Retirees with $3 million in savings have significantly more options available for their retirement. Compared to a savings of $2 million or less, which can limit locales, a new GOBankingRates study reveals $3 million plus Social Security benefits allows retirees to retire in 95% of the United States.
See More: 6 Cash-Flow Mistakes Boomers Are Making With Their Retirement Savings
View Next: How Middle-Class Earners Are Quietly Becoming Millionaires — and How You Can, Too
GOBankingRates determined how long a comfortable retirement lasts with $3 million in savings and Social Security benefits by analyzing each state’s 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 the household income, the total cost of living was doubled to find the annual amount needed to live comfortably.
Ranked from most to least years this savings lasts with Social Security, here are the states where $3 million allows you to experience a comfortable retirement.
1. West Virginia
Household median income: $57,917
Annual overall expenditure: $50,533
Annual Social Security income: $23,174
Annual expenditure after Social Security: $27,359
Annual comfortable cost of living with Social Security: $54,718
# of years $3M will last with Social Security: 54.83
Be Aware: How To Protect Your 401(k) From a Stock Market Crash
Read Next: I’m Retired and Regret Claiming Social Security at 70 — Here’s Why
Trending Now: Suze Orman’s Secret to a Wealthy Retirement–Have You Made This Money Move?
2. Oklahoma
Household median income: $63,603
Annual overall expenditure: $51,495
Annual Social Security income: $23,174
Annual expenditure after Social Security: $28,320
Annual comfortable cost of living with Social Security: $56,640
# of years $3M will last with Social Security: 52.97
Try This: What $1 Million in Retirement Savings Looks Like in Monthly Spending
3. Kansas
Household median income: $72,639
Annual overall expenditure: $52,276
Annual Social Security income: $23,174
Annual expenditure after Social Security: $29,101
Annual comfortable cost of living with Social Security: $58,203
# of years $3M will last with Social Security: 51.54
4. Mississippi
Household median income: $54,915
Annual overall expenditure: $52,816
Annual Social Security income: $23,174
Annual expenditure after Social Security: $29,642
Annual comfortable cost of living with Social Security: $59,284
# of years $3M will last with Social Security: 50.6
5. Alabama
Household median income: $62,027
Annual overall expenditure: $52,877
Annual Social Security income: $23,174
Annual expenditure after Social Security: $29,702
Annual comfortable cost of living with Social Security: $59,404
# of years $3M will last with Social Security: 50.5
6. Arkansas
Household median income: $58,773
Annual overall expenditure: $53,297
Annual Social Security income: $23,174
Annual expenditure after Social Security: $30,123
Annual comfortable cost of living with Social Security: $60,246
# of years $3M will last with Social Security: 49.8
Find Out: How Far $500,000 in Retirement Savings Plus Social Security Goes in Every State
7. Missouri
Household median income: $68,920
Annual overall expenditure: $53,297
Annual Social Security income: $23,174
Annual expenditure after Social Security: $30,123
Annual comfortable cost of living with Social Security: $60,246
# of years $3M will last with Social Security: 49.8
8. Iowa
Household median income: $73,147
Annual overall expenditure: $53,898
Annual Social Security income: $23,174
Annual expenditure after Social Security: $30,724
Annual comfortable cost of living with Social Security: $61,447
# of years $3M will last with Social Security: 48.82
9. Michigan
Household median income: $71,149
Annual overall expenditure: $54,319
Annual Social Security income: $23,174
Annual expenditure after Social Security: $31,144
Annual comfortable cost of living with Social Security: $62,288
# of years $3M will last with Social Security: 48.16
10. Indiana
Household median income: $70,051
Annual overall expenditure: $54,379
Annual Social Security income: $23,174
Annual expenditure after Social Security: $31,204
Annual comfortable cost of living with Social Security: $62,409
# of years $3M will last with Social Security: 48.07
Discover More: 3 Things Retirees Should Sell To Build Their Retirement Savings
11. Tennessee
Household median income: $67,097
Annual overall expenditure: $54,379
Annual Social Security income: $23,174
Annual expenditure after Social Security: $31,204
Annual comfortable cost of living with Social Security: $62,409
# of years $3M will last with Social Security: 48.07
12. Georgia
Household median income: $74,664
Annual overall expenditure: $54,859
Annual Social Security income: $23,174
Annual expenditure after Social Security: $31,685
Annual comfortable cost of living with Social Security: $63,370
# of years $3M will last with Social Security: 47.34
13. North Dakota
Household median income: $75,949
Annual overall expenditure: $55,220
Annual Social Security income: $23,174
Annual expenditure after Social Security: $32,046
Annual comfortable cost of living with Social Security: $64,091
# of years $3M will last with Social Security: 46.81
14. Louisiana
Household median income: $60,023
Annual overall expenditure: $55,400
Annual Social Security income: $23,174
Annual expenditure after Social Security: $32,226
Annual comfortable cost of living with Social Security: $64,452
# of years $3M will last with Social Security: 46.55
Try This: Cutting Expenses for Retirement? Here’s the No. 1 Thing To Get Rid of First
15. South Dakota
