How Far $1 Million in Retirement Savings Plus Social Security Goes in Every State

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.

Contents

Key Findings 1. Hawaii 2. California 3. Massachusetts 4. Washington 5. New Jersey 6. Colorado 7. New Hampshire 8. Utah 9. Oregon 10. Rhode Island 11. Alaska 12. New York 13. Connecticut 14. Nevada 15. Idaho 16. Montana 17. Maryland 18. Arizona 19. Maine 20. Vermont 21. Florida 22. Virginia 23. Delaware 24. Wyoming 25. Minnesota 26. North Carolina 27. Georgia 28. Wisconsin 29. Texas 30. South Dakota 31. New Mexico 32. South Carolina 33. Tennessee 34. Illinois 35. North Dakota 36. Pennsylvania 37. Nebraska 38. Indiana 39. Michigan 40. Missouri 41. Ohio 42. Kansas 43. Iowa 44. Alabama 45. Kentucky 46. Oklahoma 47. Louisiana 48. Arkansas 49. Mississippi 50. West Virginia

Learn More: How Far $1.5 Million in Retirement Savings Plus Social Security Goes in Every State

Read Next: 4 Low-Risk Ways To Build Your Savings in 2025

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.

Check Out: America’s 50 Most Expensive Retirement Towns

Consider This: Avoid This Retirement Savings Mistake That’s Costing Americans Up To $300K

Trending Now: Suze Orman’s Secret to a Wealthy Retirement–Have You Made This Money Move?

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

Discover More: 7 Things You’ll Be Happy You Downgraded in Retirement

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

Be Aware: Cutting Expenses for Retirement? Here’s the No. 1 Thing To Get Rid of First

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

Find Out: 4 Things You’ll Be Happy You Upgraded in Retirement

Jacob Boomsma / Getty Images/iStockphoto

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

DenisTangneyJr / Getty Images/iStockphoto

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

Explore More: 5 Southern States Where $750,000 in Retirement Savings Lasts Longest

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

Trending Now: The Money You Need To Save Monthly To Retire Comfortably in Every State

EJJohnsonPhotography / Getty Images/iStockphoto

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

Read Next: 3 Things Retirees Should Sell To Build Their Retirement Savings

BrianEKushner / Getty Images/iStockphoto

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

Try This: 5 Cities You Need To Consider If You’re Retiring in 2025

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

Discover More: America’s 30 Safest and Wealthiest Retirement Towns

ElFlacodelNorte / Getty Images/iStockphoto

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

Check Out: Why Florida’s Retirees Are Fleeing — and Where They’re Going Instead

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

For You: 21 Affordable Small Cities To Retire on the East Coast

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

Learn More: These Are America’s 50 Fastest-Growing Retirement Hot Spots

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

Read Next: 10 Little Luxuries To Stay Away From in Retirement

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

Explore More: The New Retirement Problem Boomers Are Facing

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.

More From GOBankingRates

5 Types of Vehicles Retirees Should Stay Away From Buying
6 Subtly Genius Moves All Wealthy People Make With Their Money
4 Things You Should Do if You Want To Retire Early
7 Wealth-Building Shortcuts Proven To Add $1K to Your Wallet This Month

This article originally appeared on GOBankingRates.com: How Far $1 Million in Retirement Savings Plus Social Security Goes in Every State