How Far $750,000 in Retirement Savings Plus Social Security Goes in the South

You would hope that if you had three-quarters of a million dollars when you retired you would be pretty financially comfortable. However, when you put $750,000 against a retirement timeline filled with increasing costs for everything from food to healthcare, just how long will it last you?

If you are mapping out your retirement and are hoping for a warmer climate, then chances are you have checked out some Southern real estate. 

Though many factors will contribute to how far your Social Security benefits and retirement savings will go, it’s good to know ahead of time just how specific the calculus of cost of living can get where you live. GOBankingRates recently did a study to determine how long $750,000 would last you in retirement in every state. The findings were based on averages for annual expenditures and Social Security income as well as costs for things such as groceries, housing, utilities, transportation and healthcare. 

When focusing on a specific region it is interesting to see how places even close in location can vary in cost of living. Here is how far $750,000 plus Social Security will get you in Southern states.

• Number of Years $750,000 will last with Social Security: 26.29
• Annual expenditure: $50,938
• Annual expenditure after Social Security: $28,524

• Number of years $750,000 will last with Social Security: 26.08
• Annual expenditure: $51,169
• Annual expenditure after Social Security: $28,755

• Number of years $750,000 will last with Social Security: 20.88
• Annual expenditure: $58,338
• Annual expenditure after Social Security: $35,924

• Number of years $750,000 will last with Social Security: 20.16
• Annual expenditure: $59,610
• Annual expenditure after Social Security: $37,196

• Number of years $750,000 will last with Social Security: 24.69
• Annual expenditure: $52,788
• Annual expenditure after Social Security: $30,374

• Number of years $750,000 will last with Social Security: 24.10
• Annual expenditure: $53,539
• Annual expenditure after Social Security: $31,126

• Number of years $750,000 will last with Social Security: 24.32
• Annual expenditure: $53,250
• Annual expenditure after Social Security: $30,836

• Number of years $750,000 will last with Social Security: 16.75
• Annual expenditure: $67,185
• Annual expenditure after Social Security: $44,771

• Number of Years $750,000 will last with Social Security: 26.19
• Annual expenditure: $51,053
• Annual expenditure after Social Security: $28,639

• Number of years $750,000 will last with Social Security: 21.72
• Annual expenditure: $56,951
• Annual expenditure after Social Security: $34,537

• Number of years $750,000 will last with Social Security: 27.23
• Annual expenditure: $49,955
• Annual expenditure after Social Security: $27,540

• Number of years $750,000 will last with Social Security: 22.05
• Annual expenditure: $56,430
• Annual expenditure after Social Security: $34,016

• Number of years $750,000 will last with Social Security: 25.17
• Annual expenditure: $52,210
• Annual expenditure after Social Security: $29,796

• Number of years $750,000 will last with Social Security: 24.19
• Annual expenditure: $53,424
• Annual expenditure after Social Security: $31,010

• Number of years $750,000 will last with Social Security: 20.74
• Annual expenditure: $58,570
• Annual expenditure after Social Security: $36,156

• Number of years $750,000 will last with Social Security: 28.80
• Annual expenditure: $48,451
• Annual expenditure after Social Security: $26,038

Methodology: In order to find how long $750,000 will last across the country with Social Security, GOBankingRates first found (1) the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey data and (2) annual Social Security income as sourced from the Social Security Administration’s May 2024 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 Q1 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $750,000 will last in each state by dividing $750,000 by each state’s average annual expenditures estimate minus yearly Social Security income. All data was collected on and is up to date as of June 24, 2024.