Household median income: $72,421
Annual overall expenditure: $55,400
Annual Social Security income: $23,174
Annual expenditure after Social Security: $32,226
Annual comfortable cost of living with Social Security: $64,452
# of years $3M will last with Social Security: 46.55
16. Texas
Household median income: $76,292
Annual overall expenditure: $55,701
Annual Social Security income: $23,174
Annual expenditure after Social Security: $32,526
Annual comfortable cost of living with Social Security: $65,052
# of years $3M will last with Social Security: 46.12
17. Kentucky
Household median income: $62,417
Annual overall expenditure: $55,881
Annual Social Security income: $23,174
Annual expenditure after Social Security: $32,707
Annual comfortable cost of living with Social Security: $65,413
# of years $3M will last with Social Security: 45.86
18. Nebraska
Household median income: $74,985
Annual overall expenditure: $55,941
Annual Social Security income: $23,174
Annual expenditure after Social Security: $32,767
Annual comfortable cost of living with Social Security: $65,533
# of years $3M will last with Social Security: 45.78
For You: 50 Cheapest Places To Retire Across America
19. New Mexico
Household median income: $62,125
Annual overall expenditure: $56,061
Annual Social Security income: $23,174
Annual expenditure after Social Security: $32,887
Annual comfortable cost of living with Social Security: $65,774
# of years $3M will last with Social Security: 45.61
20. Ohio
Household median income: $69,680
Annual overall expenditure: $56,602
Annual Social Security income: $23,174
Annual expenditure after Social Security: $33,428
Annual comfortable cost of living with Social Security: $66,855
# of years $3M will last with Social Security: 44.87
21. Illinois
Household median income: $81,702
Annual overall expenditure: $56,722
Annual Social Security income: $23,174
Annual expenditure after Social Security: $33,548
Annual comfortable cost of living with Social Security: $67,095
# of years $3M will last with Social Security: 44.71
22. Montana
Household median income: $69,922
Annual overall expenditure: $57,023
Annual Social Security income: $23,174
Annual expenditure after Social Security: $33,848
Annual comfortable cost of living with Social Security: $67,696
# of years $3M will last with Social Security: 44.32
Explore Next: America’s 50 Most Expensive Retirement Towns
23. Minnesota
Household median income: $87,556
Annual overall expenditure: $57,143
Annual Social Security income: $23,174
Annual expenditure after Social Security: $33,968
Annual comfortable cost of living with Social Security: $67,937
# of years $3M will last with Social Security: 44.16
24. Pennsylvania
Household median income: $76,081
Annual overall expenditure: $57,143
Annual Social Security income: $23,174
Annual expenditure after Social Security: $33,968
Annual comfortable cost of living with Social Security: $67,937
# of years $3M will last with Social Security: 44.16
25. Wyoming
Household median income: $74,815
Annual overall expenditure: $57,383
Annual Social Security income: $23,174
Annual expenditure after Social Security: $34,209
Annual comfortable cost of living with Social Security: $68,417
# of years $3M will last with Social Security: 43.85
26. South Carolina
Household median income: $66,818
Annual overall expenditure: $57,623
Annual Social Security income: $23,174
Annual expenditure after Social Security: $34,449
Annual comfortable cost of living with Social Security: $68,898
# of years $3M will last with Social Security: 43.54
Trending Now: The New Retirement Problem Boomers Are Facing
27. Wisconsin
Household median income: $75,670
Annual overall expenditure: $58,284
Annual Social Security income: $23,174
Annual expenditure after Social Security: $35,110
Annual comfortable cost of living with Social Security: $70,220
# of years $3M will last with Social Security: 42.72
28. North Carolina
Household median income: $69,904
Annual overall expenditure: $58,765
Annual Social Security income: $23,174
Annual expenditure after Social Security: $35,591
Annual comfortable cost of living with Social Security: $71,181
# of years $3M will last with Social Security: 42.15
29. Virginia
Household median income: $90,974
Annual overall expenditure: $60,508
Annual Social Security income: $23,174
Annual expenditure after Social Security: $37,333
Annual comfortable cost of living with Social Security: $74,666
# of years $3M will last with Social Security: 40.18
30. Delaware
Household median income: $82,855
Annual overall expenditure: $60,568
Annual Social Security income: $23,174
Annual expenditure after Social Security: $37,393
Annual comfortable cost of living with Social Security: $74,787
# of years $3M will last with Social Security: 40.11
View More: 8 Common Mistakes Retirees Make With Their Social Security Checks
31. Nevada
Household median income: $75,561
Annual overall expenditure: $60,868
Annual Social Security income: $23,174
Annual expenditure after Social Security: $37,694
Annual comfortable cost of living with Social Security: $75,387
# of years $3M will last with Social Security: 39.79
32. Colorado
Household median income: $92,470
Annual overall expenditure: $61,289
Annual Social Security income: $23,174
Annual expenditure after Social Security: $38,114
Annual comfortable cost of living with Social Security: $76,229
# of years $3M will last with Social Security: 39.36
33. Idaho
Household median income: $74,636
Annual overall expenditure: $61,289
Annual Social Security income: $23,174
Annual expenditure after Social Security: $38,114
