A central concern of anyone approaching retirement age is whether or not they have enough money, between savings and Social Security benefits, to last them for their retirement. With the economic uncertainties of the post-pandemic world, knowing just how much you will need — and how long it will last — can be arduous to calculate, especially as cost of living varies from state to state.
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GOBankingRates has collated a massive amount of data from the Bureau of Labor Statistics, the Social Security Administration and also collected information related to state-by-state cost of living, all to determine just how long $500,000 in savings (plus Social Security benefits) would last in each of the 50 states.
Key Findings
The top 15 states are in the South or Midwest.
Hawaii: The Aloha State, one of the most expensive in the union, comes in last on the list.
West Virginia: The Mountain State is where $500,000 would last the longest, at nearly 18 years.
The bottom 10 states tend to be on the West or East coasts.
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1. West Virginia
Annual expenditure after Social Security: $27,846
Number of years $500,000 will last with Social Security: 18
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2. Kansas
Annual expenditure after Social Security: $28,988
Number of years $500,000 will last with Social Security: 17.3
3. Mississippi
Annual expenditure after Social Security: $29,468
Number of years $500,000 will last with Social Security: 17
4. Oklahoma
Annual expenditure after Social Security: $29,709
Number of years $500,000 will last with Social Security: 16.8
5. Alabama
Annual expenditure after Social Security: $30,249
Number of years $500,000 will last with Social Security: 16.5
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6. Missouri (tie)
Annual expenditure after Social Security: $30,370
Number of years $500,000 will last with Social Security: 16.5
6. Arkansas (tie)
Annual expenditure after Social Security: $30,370
Number of years $500,000 will last with Social Security: 16.5
8. Tennessee
Annual expenditure after Social Security: $30,970
Number of years $500,000 will last with Social Security: 16.1
9. Iowa
Annual expenditure after Social Security: $31,211
Number of years $500,000 will last with Social Security: 16
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10. Indiana
Annual expenditure after Social Security: $31,752
Number of years $500,000 will last with Social Security: 15.8
11. Georgia
Annual expenditure after Social Security: $31,872
Number of years $500,000 will last with Social Security: 15.7
12. North Dakota
Annual expenditure after Social Security: $32,232
Number of years $500,000 will last with Social Security: 15.5
13. Michigan (tie)
Annual expenditure after Social Security: $32,352
Number of years $500,000 will last with Social Security: 15.5
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13. South Dakota (tie)
Annual expenditure after Social Security: $32,352
Number of years $500,000 will last with Social Security: 15.5
15. Texas
Annual expenditure after Social Security: $32,533
Number of years $500,000 will last with Social Security: 15.4
16. Nebraska
Annual expenditure after Social Security: $32,653
Number of years $500,000 will last with Social Security: 15.3
17. Kentucky (tie)
Annual expenditure after Social Security: $32,713
Number of years $500,000 will last with Social Security: 15.3
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17. New Mexico (tie)
Annual expenditure after Social Security: $32,713
Number of years $500,000 will last with Social Security: 15.3
19. Louisiana
Annual expenditure after Social Security: $33,073
Number of years $500,000 will last with Social Security: 15.1
20. Montana
Annual expenditure after Social Security: $33,374
Number of years $500,000 will last with Social Security: 15
21. Ohio (tie)
Annual expenditure after Social Security: $33,915
Number of years $500,000 will last with Social Security: 14.7
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21. Pennsylvania (tie)
Annual expenditure after Social Security: $33,915
Number of years $500,000 will last with Social Security: 14.7
23. South Carolina
Annual expenditure after Social Security: $34,095
Number of years $500,000 will last with Social Security: 14.7
24. Minnesota
Annual expenditure after Social Security: $34,155
Number of years $500,000 will last with Social Security: 14.6
25. Wyoming
Annual expenditure after Social Security: $34,215
Number of years $500,000 will last with Social Security: 14.6
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26. Illinois
Annual expenditure after Social Security: $34,275
Number of years $500,000 will last with Social Security: 14.6
27. North Carolina
Annual expenditure after Social Security: $35,537
Number of years $500,000 will last with Social Security: 14.1
28. Maryland
Annual expenditure after Social Security: $36,318
Number of years $500,000 will last with Social Security: 13.8
29. Wisconsin
Annual expenditure after Social Security: $36,558
Number of years $500,000 will last with Social Security: 13.7
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30. Nevada
Annual expenditure after Social Security: $37,039
Number of years $500,000 will last with Social Security: 13.5
31. Delaware
Annual expenditure after Social Security: $37,099
Number of years $500,000 will last with Social Security: 13.5
32. Virginia
Annual expenditure after Social Security: $37,280
Number of years $500,000 will last with Social Security: 13.4
33. Idaho
Annual expenditure after Social Security: $38,181
Number of years $500,000 will last with Social Security: 13.1
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34. Florida
Annual expenditure after Social Security: $38,421
Number of years $500,000 will last with Social Security: 13
35. Colorado
Annual expenditure after Social Security: $38,601
Number of years $500,000 will last with Social Security: 13
36. Utah
Annual expenditure after Social Security: $42,687
Number of years $500,000 will last with Social Security: 11.7
37. Oregon
Annual expenditure after Social Security: $42,988
Number of years $500,000 will last with Social Security: 11.7
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38. New Hampshire
Annual expenditure after Social Security: $43,889
Number of years $500,000 will last with Social Security: 11.4
39. Connecticut
Annual expenditure after Social Security: $44,009
Number of years $500,000 will last with Social Security: 11.4
40. Rhode Island
Annual expenditure after Social Security: $44,430
Number of years $500,000 will last with Social Security: 11.3
41. Arizona
Annual expenditure after Social Security: $44,670
Number of years $500,000 will last with Social Security: 11.2
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42. Maine
Annual expenditure after Social Security: $45,091
Number of years $500,000 will last with Social Security: 11.1
43. Washington
Annual expenditure after Social Security: $45,151
Number of years $500,000 will last with Social Security: 11.1
44. Vermont
Annual expenditure after Social Security: $45,451
Number of years $500,000 will last with Social Security: 11
45. New Jersey
Annual expenditure after Social Security: $45,872
Number of years $500,000 will last with Social Security: 10.9
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46. Alaska (tie)
Annual expenditure after Social Security: $51,039
Number of years $500,000 will last with Social Security: 9.8
46. New York (tie)
Annual expenditure after Social Security: $51,039
Number of years $500,000 will last with Social Security: 9.8
48. California
Annual expenditure after Social Security: $63,838
Number of years $500,000 will last with Social Security: 7.8
49. Massachusetts
Annual expenditure after Social Security: $65,160
Number of years $500,000 will last with Social Security: 7.7
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50. Hawaii
Annual expenditure after Social Security: $87,813
Number of years $500,000 will last with Social Security: 5.7
Methodology: In order to find how long $500,000 will last across the country with Social Security, GOBankingRates first found (1) the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics’ 2023 Consumer Expenditure Survey data and (2) annual Social Security income as sourced from the Social Security Administration’s December 2024 data. Then, GOBankingRates created (2) state-level annual expenditure estimates by multiplying the national figure by each state’s overall cost-of-living index for 2024 Q3 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $500,000 will last in each state by dividing $500,000 by each state’s average annual expenditures estimate minus yearly Social Security income. All 50 states were then ranked, with No. 1 being the state where $500,000 and Social Security will last the longest. All data was collected on and is up to date as of Feb. 4, 2025.
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This article originally appeared on GOBankingRates.com: How Far $500K in Retirement Savings Plus Social Security Goes in Every State
