How Far $1 Million Plus Social Security Goes in the Midwest

If you have $1 million saved for retirement, it should be plenty to last you in all but a few states. Hawaii and California will require much more for a full retirement, but $1 million plus Social Security would last you at least 30 years in all but about a dozen states.

In most of the Midwest, Minnesota is the most expensive state, but even there $1 million (along with Social Security) could last you 40 years in retirement.

See how long $1 million would last in your state.

• Average monthly expenditure cost: $1,936
• Annual total cost of living for one person after SS benefits: $24,654
• How many years $1M and SS benefits will last: 40.56

• Average monthly expenditure cost: $1,895
• Annual total cost of living for one person after SS benefits: $22,148
• How many years $1M and SS benefits will last: 45.15

• Average monthly expenditure cost: $1,834
• Annual total cost of living for one person after SS benefits: $21,074
• How many years $1M and SS benefits will last: 47.45

• Average monthly expenditure cost: $1,931
• Annual total cost of living for one person after SS benefits: $19,937
• How many years $1M and SS benefits will last: 50.16

• Average monthly expenditure cost: $1,862
• Annual total cost of living for one person after SS benefits: $19,006
• How many years $1M and SS benefits will last: 52.61

• Average monthly expenditure cost: $1,857
• Annual total cost of living for one person after SS benefits: $18,172
• How many years $1M and SS benefits will last: 55.03

• Average monthly expenditure cost: $1,854
• Annual total cost of living for one person after SS benefits: $16,826
• How many years $1M and SS benefits will last: 59.43

• Average monthly expenditure cost: $1,835
• Annual total cost of living for one person after SS benefits: $16,561
• How many years $1M and SS benefits will last: 60.38

• Average monthly expenditure cost: $1,780
• Annual total cost of living for one person after SS benefits: $16,403
• How many years $1M and SS benefits will last: 60.96

• Average monthly expenditure cost: $1,801
• Annual total cost of living for one person after SS benefits: $15,315
• How many years $1M and SS benefits will last: 65.29

• Average monthly expenditure cost: $1,836
• Annual total cost of living for one person after SS benefits: $15,158
• How many years $1M and SS benefits will last: 65.97

Methodology: For this study, GOBankingRates analyzed each state to find out how long $1 million in retirement savings plus Social Security benefits lasts in each state. The cost-of-living indexes were sourced from Missouri’s Economic and Research Information Center and include the grocery, healthcare, housing, utilities, transportation and miscellaneous cost-of-living indexes. Using the cost-of-living indexes and the national average expenditure costs for retired residents, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location was calculated. The average single-family home value from November 2024 was sourced from Zillow Home Value Index for each state. Assuming a 10% down payment and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage was calculated. Using the average mortgage and expenditure costs, the average cost of living was calculated. The average Social Security benefits for one person were sourced from the Social Security Administration’s Monthly Statistical Snapshot for November 2024. Using the cost of living and the average Social Security benefits, the monthly cost of living after Social Security benefits was calculated. Assuming a retirement savings of $1 million, as well as the cost-of-living data, the drawdown time was calculated for each state. The data was collected on and is up to date as of Jan. 6, 2025.