How Far $750K in Retirement Savings Plus Social Security Goes in the Midwest

How long will your retirement savings last? The answer to this question varies radically based on your situation. One mega factor that ties in is whether you’re relying on Social Security benefits, and, if you are, how long it will last in your given location. After all, cost of living is different in every state. Another significant factor is how much you have saved in your retirement nest egg.  

A study by GOBankingRates analyzed how long $750,000 in savings, plus a monthly Social Security check, can last in each state. Here is how far $750,000 in combined savings and Social Security will go in the 12 Midwest states, from the longest to the shortest.

Also see how far $500,000 plus Social Security goes in every state.

• Number of years $750,000 will last with Social Security: 26.73
• Annual expenditure: $50,475
• Annual expenditure after Social Security: $28,061
• Annual groceries expenditure: $4,586
• Annual housing expenditure: $8,711
• Annual utilities expenditure: $4,075
• Annual transportation expenditures: $4,310
• Annual healthcare expenditures: $7,434

• Number of years $750,000 will last with Social Security: 26.08
• Annual expenditure: $51,169
• Annual expenditure after Social Security: $28,755
• Annual groceries expenditure: $4,581
• Annual housing expenditure: $9,085
• Annual utilities expenditure: $4,173
• Annual transportation expenditures: $4,152
• Annual healthcare expenditures: $6,877

• Number of years $750,000 will last with Social Security: 25.27
• Annual expenditure: $52,094
• Annual expenditure after Social Security: $29,680
• Annual groceries expenditure: $4,639
• Annual housing expenditure: $8,781
• Annual utilities expenditure: $3,961
• Annual transportation expenditures: $4,898
• Annual healthcare expenditures: $7,261

• Number of years $750,000 will last with Social Security: 25.17
• Annual expenditure: $52,210
• Annual expenditure after Social Security: $29,796
• Annual groceries expenditure: $4,682
• Annual housing expenditure: $9,096
• Annual utilities expenditure: $3,829
• Annual transportation expenditures: $4,686
• Annual healthcare expenditures: $7,336

• Number of years $750,000 will last with Social Security: 24.46
• Annual expenditure: $53,077
• Annual expenditure after Social Security: $30,663
• Annual groceries expenditure: $4,715
• Annual housing expenditure: $9,005
• Annual utilities expenditure: $4,109
• Annual transportation expenditures: $4,859
• Annual healthcare expenditures: $6,854

• Number of years $750,000 will last with Social Security: 24.01
• Annual expenditure: $53,655
• Annual expenditure after Social Security: $31,241
• Annual groceries expenditure: $4,533
• Annual housing expenditure: $9,611
• Annual utilities expenditure: $3,533
• Annual transportation expenditures: $4,879
• Annual healthcare expenditures: $8,241

• Number of years $750,000 will last with Social Security: 23.79
• Annual expenditure: $53,944
• Annual expenditure after Social Security: $31,530
• Annual groceries expenditure: $4,687
• Annual housing expenditure: $9,611
• Annual utilities expenditure: $4,151
• Annual transportation expenditures: $4,819
• Annual healthcare expenditures: $7,532

• Number of years $750,000 will last with Social Security: 23.74
• Annual expenditure: $54,002
• Annual expenditure after Social Security: $31,588
• Annual groceries expenditure: $4,682
• Annual housing expenditure: $10,301
• Annual utilities expenditure: $3,626
• Annual transportation expenditures: $5,067
• Annual healthcare expenditures: $7,691

• Number of years $750,000 will last with Social Security: 23.74
• Annual expenditure: $54,002
• Annual expenditure after Social Security: $31,588
• Annual groceries expenditure: $4,711
• Annual housing expenditure: $9,435
• Annual utilities expenditure: $3,834
• Annual transportation expenditures: $4,750
• Annual healthcare expenditures: $7,721

• Number of years $750,000 will last with Social Security: 23.49
• Annual expenditure: $54,349
• Annual expenditure after Social Security: $31,935
• Annual groceries expenditure: $4,754
• Annual housing expenditure: $9,821
• Annual utilities expenditure: $4,312
• Annual transportation expenditures: $4,755
• Annual healthcare expenditures: $7,133

• Number of years $750,000 will last with Social Security: 23.15
• Annual expenditure: $54,811
• Annual expenditure after Social Security: $32,398
• Annual groceries expenditure: $4,907
• Annual housing expenditure: $9,529
• Annual utilities expenditure: $4,096
• Annual transportation expenditures: $4,656
• Annual healthcare expenditures: $8,015

• Number of years $750,000 will last with Social Security: 22.28
• Annual expenditure: $56,083
• Annual expenditure after Social Security: $33,670
• Annual groceries expenditure: $4,711
• Annual housing expenditure: $10,640
• Annual utilities expenditure: $4,147
• Annual transportation expenditures: $4,577
• Annual healthcare expenditures: $8,264

Methodology: In order to find how long $750,000 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’ 2022 Consumer Expenditure Survey data and (2) annual Social Security income as sourced from the Social Security Administration’s May 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 score for 2024 Q1 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years the $750,000 will last in each state by dividing $750,000 by each state’s average annual expenditures estimate minus yearly Social Security income. All 50 states and the District of Columbia were then ranked with No. 1 being the state where $750,000 and Social Security will last the longest and No. 51 being the state where it will run out most quickly. GOBankingRates provided supplemental information on the average annual cost of groceries, housing, utilities, transportation and healthcare for people 65 and older in each state by again using MERIC’s cost of living indexes for each category to factor out national estimates from the CEX. All data was collected on and up to date as of June 24, 2024.