Annual comfortable cost of living with Social Security: $76,229
# of years $3M will last with Social Security: 39.36
34. Florida
Household median income: $71,711
Annual overall expenditure: $61,769
Annual Social Security income: $23,174
Annual expenditure after Social Security: $38,595
Annual comfortable cost of living with Social Security: $77,190
# of years $3M will last with Social Security: 38.87
That’s Interesting: 4 Reasons You Might Regret Moving To Florida for Retirement
35. Utah
Household median income: $91,750
Annual overall expenditure: $63,031
Annual Social Security income: $23,174
Annual expenditure after Social Security: $39,857
Annual comfortable cost of living with Social Security: $79,714
# of years $3M will last with Social Security: 37.63
36. Arizona
Household median income: $76,872
Annual overall expenditure: $66,997
Annual Social Security income: $23,174
Annual expenditure after Social Security: $43,823
Annual comfortable cost of living with Social Security: $87,645
# of years $3M will last with Social Security: 34.23
37. Oregon
Household median income: $80,426
Annual overall expenditure: $67,297
Annual Social Security income: $23,174
Annual expenditure after Social Security: $44,123
Annual comfortable cost of living with Social Security: $88,246
# of years $3M will last with Social Security: 34
38. Maine
Household median income: $71,773
Annual overall expenditure: $67,358
Annual Social Security income: $23,174
Annual expenditure after Social Security: $44,183
Annual comfortable cost of living with Social Security: $88,366
# of years $3M will last with Social Security: 33.95
See Next: 5 Cities You Need To Consider If You’re Retiring in 2025
39. Rhode Island
Household median income: $86,372
Annual overall expenditure: $67,418
Annual Social Security income: $23,174
Annual expenditure after Social Security: $44,243
Annual comfortable cost of living with Social Security: $88,486
# of years $3M will last with Social Security: 33.9
40. Connecticut
Household median income: $93,760
Annual overall expenditure: $67,478
Annual Social Security income: $23,174
Annual expenditure after Social Security: $44,303
Annual comfortable cost of living with Social Security: $88,607
# of years $3M will last with Social Security: 33.86
41. New Hampshire
Household median income: $95,628
Annual overall expenditure: $67,658
Annual Social Security income: $23,174
Annual expenditure after Social Security: $44,484
Annual comfortable cost of living with Social Security: $88,967
# of years $3M will last with Social Security: 33.72
42. Washington
Household median income: $94,952
Annual overall expenditure: $68,619
Annual Social Security income: $23,174
Annual expenditure after Social Security: $45,445
Annual comfortable cost of living with Social Security: $90,890
# of years $3M will last with Social Security: 33.01
Read Next: Nearly Half of Americans Struggle To Pay Their Utility Bills — 5 Ways To Save
43. Vermont
Household median income: $78,024
Annual overall expenditure: $68,740
Annual Social Security income: $23,174
Annual expenditure after Social Security: $45,565
Annual comfortable cost of living with Social Security: $91,130
# of years $3M will last with Social Security: 32.92
44. New Jersey
Household median income: $101,050
Annual overall expenditure: $68,860
Annual Social Security income: $23,174
Annual expenditure after Social Security: $45,685
Annual comfortable cost of living with Social Security: $91,371
# of years $3M will last with Social Security: 32.83
45. Maryland
Household median income: $101,652
Annual overall expenditure: $69,280
Annual Social Security income: $23,174
Annual expenditure after Social Security: $46,106
Annual comfortable cost of living with Social Security: $92,212
# of years $3M will last with Social Security: 32.53
Methodology: For this study, GOBankingRates analyzed each U.S. state to find how long a comfortable retirement will last with a $3 million retirement savings. For each state, a number of factors were found including total population, population ages 65 and over, total households and household median income all sourced from the U.S. Census American Community Survey. The average single family house value was sourced from Zillow Home Value Index. The cost of living indexes were sourced from Missouri Economic and Research Information Center and includes the cost of living indexes for overall, grocery, healthcare, housing, utilities, transportation, and miscellaneous. 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 can be calculated for each state. The average Social Security income was sourced from the Social Security Administration and along with the total expenditure cost, the cost of living after Social Security income can be 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 drawdown $3 million in retirement savings can be calculated for households that do and do not receive Social Security income. The states were sorted to show the longest to shortest amount of time it takes to drawdown the retirement savings. All data was collected on and is up to date as of May 13, 2025.
More From GOBankingRates
Here’s How Much Cars Made in the US Cost Compared to Mexico, Canada and China
How Middle-Class Earners Are Quietly Becoming Millionaires — and How You Can, Too
4 Grocery Items To Buy Now Before Tariffs Raise Prices This Summer
4 Low-Risk Ways To Build Your Savings in 2025
This article originally appeared on GOBankingRates.com: 45 States Where You Need $3 Million To Retire Comfortably for 30 Years
