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How Far $1 Million in Savings Plus Social Security Goes in All 50 States

October 22, 2025

10 min Read

Written by Heather Taylor

Edited by Chris Cluff

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Many Americans will spend 20 years or more in retirement, if they retire at age 65. Today’s 65-year-old American has an average life expectancy of 85 years, according to insurance company TIAA. Their savings, however, may be unable to afford a longer lifespan. A new study from GOBankingRates reveals there are five states where single retirees with $1 million in savings plus Social Security will burn through these funds in 20 years or less.

GOBankingRates found how far $1 million in savings plus Social Security income goes in each state by studying key factors such as the population ages 65 and over and the average cost of living for retired households. We utilized the Social Security Administration to source the average Social Security income for one person and a married couple. From there, the cost of living after Social Security income was calculated to determine how long $1 million in savings would last for a single retiree and a couple.

Key Findings

Hawaii, Massachusetts, California, Alaska and New York are the five states where $1 million in savings with Social Security is wiped out in 20 years or less for single retirees. In Hawaii, this amount is depleted in 12 years for singles and 14 years for married couples.
There are only three East Coast states where single retirees can fund 30 years in retirement with $1 million and Social Security: North Carolina (30 years), South Carolina (32 years) and Georgia (34 years).
There are six Midwest states where $1 million and Social Security funds up to 35+ years for single retirees: Indiana (35 years), North Dakota (35 years), Michigan (35 years), Kansas (35 years), Iowa (36 years) and Missouri (37 years).
In Oklahoma, $1 million in savings plus Social Security affords 39 years for singles and a whopping 71 years for married couples in retirement.

Take a look at the states where Social Security lasts the longest — and where these benefits deplete the fastest. And consider reviewing how much it costs to comfortably retire without Social Security in every state.

Today’s Top Offers

1. Hawaii

Population 65+ (%): 21.5%
Annual cost of living for a retired person: $105,490
Years $1 million lasts w/Social Security for one: 12.29
Years $1 million lasts w/Social Security for couple: 14.3

2. Massachusetts

Population 65+ (%): 18.7%
Annual cost of living for a retired person: $83,964
Years $1 million lasts w/Social Security for one: 16.7
Years $1 million lasts w/Social Security for couple: 20.66

3. California

Population 65+ (%): 16.5%
Annual cost of living for a retired person: $81,938
Years $1 million lasts w/Social Security for one: 17.29
Years $1 million lasts w/Social Security for couple: 21.56

4. Alaska

Population 65+ (%): 14.8%
Annual cost of living for a retired person: $73,663
Years $1 million lasts w/Social Security for one: 20.18
Years $1 million lasts w/Social Security for couple: 26.24

5. New York

Population 65+ (%): 18.9%
Annual cost of living for a retired person: $72,159
Years $1 million lasts w/Social Security for one: 20.81
Years $1 million lasts w/Social Security for couple: 27.32

6. Maryland

Population 65+ (%): 17.6%
Annual cost of living for a retired person: $66,488
Years $1 million lasts w/Social Security for one: 23.59
Years $1 million lasts w/Social Security for couple: 32.33

7. New Jersey

Population 65+ (%): 18%
Annual cost of living for a retired person: $66,430
Years $1 million lasts w/Social Security for one: 23.62
Years $1 million lasts w/Social Security for couple: 32.39

8. Vermont

Population 65+ (%): 22.9%
Annual cost of living for a retired person: $65,794
Years $1 million lasts w/Social Security for one: 23.98
Years $1 million lasts w/Social Security for couple: 33.07

Today’s Top Offers

9. Connecticut

Population 65+ (%): 19.4%
Annual cost of living for a retired person: $65,678
Years $1 million lasts w/Social Security for one: 24.05
Years $1 million lasts w/Social Security for couple: 33.20

10. Maine

Population 65+ (%): 23.5%
Annual cost of living for a retired person: $65,620
Years $1 million lasts w/Social Security for one: 24.08
Years $1 million lasts w/Social Security for couple: 33.27

11. Oregon

Population 65+ (%): 19.9%
Annual cost of living for a retired person: $65,215
Years $1 million lasts w/Social Security for one: 24.32
Years $1 million lasts w/Social Security for couple: 33.72

12. Arizona

Population 65+ (%): 19.7%
Annual cost of living for a retired person: $65,099
Years $1 million lasts w/Social Security for one: 24.39
Years $1 million lasts w/Social Security for couple: 33.85

