How Far $1 Million Plus Social Security Goes in the Western States

A million dollars does not go as far as it used to — at least not if you live in Hawaii or California.

GOBankingRates recently analyzed data to find out how long $1 million plus Social Security would last retirees across America. If you live in Hawaii or California, it won’t even last you 20 years.

If you plan to retire in the West, the best states for your money are New Mexico, Wyoming and Arizona, and the million bucks will keep you well for at least 25 years in seven other states.

Here’s a look at how far $1 million plus Social Security will go in the Western states.

• Average monthly expenditure cost: $2,761
• Annual total cost of living for one person after SS benefits: $80,125
• How many years $1M and SS benefits will last: 12.48

• Average monthly expenditure cost: $2,269
• Annual total cost of living for one person after SS benefits: $61,406
• How many years $1M and SS benefits will last: 16.29

• Average monthly expenditure cost: $2,096
• Annual total cost of living for one person after SS benefits: $45,629
• How many years $1M and SS benefits will last: 21.92

• Average monthly expenditure cost: $1,899
• Annual total cost of living for one person after SS benefits: $39,759
• How many years $1M and SS benefits will last: 25.15

• Average monthly expenditure cost: $1,893
• Annual total cost of living for one person after SS benefits: $37,797
• How many years $1M and SS benefits will last: 26.46

• Average monthly expenditure cost: $2,017
• Annual total cost of living for one person after SS benefits: $37,346
• How many years $1M and SS benefits will last: 26.78

• Average monthly expenditure cost: $2,601
• Annual total cost of living for one person after SS benefits: $35,853 
• How many years $1M and SS benefits will last: 27.89

• Average monthly expenditure cost: $1,855
• Annual total cost of living for one person after SS benefits: $32,332
• How many years $1M and SS benefits will last: 30.93

• Average monthly expenditure cost: $1,887
• Annual total cost of living for one person after SS benefits: $32,289
• How many years $1M and SS benefits will last: 30.97

• Average monthly expenditure cost: $1,825
• Annual total cost of living for one person after SS benefits: $31,651
• How many years $1M and SS benefits will last: 31.59

• Average monthly expenditure cost: $1,890
• Annual total cost of living for one person after SS benefits: $31,215
• How many years $1M and SS benefits will last: 32.04

• Average monthly expenditure cost: $1,864
• Annual total cost of living for one person after SS benefits: $24,836
• How many years $1M and SS benefits will last: 40.26

• Average monthly expenditure cost: $1,829
• Annual total cost of living for one person after SS benefits: $20,976
• How many years $1M and SS benefits will last: 47.67

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.