How Far $1,250,000 in Retirement Savings Plus Social Security Goes in Every State

felixmizioznikov / Getty Images

Commitment to Our Readers

GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.

20 Years
Helping You Live Richer

Reviewed
by Experts

Trusted by
Millions of Readers

The majority of Americans don’t have enough money tucked away in savings to cover a $1,000 emergency. For those of us in that camp, the prospect of having $1.25 million in savings may be downright mind-blowing.

We may think this money would serve us throughout our retirement — even if we live to be over 100. Tack on Social Security benefits and yowsers, that could be one luxurious retirement, right? 

But here’s the reality. Even $1.5 million in savings, along with Social Security benefits, which average $1,877 per month, per person, $1.5 million will run out. It’s just a matter of when. Where you live plays a key role in how far your money will go.

In a new study, GOBankingRates analyzed each U.S. state to find out how long $1.5 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 $1.25m in savings, without Social Security benefits: 12.18
• Years until you deplete $1.25m in savings, after Social Security benefits: 15.60

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 $1.25m in savings, without Social Security benefits: 14.89
• Years until you deplete $1.25m in savings, after Social Security benefits: 20.36

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 $1.25m in savings, without Social Security benefits: 16.84
• Years until you deplete $1.25m in savings, after Social Security benefits: 24.18

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 $1.25m in savings, without Social Security benefits: 18.34 
• Years until you deplete $1.25m in savings, after Social Security benefits: 27.39

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 $1.25m in savings, without Social Security benefits: 19.58
• Years until you deplete $1.25m in savings, after Social Security benefits: 30.26

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 $1.25m in savings, without Social Security benefits: 20.07
• Years until you deplete $1.25m in savings, after Social Security benefits: 31.44

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 $1.25m in savings, without Social Security benefits: 20.64 
• Years until you deplete $1.25m in savings, after Social Security benefits: 32.85

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 $1.25m in savings, without Social Security benefits: 20.72
• Years until you deplete $1.25m in savings, after Social Security benefits: 33.07 

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 $1.25m in savings, without Social Security benefits: 20.88
• Years until you deplete $1.25m in savings, after Social Security benefits: 33.47

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 $1.25m in savings, without Social Security benefits: 21.03 
• Years until you deplete $1.25m in savings, after Social Security benefits: 33.86 

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 $1.25m in savings, without Social Security benefits: 21.41
• Years until you deplete $1.25m in savings, after Social Security benefits: 34.87

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 $1.25m in savings, without Social Security benefits: 21.89 
• Years until you deplete $1.25m in savings, after Social Security benefits: 36.16

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 $1.25m in savings, without Social Security benefits: 22.07
• Years until you deplete $1.25m in savings, after Social Security benefits: 36.64

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 $1.25m in savings, without Social Security benefits: 22.79
• Years until you deplete $1.25m in savings, after Social Security benefits: 38.66  

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 $1.25m in savings, without Social Security benefits: 22.81
• Years until you deplete $1.25m in savings, after Social Security benefits: 38.71

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 $1.25m in savings, without Social Security benefits: 23.07
• Years until you deplete $1.25m in savings, after Social Security benefits: 39.49

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 $1.25m in savings, without Social Security benefits: 23.22
• Years until you deplete $1.25m in savings, after Social Security benefits: 39.94

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 $1.25m in savings, without Social Security benefits: 23.26
• Years until you deplete $1.25m in savings, after Social Security benefits: 40.04

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 $1.25m in savings, without Social Security benefits: 23.71
• Years until you deplete $1.25m in savings, after Social Security benefits: 41.40

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 $1.25m in savings, without Social Security benefits: 23.79
• Years until you deplete $1.25m in savings, after Social Security benefits: 41.64

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 $1.25m in savings, without Social Security benefits: 24.09
• Years until you deplete $1.25m in savings, after Social Security benefits: 42.57

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 $1.25m in savings, without Social Security benefits: 24.30
• Years until you deplete $1.25m in savings, after Social Security benefits: 43.23

