Where could you retire if you had $2 million in savings plus Social Security benefits? New data from GOBankingRates indicates this amount can fund up to 30 years of retirement in 19 states.
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GOBankingRates was able to determine how long a comfortable retirement lasts with $2 million in retirement savings and Social Security benefits by analyzing key factors from each state: household median income, average Social Security income and the cost of living calculated after Social Security income. Using the 50/30/20 finance rule that states that needs should not exceed 50% of household income, the total cost of living was doubled to find the annual amount needed to live comfortably.
Take a look at the 19 states where $2 million gets you 30 years worth of a comfortable retirement.
1. West Virginia
Household median income: $57,917
Annual overall expenditure: $50,533
Annual expenditure after Social Security: $27,359
Annual comfortable cost of living with Social Security: $54,718
Years that $2M will last with Social Security: 36.55
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2. Oklahoma
Household median income: $63,603
Annual overall expenditure: $51,495
Annual expenditure after Social Security: $28,320
Annual comfortable cost of living with Social Security: $56,640
Years that $2M will last with Social Security: 35.31
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3. Kansas
Household median income: $72,639
Annual overall expenditure: $52,276
Annual expenditure after Social Security: $29,101
Annual comfortable cost of living with Social Security: $58,203
Years that $2M will last with Social Security: 34.36
4. Mississippi
Household median income: $54,915
Annual overall expenditure: $52,816
Annual expenditure after Social Security: $29,642
Annual comfortable cost of living with Social Security: $59,284
Years that $2M will last with Social Security: 33.74
5. Alabama
Household median income: $62,027
Annual overall expenditure: $52,877
Annual expenditure after Social Security: $29,702
Annual comfortable cost of living with Social Security: $59,404
Years that $2M will last with Social Security: 33.67
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6. Arkansas
Household median income: $58,773
Annual overall expenditure: $53,297
Annual expenditure after Social Security: $30,123
Annual comfortable cost of living with Social Security: $60,246
Years that $2M will last with Social Security: 33.2
7. Missouri
Household median income: $68,920
Annual overall expenditure: $53,297
Annual expenditure after Social Security: $30,123
Annual comfortable cost of living with Social Security: $60,246
Years that $2M will last with Social Security: 33.2
8. Iowa
Household median income: $73,147
Annual overall expenditure: $53,898
Annual expenditure after Social Security: $30,724
Annual comfortable cost of living with Social Security: $61,447
Years that $2M will last with Social Security: 32.55
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9. Michigan
Household median income: $71,149
Annual overall expenditure: $54,319
Annual expenditure after Social Security: $31,144
Annual comfortable cost of living with Social Security: $62,288
Years that $2M will last with Social Security: 32.11
10. Indiana
Household median income: $70,051
Annual overall expenditure: $54,379
Annual expenditure after Social Security: $31,204
Annual comfortable cost of living with Social Security: $62,409
Years that $2M will last with Social Security: 32.05
11. Tennessee
Household median income: $67,097
Annual overall expenditure: $54,379
Annual expenditure after Social Security: $31,204
Annual comfortable cost of living with Social Security: $62,409
Years that $2M will last with Social Security: 32.05
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12. Georgia
Household median income: $74,664
Annual overall expenditure: $54,859
Annual expenditure after Social Security: $31,685
Annual comfortable cost of living with Social Security: $63,370
Years that $2M will last with Social Security: 31.56
13. North Dakota
Household median income: $75,949
Annual overall expenditure: $55,220
Annual expenditure after Social Security: $32,046
Annual comfortable cost of living with Social Security: $64,091
Years that $2M will last with Social Security: 31.21
14. Louisiana
Household median income: $60,023
Annual overall expenditure: $55,400
Annual expenditure after Social Security: $32,226
Annual comfortable cost of living with Social Security: $64,452
Years that $2M will last with Social Security: 31.03
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15. South Dakota
Household median income: $72,421
Annual overall expenditure: $55,400
Annual expenditure after Social Security: $32,226
Annual comfortable cost of living with Social Security: $64,452
Years that $2M will last with Social Security: 31.03
16. Texas
Household median income: $76,292
Annual overall expenditure: $55,701
Annual expenditure after Social Security: $32,526
Annual comfortable cost of living with Social Security: $65,052
Years that $2M will last with Social Security: 30.74
17. Kentucky
Household median income: $62,417
Annual overall expenditure: $55,881
Annual expenditure after Social Security: $32,707
Annual comfortable cost of living with Social Security: $65,413
Years that $2M will last with Social Security: 30.57
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18. Nebraska
Household median income: $74,985
Annual overall expenditure: $55,941
Annual expenditure after Social Security: $32,767
Annual comfortable cost of living with Social Security: $65,533
Years that $2M will last with Social Security: 30.52
19. New Mexico
Household median income: $62,125
Annual overall expenditure: $56,061
Annual expenditure after Social Security: $32,887
Annual comfortable cost of living with Social Security: $65,774
Years that $2M will last with Social Security: 30.41
Methodology: For this study, GOBankingRates analyzed each state to find how long a comfortable retirement will last with $2 million in savings. GOBankingRates found total population, population ages 65 and over, total households and household median income (from the U.S. Census American Community Survey). The average house value was sourced from Zillow Home Value Index. The cost-of-living indexes were sourced from Missouri Economic and Research Information Center. Using the average expenditure costs for residents ages 65 and over, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey for 65 and over households, the average expenditure cost was calculated for each state. The average Social Security income was sourced from the Social Security Administration. Along with the total expenditure cost, the cost of living after Social Security income was calculated. Using the 50/30/20 finance rule that states that needs should not exceed 50% of the household income, the total cost of living was doubled to find the annual amount needed to live comfortably. The amount of time it takes to draw down $2 million in retirement savings was calculated for households that do and do not receive Social Security income. All data was collected on and is up to date as of April 18, 2025.
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This article originally appeared on GOBankingRates.com: 19 States Where You Need $2 Million To Retire Comfortably for 30 Years
