In a worst-case scenario in which Social Security runs out, retirees in the South are in a financially fortunate position. A savings of $2 million will last at least 30 years, if not longer, to fund retirement in every Southern state.
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This data was pulled from a new GOBankingRates study that analyzed how long $2 million in retirement savings could last in every U.S. state. A full methodology is available at the end of this article.
Here’s how long $2 million lasts in the South, should Social Security run out.
Alabama
Annual expenditures: $53,357
Years $2 million will last: 37.5
National average: 33.3 years
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Arkansas
Annual expenditures: $53,477
Years $2 million will last: 37.4
National average: 33.3 years
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Delaware
Annual expenditures: $60,207
Years $2 million will last: 33.2
National average: 33.3 years
Florida
Annual expenditures: $61,529
Years $2 million will last: 32.5
National average: 33.3 years
Georgia
Annual expenditures: $54,980
Years $2 million will last: 36.4
National average: 33.3 years
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Kentucky
Annual expenditures: $55,821
Years $2 million will last: 35.8
National average: 33.3 years
Louisiana
Annual expenditures: $56,181
Years $2 million will last: 35.6
National average: 33.3 years
Maryland
Annual expenditures: $59,426
Years $2 million will last: 33.7
National average: 33.3 years
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Mississippi
Annual expenditures: $52,576
Years $2 million will last: 38
National average: 33.3 years
North Carolina
Annual expenditures: $58,645
Years $2 million will last: 34.1
National average: 33.3 years
Oklahoma
Annual expenditures: $52,816
Years $2 million will last: 37.9
National average: 33.3 years
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South Carolina
Annual expenditures: $57,203
Years $2 million will last: 35
National average: 33.3 years
Tennessee
Annual expenditures: $54,078
Years $2 million will last: 37
National average: 33.3 years
Texas
Annual expenditures: $55,641
Years $2 million will last: 35.9
National average: 33.3 years
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Virginia
Annual expenditures: $60,387
Years $2 million will last: 33.1
National average: 33.3 years
West Virginia
Annual expenditures: $50,954
Years $2 million will last: 39.3
National average: 33.3 years
Methodology: GOBankingRates found the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics’ 2023 Consumer Expenditure Survey data. Then, GOBankingRates created (2) state-level annual expenditure estimates by multiplying the national figure by each state’s overall cost-of-living index score for 2024 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $2 million will last in each state by dividing $2 million by each state’s average annual expenditures estimate and its annual expenditures estimate minus yearly Social Security income. All data was collected on and is up to date as of March 7, 2025.
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This article originally appeared on GOBankingRates.com: If Social Security Runs Out, How Long Will $2 Million Last in the South?
