Not too long ago, it was considered bold to claim that people need $1 million for a comfortable retirement. As the cost of living continues to rise and more retirees lead longer lifespans, those approaching retirement will either need to start saving more money or relocate to a state where their savings and Social Security benefits can last longer.
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To determine how long $1 million along with Social Security benefits lasts in every state, 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.
See how long it will last in your state.
Key Findings
A retirement nest egg of $1 million would be completely drained in less than 20 years in three states: Massachusetts (19 years), California (16 years) and Hawaii (12 years).
By comparison, the same amount could last longer than 70 years in five states: Oklahoma (71 years), Louisiana (76 years), Arkansas (76 years), Mississippi (87 years) and West Virginia (88 years). You would need less than $1,200 a month after Social Security for expenses in these states.
To retire for at least 30 years, $1 million (along with Social Security) would be enough in 36 states.
In order from most to least expensive, keep reading to see how far $1 million in retirement savings alongside Social Security takes retirees in each state.
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1. Hawaii
Average monthly expenditure cost: $2,761
Annual total cost of living for one person after SS benefits: $80,125
How many years $1M and SS benefits will last: 12.48
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2. California
Average monthly expenditure cost: $2,269
Annual total cost of living for one person after SS benefits: $61,406
How many years $1M and SS benefits will last: 16.29
3. Massachusetts
Average monthly expenditure cost: $2,340
Annual total cost of living for one person after SS benefits: $51,686
How many years $1M and SS benefits will last: 19.35
4. Washington
Average monthly expenditure cost: $2,096
Annual total cost of living for one person after SS benefits: $45,629
How many years $1M and SS benefits will last: 21.92
5. New Jersey
Average monthly expenditure cost: $2,001
Annual total cost of living for one person after SS benefits: $41,315
How many years $1M and SS benefits will last: 24.20
6. Colorado
Average monthly expenditure cost: $1,899
Annual total cost of living for one person after SS benefits: $39,759
How many years $1M and SS benefits will last: 25.15
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7. New Hampshire
Average monthly expenditure cost: $2,081
Annual total cost of living for one person after SS benefits: $38,052
How many years $1M and SS benefits will last: 26.28
8. Utah
Average monthly expenditure cost: $1,893
Annual total cost of living for one person after SS benefits: $37,797
How many years $1M and SS benefits will last: 26.46
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
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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
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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
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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
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
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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
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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
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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
32. 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
33. 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
34. 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
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35. 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
36. 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
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37. 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
38. 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
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39. 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
40. 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
41. 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
42. 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: 65.29
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43. Iowa
Average monthly expenditure cost: $1,836
Annual total cost of living for one person after SS benefits: $15,158
How many years $1M and SS benefits will last: 65.97
44. Alabama
Average monthly expenditure cost: $1,794
Annual total cost of living for one person after SS benefits: $14,874
How many years $1M and SS benefits will last: 67.23
45. Kentucky
Average monthly expenditure cost: $1,864
Annual total cost of living for one person after SS benefits: $14,456
How many years $1M and SS benefits will last: 69.17
46. Oklahoma
Average monthly expenditure cost: $1,832
Annual total cost of living for one person after SS benefits: $14,048
How many years $1M and SS benefits will last: 71.18
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47. Louisiana
Average monthly expenditure cost: $1,785
Annual total cost of living for one person after SS benefits: $13,065
How many years $1M and SS benefits will last: 76.54
48. Arkansas
Average monthly expenditure cost: $1,725
Annual total cost of living for one person after SS benefits: $13,000
How many years $1M and SS benefits will last: 76.93
49. Mississippi
Average monthly expenditure cost: $1,784
Annual total cost of living for one person after SS benefits: $11,473
How many years $1M and SS benefits will last: 87.16
50. West Virginia
Average monthly expenditure cost: $1,833
Annual total cost of living for one person after SS benefits: $11,263
How many years $1M and SS benefits will last: 88.79
Methodology: For this study, GOBankingRates analyzed each state to find out how long $1 million in retirement savings plus Social Security benefits lasts in each state. The cost-of-living indexes were sourced from Missouri’s Economic and Research Information Center and include the grocery, healthcare, housing, utilities, transportation and miscellaneous cost-of-living indexes. Using the cost-of-living indexes and the national average expenditure costs for retired residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location was calculated. The average single-family home value from November 2024 was sourced from Zillow Home Value Index for each state. Assuming a 10% down payment and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage was calculated. Using the average mortgage and expenditure costs, the average cost of living was calculated. The average Social Security benefits for one person were sourced from the Social Security Administration’s Monthly Statistical Snapshot for November 2024. Using the cost of living and the average Social Security benefits, the monthly cost of living after Social Security benefits was calculated. Assuming a retirement savings of $1 million, as well as the cost-of-living data, the drawdown time was calculated for each state. The data was collected on and is up to date as of Jan. 6, 2025.
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This article originally appeared on GOBankingRates.com: How Far $1 Million in Retirement Savings Plus Social Security Goes in Every State
