Just how long would $2 million in savings last on the East Coast if Social Security runs out?
The time horizon, according to a new GOBankingRates study, is largely ideal for retirees planning to retire later in life, such as around age 67 or older. On the low end, retirees would only get up to 22 years out of these funds, while the high end does not afford more than 36 years in this next chapter.
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Take a look at how much this savings lasts for retirees on the East Coast.
Connecticut
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Annual expenditures: $67,117
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Years $2 million will last: 29.8
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National average: 33.3 years
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Delaware
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Annual expenditures: $60,207
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Years $2 million will last: 33.2
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National average: 33.3 years
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Florida
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Annual expenditures: $61,529
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Years $2 million will last: 32.5
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National average: 33.3 years
Georgia
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Annual expenditures: $54,980
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Years $2 million will last: 36.4
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National average: 33.3 years
Maine
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Annual expenditures: $68,199
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Years $2 million will last: 29.3
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National average: 33.3 years
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Maryland
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Annual expenditures: $59,426
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Years $2 million will last: 33.7
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National average: 33.3 years
Massachusetts
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Annual expenditures: $88,268
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Years $2 million will last: 22.7
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National average: 33.3 years
New Hampshire
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Annual expenditures: $66,997
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Years $2 million will last: 29.9
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National average: 33.3 years
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New Jersey
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Annual expenditures: $68,980
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Years $2 million will last: 29
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National average: 33.3 years
New York
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Annual expenditures: $74,147
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Years $2 million will last: 27
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National average: 33.3 years
North Carolina
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Annual expenditures: $58,645
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Years $2 million will last: 34.1
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National average: 33.3 years
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Rhode Island
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Annual expenditures: $67,538
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Years $2 million will last: 29.6
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National average: 33.3 years
South Carolina
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Annual expenditures: $57,203
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Years $2 million will last: 35
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National average: 33.3 years
Virginia
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Annual expenditures: $60,387
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Years $2 million will last: 33.1
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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 on the East Coast?
