022
How many years $1M and SS benefits will last: 33.31

21. Florida

Average monthly expenditure cost: $1,893
Annual total cost of living for one person after SS benefits: $29,362
How many years $1M and SS benefits will last: 34.06

22. Virginia

Average monthly expenditure cost: $1,927
Annual total cost of living for one person after SS benefits: $28,916
How many years $1M and SS benefits will last: 34.58

23. Delaware

Average monthly expenditure cost: $1,930
Annual total cost of living for one person after SS benefits: $27,919
How many years $1M and SS benefits will last: 35.82

24. Wyoming

Average monthly expenditure cost: $1,864
Annual total cost of living for one person after SS benefits: $24,836
How many years $1M and SS benefits will last: 40.26

25. Minnesota

Average monthly expenditure cost: $1,936
Annual total cost of living for one person after SS benefits: $24,654
How many years $1M and SS benefits will last: 40.56

26. North Carolina

Average monthly expenditure cost: $1,883
Annual total cost of living for one person after SS benefits: $23,429
How many years $1M and SS benefits will last: 42.68

27. Georgia

Average monthly expenditure cost: $1,863
Annual total cost of living for one person after SS benefits: $23,206
How many years $1M and SS benefits will last: 43.09

28. Wisconsin

Average monthly expenditure cost: $1,895
Annual total cost of living for one person after SS benefits: $22,148
How many years $1M and SS benefits will last: 45.15

29. Texas

Average monthly expenditure cost: $1,851
Annual total cost of living for one person after SS benefits: $21,155
How many years $1M and SS benefits will last: 47.27

30. South Dakota

Average monthly expenditure cost: $1,834
Annual total cost of living for one person after SS benefits: $21,074
How many years $1M and SS benefits will last: 47.45

31. New Mexico

Average monthly expenditure cost: $1,829
Annual total cost of living for one person after SS benefits: $20,976
How many years $1M and SS benefits will last: 47.67

# Cost of Living Insights Across U.S. States

## South Carolina
– **Average monthly expenditure cost:** $1,838
– **Annual total cost of living for one person after SS benefits:** $20,595
– **How many years $1M and SS benefits will last:** 48.55

## Tennessee
– **Average monthly expenditure cost:** $1,713
– **Annual total cost of living for one person after SS benefits:** $20,466
– **How many years $1M and SS benefits will last:** 48.86

## Illinois
– **Average monthly expenditure cost:** $1,931
– **Annual total cost of living for one person after SS benefits:** $19,937
– **How many years $1M and SS benefits will last:** 50.16

## North Dakota
– **Average monthly expenditure cost:** $1,862
– **Annual total cost of living for one person after SS benefits:** $19,006
– **How many years $1M and SS benefits will last:** 52.61

## Pennsylvania
– **Average monthly expenditure cost:** $1,878
– **Annual total cost of living for one person after SS benefits:** $18,974
– **How many years $1M and SS benefits will last:** 52.70

## Nebraska
– **Average monthly expenditure cost:** $1,857
– **Annual total cost of living for one person after SS benefits:** $18,172
– **How many years $1M and SS benefits will last:** 55.03

## Indiana
– **Average monthly expenditure cost:** $1,854
– **Annual total cost of living for one person after SS benefits:** $16,826
– **How many years $1M and SS benefits will last:** 59.43

## Michigan
– **Average monthly expenditure cost:** $1,835
– **Annual total cost of living for one person after SS benefits:** $16,561
– **How many years $1M and SS benefits will last:** 60.38

## Missouri
– **Average monthly expenditure cost:** $1,780
– **Annual total cost of living for one person after SS benefits:** $16,403
– **How many years $1M and SS benefits will last:** 60.96

## Ohio
– **Average monthly expenditure cost:** $1,853
– **Annual total cost of living for one person after SS benefits:** $16,099
– **How many years $1M and SS benefits will last:** 62.12

## Kansas
– **Average monthly expenditure cost:** $1,801
– **Annual total cost of living for one person after SS benefits:** $15,315
– **How many years $1M and SS benefits will last:** TBD# Retirement Longevity of $1 Million and Social Security in Each State

## Costs and Longevity by State

### 43. Iowa
– **Average monthly expenditure cost:** $1,836
– **Annual cost of living after SS benefits:** $15,158
– **Duration of $1M and SS benefits:** 65.97 years

### 44. Alabama
– **Average monthly expenditure cost:** $1,794
– **Annual cost of living after SS benefits:** $14,874
– **Duration of $1M and SS benefits:** 67.23 years

### 45. Kentucky
– **Average monthly expenditure cost:** $1,864
– **Annual cost of living after SS benefits:** $14,456
– **Duration of $1M and SS benefits:** 69.17 years

### 46. Oklahoma
– **Average monthly expenditure cost:** $1,832
– **Annual cost of living after SS benefits:** $14,048
– **Duration of $1M and SS benefits:** 71.18 years

### 47. Louisiana
– **Average monthly expenditure cost:** $1,785
– **Annual cost of living after SS benefits:** $13,065
– **Duration of $1M and SS benefits:** 76.54 years

### 48. Arkansas
– **Average monthly expenditure cost:** $1,725
– **Annual cost of living after SS benefits:** $13,000
– **Duration of $1M and SS benefits:** 76.93 years

### 49. Mississippi
– **Average monthly expenditure cost:** $1,784
– **Annual cost of living after SS benefits:** $11,473
– **Duration of $1M and SS benefits:** 87.16 years

### 50. West Virginia
– **Average monthly expenditure cost:** $1,833
– **Annual cost of living after SS benefits:** $11,263
– **Duration of $1M and SS benefits:** 88.79 years

## Methodology

To evaluate how long $1 million in retirement savings and Social Security lasts, GOBankingRates analyzed state-specific cost-of-living data. Metrics included grocery, healthcare, housing, utilities, and transportation expenses, sourced from Missouri’s Economic Research Information Center. The national average expenditure for retirees, obtained from the Bureau of Labor Statistics, helped calculate the average expenditure cost per location. Data for average home values and Social Security benefits were also considered. Calculations were updated as of January 6, 2025.