How Far $500K Plus Social Security Goes in the Midwest

It may be in your best benefit to consider retirement in the Midwest. Not only does this region boast an overall affordable cost of living, but retirees with $500,000 in savings and Social Security benefits will be able to comfortably stretch these savings for up to 15 years or more.

Referring to an existing study on how far $500,000 plus Social Security lasts in each U.S. state, GOBankingRates pulled data for the Midwestern states for inclusion in this article.

Keep reading to learn how far this money goes in funding a Midwest-based retirement.

• Number of years $500,000 will last with Social Security: 16.21
• Annual expenditure: $53,250
• Annual expenditure after Social Security: $30,853

• Number of years $500,000 will last with Social Security: 16.55
• Annual expenditure: $52,614
• Annual expenditure after Social Security: $30,217

• Number of years $500,000 will last with Social Security: 16.77
• Annual expenditure: $52,210
• Annual expenditure after Social Security: $29,812

• Number of years $500,000 will last with Social Security: 17.88
• Annual expenditure: $50,359
• Annual expenditure after Social Security: $27,962

• Number of years $500,000 will last with Social Security: 16.67
• Annual expenditure: $52,383
• Annual expenditure after Social Security: $29,986

• Number of years $500,000 will last with Social Security: 15.62
• Annual expenditure: $54,407
• Annual expenditure after Social Security: $32,009

• Number of years $500,000 will last with Social Security: 17.38
• Annual expenditure: $51,169
• Annual expenditure after Social Security: $28,772

• Number of years $500,000 will last with Social Security: 16.58
• Annual expenditure: $52,557
• Annual expenditure after Social Security: $30,159

• Number of years $500,000 will last with Social Security: 15.48
• Annual expenditure: $54,696
• Annual expenditure after Social Security: $32,299

• Number of years $500,000 will last with Social Security: 15.45
• Annual expenditure: $54,754
• Annual expenditure after Social Security: $32,356

• Number of years $500k will last with Social Security: 16.12
• Annual expenditure: $53,423.83
• Annual expenditure after Social Security: $31,026.55

• Number of years $500,000 will last with Social Security: 15.34
• Annual expenditure: $54,985
• Annual expenditure after Social Security: $32,588

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 score 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 50 states and the District of Columbia were then ranked with No. 1 being the state where $500,000 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 indices for each category to factor out national estimates from the CEX. All data was collected on and up to date as of Feb. 4, 2025.