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How Far $2,000,000 in Retirement Savings Plus Social Security Goes in Every State

March 19, 2025

Written by Nicole Spector

Edited by Jordan Rosenfeld

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The thought of having $2 million in savings is pretty fabulous — especially considering there are millions of Americans who don’t have enough in the bank to cover a $1,000 emergency. But here’s a sobering wakeup call: $2 million may not last you throughout your entire retirement — not even if you factor in Social Security benefits, which average $1,877 per month, per person.

Where you live will dictate how far your money will go. In a new study, GOBankingRates analyzed each U.S. state to find out how long $2 million in retirement savings plus $1,877 per month in Social Security benefits lasts in each. States were ranked to show those where your money will last the longest.

50. Hawaii

Total cost of living annually: $102,648
Total cost of living, after Social Security benefits, for one person, annually: $80,125
Years until you deplete $2 million in savings, without Social Security benefits: 19.48
Years until you deplete $2 million in savings, after Social Security benefits: 24.96

49. California

Total cost of living annually: $83,929
Total cost of living, after Social Security benefits, for one person, annually: $61,406
Years until you deplete $2 million in savings, without Social Security benefits: 23.83
Years until you deplete $2 million in savings, after Social Security benefits: 32.57

48. Massachusetts

Total cost of living annually: $74,209
Total cost of living, after Social Security benefits, for one person, annually: $51,686
Years until you deplete $2 million in savings, without Social Security benefits: 26.95
Years until you deplete $2 million in savings, after Social Security benefits: 38.70

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47. Washington

Total cost of living annually: $68,152
Total cost of living, after Social Security benefits, for one person, annually: $45,629
Years until you deplete $2 million in savings, without Social Security benefits: 29.35
Years until you deplete $2 million in savings, after Social Security benefits: 43.83

46. New Jersey

Total cost of living annually: $63,839
Total cost of living, after Social Security benefits, for one person, annually: $41,315
Years until you deplete $2 million in savings, without Social Security benefits: 31.33
Years until you deplete $2 million in savings, after Social Security benefits: 48.41

45. Colorado

Total cost of living annually: $62,282
Total cost of living, after Social Security benefits, for one person, annually: $39,759
Years until you deplete $2 million in savings, without Social Security benefits: 32.11
Years until you deplete $2 million in savings, after Social Security benefits: 50.30

44. New Hampshire

Total cost of living annually: $60,575
Total cost of living, after Social Security benefits, for one person, annually: $38,052
Years until you deplete $2 million in savings, without Social Security benefits: 33.02
Years until you deplete $2 million in savings, after Social Security benefits: 52.56

43. Utah

Total cost of living annually: $60,321
Total cost of living, after Social Security benefits, for one person, annually: $37,797
Years until you deplete $2 million in savings, without Social Security benefits: 33.16
Years until you deplete $2 million in savings, after Social Security benefits: 52.91

42. Oregon

Total cost of living annually: $59,869
Total cost of living, after Social Security benefits, for one person, annually: $37,346
Years until you deplete $2 million in savings, without Social Security benefits: 33.41
Years until you deplete $2 million in savings, after Social Security benefits: 53.55

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41. Rhode Island

Total cost of living annually: $59,443
Total cost of living, after Social Security benefits, for one person, annually: $36,920
Years until you deplete $2 million in savings, without Social Security benefits: 33.65
Years until you deplete $2 million in savings, after Social Security benefits: 54.17

40. Alaska

Total cost of living annually: $58,376
Total cost of living, after Social Security benefits, for one person, annually: $35,853
Years until you deplete $2 million in savings, without Social Security benefits: 34.26
Years until you deplete $2 million in savings, after Social Security benefits: 55.78

39. New York

Total cost of living annually: $57,094
Total cost of living, after Social Security benefits, for one person, annually: $34,570
Years until you deplete $2 million in savings, without Social Security benefits: 35.03
Years until you deplete $2 million in savings, after Social Security benefits: 57.85

38. Connecticut

Total cost of living annually: $56,636
Total cost of living, after Social Security benefits, for one person, annually: $34,113
Years until you deplete $2 million in savings, without Social Security benefits: 35.31
Years until you deplete $2 million in savings, after Social Security benefits: 58.63

37. Nevada

Total cost of living annually: $54,856
Total cost of living, after Social Security benefits, for one person, annually: $32,332
Years until you deplete $2 million in savings, without Social Security benefits: 36.46
Years until you deplete $2 million in savings, after Social Security benefits: 61.86

36. Idaho

Total cost of living annually: $54,812
Total cost of living, after Social Security benefits, for one person, annually: $32,289
Years until you deplete $2 million in savings, without Social Security benefits: 36.49
Years until you deplete $2 million in savings, after Social Security benefits: 61.94

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35. Montana

Total cost of living annually: $54,174
Total cost of living, after Social Security benefits, for one person, annually: $31,651
Years until you deplete $2 million in savings, without Social Security benefits: 36.92
Years until you deplete $2 million in savings, after Social Security benefits: 63.19