13. Washington

Population 65+ (%): 17.3%
Annual cost of living for a retired person: $64,810
Years $1 million lasts w/Social Security for one: 24.56
Years $1 million lasts w/Social Security for couple: 34.19

14. New Hampshire

Population 65+ (%): 21.5%
Annual cost of living for a retired person: $63,710
Years $1 million lasts w/Social Security for one: 25.25
Years $1 million lasts w/Social Security for couple: 35.52

15. Rhode Island

Population 65+ (%): 19.8%
Annual cost of living for a retired person: $63,248
Years $1 million lasts w/Social Security for one: 25.54
Years $1 million lasts w/Social Security for couple: 36.12

16. Colorado

Population 65+ (%): 16.5%
Annual cost of living for a retired person: $60,181
Years $1 million lasts w/Social Security for one: 27.72
Years $1 million lasts w/Social Security for couple: 40.61

Today’s Top Offers

17. Delaware

Population 65+ (%): 21.7%
Annual cost of living for a retired person: $59,891
Years $1 million lasts w/Social Security for one: 27.94
Years $1 million lasts w/Social Security for couple: 41.10

18. Florida

Population 65+ (%): 21.8%
Annual cost of living for a retired person: $59,023
Years $1 million lasts w/Social Security for one: 28.63
Years $1 million lasts w/Social Security for couple: 42.62

19. Idaho

Population 65+ (%): 17.8%
Annual cost of living for a retired person: $59,023
Years $1 million lasts w/Social Security for one: 28.63
Years $1 million lasts w/Social Security for couple: 42.62

20. Virginia

Population 65+ (%): 17.6%
Annual cost of living for a retired person: $58,676
Years $1 million lasts w/Social Security for one: 28.92
Years $1 million lasts w/Social Security for couple: 43.26

21. Utah

Population 65+ (%): 12.4%
Annual cost of living for a retired person: $58,155
Years $1 million lasts w/Social Security for one: 29.36
Years $1 million lasts w/Social Security for couple: 44.25

22. Wisconsin

Population 65+ (%): 19.6%
Annual cost of living for a retired person: $57,577
Years $1 million lasts w/Social Security for one: 29.87
Years $1 million lasts w/Social Security for couple: 45.42

23. Nevada

Population 65+ (%): 17.6%
Annual cost of living for a retired person: $57,577
Years $1 million lasts w/Social Security for one: 29.87
Years $1 million lasts w/Social Security for couple: 45.42

24. North Carolina

Population 65+ (%): 17.9%
Annual cost of living for a retired person: $56,593
Years $1 million lasts w/Social Security for one: 30.78
Years $1 million lasts w/Social Security for couple: 47.54

25. Pennsylvania

Population 65+ (%): 20.4%
Annual cost of living for a retired person: $56,419
Years $1 million lasts w/Social Security for one: 30.94
Years $1 million lasts w/Social Security for couple: 47.94

26. South Dakota

Population 65+ (%): 19%
Annual cost of living for a retired person: $56,304
Years $1 million lasts w/Social Security for one: 31.05
Years $1 million lasts w/Social Security for couple: 48.20

Today’s Top Offers

27. Wyoming

Population 65+ (%): 20%
Annual cost of living for a retired person: $56,130
Years $1 million lasts w/Social Security for one: 31.22
Years $1 million lasts w/Social Security for couple: 48.61

28. Montana

Population 65+ (%): 21.2%
Annual cost of living for a retired person: $55,783
Years $1 million lasts w/Social Security for one: 31.56
Years $1 million lasts w/Social Security for couple: 49.45

29. Ohio

Population 65+ (%): 19.1%
Annual cost of living for a retired person: $55,031
Years $1 million lasts w/Social Security for one: 32.33
Years $1 million lasts w/Social Security for couple: 51.36

30. Illinois

Population 65+ (%): 17.9%
Annual cost of living for a retired person: $54,799
Years $1 million lasts w/Social Security for one: 32.57
Years $1 million lasts w/Social Security for couple: 51.97

31. South Carolina

Population 65+ (%): 19.8%
Annual cost of living for a retired person: $54,741
Years $1 million lasts w/Social Security for one: 32.64
Years $1 million lasts w/Social Security for couple: 52.13

32. New Mexico

Population 65+ (%): 20.1%
Annual cost of living for a retired person: $54,510
Years $1 million lasts w/Social Security for one: 32.88
Years $1 million lasts w/Social Security for couple: 52.77

