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

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.

• 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.

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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.