34. Maryland

Total cost of living annually: $53,824
Total cost of living, after Social Security benefits, for one person, annually: $31,301
Years until you deplete $2 million in savings, without Social Security benefits: 37.16
Years until you deplete $2 million in savings, after Social Security benefits: 63.90

33. Arizona

Total cost of living annually: $53,739
Total cost of living, after Social Security benefits, for one person, annually: $31,215
Years until you deplete $2 million in savings, without Social Security benefits: 37.22
Years until you deplete $2 million in savings, after Social Security benefits: 64.07

32. Maine

Total cost of living annually: $52,717
Total cost of living, after Social Security benefits, for one person, annually: $30,194
Years until you deplete $2 million in savings, without Social Security benefits: 37.94
Years until you deplete $2 million in savings, after Social Security benefits: 66.24

31. Vermont

Total cost of living annually: $52,545
Total cost of living, after Social Security benefits, for one person, annually: $30,022
Years until you deplete $2 million in savings, without Social Security benefits: 38.06
Years until you deplete $2 million in savings, after Social Security benefits: 66.62

30. Florida

Total cost of living annually: $51,885
Total cost of living, after Social Security benefits, for one person, annually: $29,362
Years until you deplete $2 million in savings, without Social Security benefits: 38.55
Years until you deplete $2 million in savings, after Social Security benefits: 68.12

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29. Virginia

Total cost of living annually: $51,440
Total cost of living, after Social Security benefits, for one person, annually: $28,916
Years until you deplete $2 million in savings, without Social Security benefits: 38.88
Years until you deplete $2 million in savings, after Social Security benefits: 69.16

28. Delaware

Total cost of living annually: $50,442
Total cost of living, after Social Security benefits, for one person, annually: $27,919
Years until you deplete $2 million in savings, without Social Security benefits: 39.65
Years until you deplete $2 million in savings, after Social Security benefits: 71.64

27. Wyoming

Total cost of living annually: $47,359
Total cost of living, after Social Security benefits, for one person, annually: $24,836
Years until you deplete $2 million in savings, without Social Security benefits: 42.23
Years until you deplete $2 million in savings, after Social Security benefits: 80.53

26. Minnesota

Total cost of living annually: $47,178
Total cost of living, after Social Security benefits, for one person, annually: $24,654
Years until you deplete $2 million in savings, without Social Security benefits: 42.39
Years until you deplete $2 million in savings, after Social Security benefits: 81.12

25. North Carolina

Total cost of living annually: $45,952
Total cost of living, after Social Security benefits, for one person, annually: $23,429
Years until you deplete $2 million in savings, without Social Security benefits: 43.52
Years until you deplete $2 million in savings, after Social Security benefits: 85.36

24. Georgia

Total cost of living annually: $45,730
Total cost of living, after Social Security benefits, for one person, annually: $23,206
Years until you deplete $2 million in savings, without Social Security benefits: 43.74
Years until you deplete $2 million in savings, after Social Security benefits: 86.18

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23. Wisconsin

Total cost of living annually: $44,672
Total cost of living, after Social Security benefits, for one person, annually: $22,148
Years until you deplete $2 million in savings, without Social Security benefits: 44.77
Years until you deplete $2 million in savings, after Social Security benefits: 90.30

22. Texas

Total cost of living annually: $43,678
Total cost of living, after Social Security benefits, for one person, annually: $21,155
Years until you deplete $2 million in savings, without Social Security benefits: 45.79
Years until you deplete $2 million in savings, after Social Security benefits: 94.54

21. South Dakota

Total cost of living annually: $43,597
Total cost of living, after Social Security benefits, for one person, annually: $21,074
Years until you deplete $2 million in savings, without Social Security benefits: 45.87
Years until you deplete $2 million in savings, after Social Security benefits: 94.91

20. New Mexico

Total cost of living annually: $43,499
Total cost of living, after Social Security benefits, for one person, annually: $20,976
Years until you deplete $2 million in savings, without Social Security benefits: 45.98
Years until you deplete $2 million in savings, after Social Security benefits: 95.35

19. South Carolina

Total cost of living annually: $43,119
Total cost of living, after Social Security benefits, for one person, annually: $20,595
Years until you deplete $2 million in savings, without Social Security benefits: 46.38
Years until you deplete $2 million in savings, after Social Security benefits: 97.11

18. Tennessee

Total cost of living annually: $42,990
Total cost of living, after Social Security benefits, for one person, annually: $20,466
Years until you deplete $2 million in savings, without Social Security benefits: 46.52
Years until you deplete $2 million in savings, after Social Security benefits: 97.72

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17. Illinois

Total cost of living annually: $42,461
Total cost of living, after Social Security benefits, for one person, annually: $19,937
Years until you deplete $2 million in savings, without Social Security benefits: 47.10
Years until you deplete $2 million in savings, after Social Security benefits: 100.31

16. North Dakota

Total cost of living annually: $41,530
Total cost of living, after Social Security benefits, for one person, annually: $19,006
Years until you deplete $2 million in savings, without Social Security benefits: 48.16
Years until you deplete $2 million in savings, after Social Security benefits: 105.23