33. Minnesota

Population 65+ (%): 18.2%
Annual cost of living for a retired person: $54,220
Years $1 million lasts w/Social Security for one: 33.20
Years $1 million lasts w/Social Security for couple: 53.59

34. Louisiana

Population 65+ (%): 17.8%
Annual cost of living for a retired person: $53,931
Years $1 million lasts w/Social Security for one: 33.52
Years $1 million lasts w/Social Security for couple: 54.43

35. Nebraska

Population 65+ (%): 17.4%
Annual cost of living for a retired person: $53,468
Years $1 million lasts w/Social Security for one: 34.05
Years $1 million lasts w/Social Security for couple: 55.84

36. Texas

Population 65+ (%): 14%
Annual cost of living for a retired person: $53,121
Years $1 million lasts w/Social Security for one: 34.46
Years $1 million lasts w/Social Security for couple: 56.94

Today’s Top Offers

37. Kentucky

Population 65+ (%): 18%
Annual cost of living for a retired person: $53,063
Years $1 million lasts w/Social Security for one: 34.53
Years $1 million lasts w/Social Security for couple: 57.13

38. Georgia

Population 65+ (%): 15.8%
Annual cost of living for a retired person: $53,063
Years $1 million lasts w/Social Security for one: 34.53
Years $1 million lasts w/Social Security for couple: 57.13

39. Indiana

Population 65+ (%): 17.6%
Annual cost of living for a retired person: $52,542
Years $1 million lasts w/Social Security for one: 35.16
Years $1 million lasts w/Social Security for couple: 58.88

40. North Dakota

Population 65+ (%): 17.6%
Annual cost of living for a retired person: $52,542
Years $1 million lasts w/Social Security for one: 35.16
Years $1 million lasts w/Social Security for couple: 58.88

41. Arkansas

Population 65+ (%): 18.2%
Annual cost of living for a retired person: $52,369
Years $1 million lasts w/Social Security for one: 35.37
Years $1 million lasts w/Social Security for couple: 59.49

42. Tennessee

Population 65+ (%): 17.6%
Annual cost of living for a retired person: $52,079
Years $1 million lasts w/Social Security for one: 35.74
Years $1 million lasts w/Social Security for couple: 60.53

43. Michigan

Population 65+ (%): 19.6%
Annual cost of living for a retired person: $51,964
Years $1 million lasts w/Social Security for one: 35.89
Years $1 million lasts w/Social Security for couple: 60.96

44. Kansas

Population 65+ (%): 18%
Annual cost of living for a retired person: $51,906
Years $1 million lasts w/Social Security for one: 35.96
Years $1 million lasts w/Social Security for couple: 61.17

45. Iowa

Population 65+ (%): 18.9%
Annual cost of living for a retired person: $51,848
Years $1 million lasts w/Social Security for one: 36.04
Years $1 million lasts w/Social Security for couple: 61.39

46. West Virginia

Population 65+ (%): 21.9%
Annual cost of living for a retired person: $51,269
Years $1 million lasts w/Social Security for one: 36.81
Years $1 million lasts w/Social Security for couple: 63.65

Today’s Top Offers

47. Missouri

Population 65+ (%): 18.7%
Annual cost of living for a retired person: $50,922
Years $1 million lasts w/Social Security for one: 37.28
Years $1 million lasts w/Social Security for couple: 65.09

48. Alabama

Population 65+ (%): 18.5%
Annual cost of living for a retired person: $50,691
Years $1 million lasts w/Social Security for one: 37.61
Years $1 million lasts w/Social Security for couple: 66.09

49. Mississippi

Population 65+ (%): 18.1%
Annual cost of living for a retired person: $50,517
Years $1 million lasts w/Social Security for one: 37.85
Years $1 million lasts w/Social Security for couple: 66.85

50. Oklahoma

Population 65+ (%): 16.9%
Annual cost of living for a retired person: $49,475
Years $1 million lasts w/Social Security for one: 39.41
Years $1 million lasts w/Social Security for couple: 71.86

Discover more original studies and surveys in the GOBankingRates original research center.

Methodology: GOBankingRates found population from the U.S. Census American Community Survey, cost of living from Missouri Economic and Research Information Center and the Bureau of Labor Statistics Consumer Expenditure Survey. The average Social Security income for one person and a married couple were sourced from the Social Security Administration. The states were sorted to show the shortest to longest amount of time to drawdown. All data was collected on and is up to date as of Oct. 6, 2025.

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