How Far $500K Plus Social Security Goes in Western States

Perhaps you dream of spending your retirement in popular states such as California and Hawaii, but could your savings afford it? Key findings from a recent GOBankingRates study reveal that, even with Social Security benefits included, $500,000 in savings cannot fund 10 years of retirement in either state.

Here’s how far $500,000 and Social Security benefits goes to fund retirement in the Western states.

• Number of years $500,000 will last with Social Security: 9.80
• Annual expenditure: $74,147
• Annual expenditure after Social Security: $51,039

• Number of years $500,000 will last with Social Security: 11.19
• Annual expenditure: $67,778
• Annual expenditure after Social Security: $44,670

• Number of years $500,000 will last with Social Security: 7.83
• Annual expenditure: $86,946
• Annual expenditure after Social Security: $63,838

• Number of years $500,000 will last with Social Security: 12.95
• Annual expenditure: $61,709
• Annual expenditure after Social Security: $38,601

• Number of years $500,000 will last with Social Security: 5.69
• Annual expenditure: $110,921
• Annual expenditure after Social Security: $87,813

• Number of years $500,000 will last with Social Security: 13.10
• Annual expenditure: $61,289
• Annual expenditure after Social Security: $38,181

• Number of years $500,000 will last with Social Security: 14.98
• Annual expenditure: $56,482
• Annual expenditure after Social Security: $33,374

• Number of years $500,000 will last with Social Security: 13.50
• Annual expenditure: $60,147
• Annual expenditure after Social Security: $37,039

• Number of years $500,000 will last with Social Security: 15.28
• Annual expenditure: $55,821
• Annual expenditure after Social Security: $32,713

• Number of years $500,000 will last with Social Security: 11.63
• Annual expenditure: $66,096
• Annual expenditure after Social Security: $42,988

• Number of years $500,000 will last with Social Security: 11.71
• Annual expenditure: $65,795
• Annual expenditure after Social Security: $42,687

• Number of years $500,000 will last with Social Security: 11.07
• Annual expenditure: $68,259
• Annual expenditure after Social Security: $45,151

• Number of years $500,000 will last with Social Security: 14.61
• Annual expenditure: $57,323
• Annual expenditure after Social Security: $34,215

Methodology: In order to find how long $500,000 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’ 2023 Consumer Expenditure Survey data and (2) annual Social Security income as sourced from the Social Security Administration’s December 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 for 2024 Q3 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $500,000 will last in each state by dividing $500,000 by each state’s average annual expenditures estimate minus yearly Social Security income. All data was collected on and is up to date as of Feb. 4, 2025.