15. Pennsylvania

Total cost of living annually: $41,497
Total cost of living, after Social Security benefits, for one person, annually: $18,974
Years until you deplete $2 million in savings, without Social Security benefits: 48.20
Years until you deplete $2 million in savings, after Social Security benefits: 105.41

14. Nebraska

Total cost of living annually: $40,696
Total cost of living, after Social Security benefits, for one person, annually: $18,172
Years until you deplete $2 million in savings, without Social Security benefits: 49.15
Years until you deplete $2 million in savings, after Social Security benefits: 110.06

13. Indiana

Total cost of living annually: $39,349
Total cost of living, after Social Security benefits, for one person, annually: $16,826
Years until you deplete $2 million in savings, without Social Security benefits: 50.83
Years until you deplete $2 million in savings, after Social Security benefits: 118.86

12. Michigan

Total cost of living annually: $39,085
Total cost of living, after Social Security benefits, for one person, annually: $16,561
Years until you deplete $2 million in savings, without Social Security benefits: 51.17
Years until you deplete $2 million in savings, after Social Security benefits: 120.76

11. Missouri

Total cost of living annually: $38,927
Total cost of living, after Social Security benefits, for one person, annually: $16,403
Years until you deplete $2 million in savings, without Social Security benefits: 51.38
Years until you deplete $2 million in savings, after Social Security benefits: 121.93

10. Ohio

Total cost of living annually: $38,622
Total cost of living, after Social Security benefits, for one person, annually: $16,099
Years until you deplete $2 million in savings, without Social Security benefits: 51.78
Years until you deplete $2 million in savings, after Social Security benefits: 124.23

9. Kansas

Total cost of living annually: $37,839
Total cost of living, after Social Security benefits, for one person, annually: $15,315
Years until you deplete $2 million in savings, without Social Security benefits: 52.86
Years until you deplete $2 million in savings, after Social Security benefits: 130.59

8. Iowa

Total cost of living annually: $37,682
Total cost of living, after Social Security benefits, for one person, annually: $15,158
Years until you deplete $2 million in savings, without Social Security benefits: 53.08
Years until you deplete $2 million in savings, after Social Security benefits: 131.94

7. Alabama

Total cost of living annually: $37,398
Total cost of living, after Social Security benefits, for one person, annually: $14,874
Years until you deplete $2 million in savings, without Social Security benefits: 53.48
Years until you deplete $2 million in savings, after Social Security benefits: 134.46

6. Kentucky

Total cost of living annually: $36,980
Total cost of living, after Social Security benefits, for one person, annually: $14,456
Years until you deplete $2 million in savings, without Social Security benefits: 54.08
Years until you deplete $2 million in savings, after Social Security benefits: 138.35

5. Oklahoma

Total cost of living annually: $36,571
Total cost of living, after Social Security benefits, for one person, annually: $14,048
Years until you deplete $2 million in savings, without Social Security benefits: 54.69
Years until you deplete $2 million in savings, after Social Security benefits: 142.37

4. Louisiana

Total cost of living annually: $35,588
Total cost of living, after Social Security benefits, for one person, annually: $13,065
Years until you deplete $2 million in savings, without Social Security benefits: 56.20
Years until you deplete $2 million in savings, after Social Security benefits: 153.08

3. Arkansas

Total cost of living annually: $35,523
Total cost of living, after Social Security benefits, for one person, annually: $13,000
Years until you deplete $2 million in savings, without Social Security benefits: 56.30
Years until you deplete $2 million in savings, after Social Security benefits: 153.85

2. Mississippi

Total cost of living annually: $33,996
Total cost of living, after Social Security benefits, for one person, annually: $11,473
Years until you deplete $2 million in savings, without Social Security benefits: 58.83
Years until you deplete $2 million in savings, after Social Security benefits: 174.33

1. West Virginia

Total cost of living annually: $33,786
Total cost of living, after Social Security benefits, for one person, annually: $11,263
Years until you deplete $2 million in savings, without Social Security benefits: 59.20
Years until you deplete $2 million in savings, after Social Security benefits: 177.57

Methodology: For this study, GOBankingRates analyzed each U.S. state to find out how long $2,000,000 in retirement savings plus Social Security benefits lasts in each state. For each state, a number of factors were found including; total population, population ages 65 and over, total households and household median income all sourced from the U.S. Census American Community Survey. Using this data the percentage of the population ages 65 and over can be calculated. 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 can be calculated. The average single-family home value from November 2024 was sourced from Zillow Home Value Index for each state. Using the average single-family home value, 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 can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. The average Social Security benefits for one person was sourced from the Social Security Administration’s Monthly Statistical Snapshot for November 2024. Using the monthly total cost of living and the average Social Security benefits, the monthly total cost of living after Social Security benefits can be calculated. Using this figure we can calculate the annual cost of living after Social Security Benefits. Assuming a retirement savings of $2,000,000 as well as the previous cost of living data, the drawdown time can be calculated for each state. The data was collected on and is up to date as of Jan. 6, 2025.

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