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 $1.25m in savings, without Social Security benefits: 24.78
• Years until you deplete $1.25m in savings, after Social Security benefits: 44.77

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 $1.25m in savings, without Social Security benefits: 26.39
• Years until you deplete $1.25m in savings, after Social Security benefits: 50.33

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 $1.25m in savings, without Social Security benefits: 26.50
• Years until you deplete $1.25m in savings, after Social Security benefits: 50.70

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 $1.25m in savings, without Social Security benefits: 27.20
• Years until you deplete $1.25m in savings, after Social Security benefits: 53.35 

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 $1.25m in savings, without Social Security benefits: 27.33 
• Years until you deplete $1.25m in savings, after Social Security benefits: 53.86

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 $1.25m in savings, without Social Security benefits: 27.98 
• Years until you deplete $1.25m in savings, after Social Security benefits: 56.44

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 $1.25m in savings, without Social Security benefits: 28.62
• Years until you deplete $1.25m in savings, after Social Security benefits: 59.09

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 $1.25m in savings, without Social Security benefits: 28.67
• Years until you deplete $1.25m in savings, after Social Security benefits: 59.32

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 $1.25m in savings, without Social Security benefits: 28.74
• Years until you deplete $1.25m in savings, after Social Security benefits: 59.59

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 $1.25m in savings, without Social Security benefits: 28.99
• Years until you deplete $1.25m in savings, after Social Security benefits: 60.69

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 $1.25m in savings, without Social Security benefits: 29.08
• Years until you deplete $1.25m in savings, after Social Security benefits: 61.08

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 $1.25m in savings, without Social Security benefits: 29.44
• Years until you deplete $1.25m in savings, after Social Security benefits: 62.70

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 $1.25m in savings, without Social Security benefits: 30.10
• Years until you deplete $1.25m in savings, after Social Security benefits: 65.77

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 $1.25m in savings, without Social Security benefits: 30.12
• Years until you deplete $1.25m in savings, after Social Security benefits: 65.88

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 $1.25m in savings, without Social Security benefits: 30.72
• Years until you deplete $1.25m in savings, after Social Security benefits: 68.79

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 $1.25m in savings, without Social Security benefits: 31.77
• Years until you deplete $1.25m in savings, after Social Security benefits: 74.29

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 $1.25m in savings, without Social Security benefits: 31.98 
• Years until you deplete $1.25m in savings, after Social Security benefits: 75.48

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 $1.25m in savings, without Social Security benefits: 32.11
• Years until you deplete $1.25m in savings, after Social Security benefits: 76.20

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 $1.25m in savings, without Social Security benefits: 32.36 
• Years until you deplete $1.25m in savings, after Social Security benefits: 77.65

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 $1.25m in savings, without Social Security benefits: 33.04
• Years until you deplete $1.25m in savings, after Social Security benefits: 81.62

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 $1.25m in savings, without Social Security benefits: 33.17
• Years until you deplete $1.25m in savings, after Social Security benefits: 82.46

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 $1.25m in savings, without Social Security benefits: 33.42
• Years until you deplete $1.25m in savings, after Social Security benefits: 84.04

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 $1.25m in savings, without Social Security benefits: 33.80
• Years until you deplete $1.25m in savings, after Social Security benefits: 86.47

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 $1.25m in savings, without Social Security benefits: 34.18
• Years until you deplete $1.25m in savings, after Social Security benefits: 88.98

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 $1.25m in savings, without Social Security benefits: 35.12
• Years until you deplete $1.25m in savings, after Social Security benefits: 95.68

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 $1.25m in savings, without Social Security benefits: 35.19
• Years until you deplete $1.25m in savings, after Social Security benefits: 96.16

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 $1.25m in savings, without Social Security benefits: 36.77
• Years until you deplete $1.25m in savings, after Social Security benefits: 108.96

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 $1.25m in savings, without Social Security benefits: 37.00
• Years until you deplete $1.25m in savings, after Social Security benefits: 110.98

Methodology: For this study, GOBankingRates analyzed each U.S, state to find out how long $1,250,000 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% downpayment, 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 $1,250,000 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, 2024.

Share This Article: