If Social Security Runs Out, How Long Will $2 Million Last in the Midwest?

Does your retirement fund have $2 million in savings? If you answered yes to that question, this amount of money would be able to pay for a minimum of 33 years of retirement in every state classified as part of the Midwest. 

This information was pulled from a new GOBankingRates study analyzing how long $2 million in retirement savings could last in every U.S. state. A full methodology is available at the end of this article.

Even if Social Security runs out, $2 million is enough to fund a lengthy Midwest retirement.

• Annual expenditures: $57,383
• Years $2 million will last: 34.9
• National average: 33.3 years

• Annual expenditures: $54,859
• Years $2 million will last: 36.5
• National average: 33.3 years

• Annual expenditures: $54,319
• Years $2 million will last: 36.8
• National average: 33.3 years

• Annual expenditures: $52,095
• Years $2 million will last: 38.4
• National average: 33.3 years

• Annual expenditures: $55,460
• Years $2 million will last: 36.1
• National average: 33.3 years

• Annual expenditures: $57,263
• Years $2 million will last: 34.9
• National average: 33.3 years

• Annual expenditures: $53,477
• Years $2 million will last: 37.4
• National average: 33.3 years

• Annual expenditures: $55,761
• Years $2 million will last: 35.9
• National average: 33.3 years

• Annual expenditures: $55,340
• Years $2 million will last: 36.1
• National average: 33.3 years

• Annual expenditures: $57,023
• Years $2 million will last: 35.1
• National average: 33.3 years

• Annual expenditures: $55,460
• Years $2 million will last: 36.1
• National average: 33.3 years

• Annual expenditures: $59,666
• Years $2 million will last: 33.5
• National average: 33.3 years

Methodology: GOBankingRates found the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics’ 2023 Consumer Expenditure Survey 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 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $2 million will last in each state by dividing $2 million by each state’s average annual expenditures estimate and its annual expenditures estimate minus yearly Social Security income. All data was collected on and is up to date as of March 7, 2025.