How Far $750K Plus Social Security Goes in Retirement in Every US Region

A recent study by GOBankingRates broke down just how far $750,000 in combined savings and Social Security would last for someone’s retirement in each state of the union, considering such factors as housing markets, healthcare costs and varied cost of living expenses across America. Such a list, though, can be a bit overwhelming at first, especially for someone just in the beginning stages of planning their retirement, and where to experience it.

With that in mind, GOBankingRates has condensed that deep-dive census study into the four regions of the United States. Considering spending your golden years on the golden coast? Curious if retirement would be easier in the South vs. the Northeast?

• States in the Northeast: Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont
• Average years $750,000 will last with Social Security: 17.21

With such states as Massachusetts (in which $750,000 would be spent the most quickly, disappearing after a scant 12.29 years) and New York (15.38 years), the Northeast is, on average, the most expensive corner of the country to retire. On average, $750,000 would be gone after a mere 17.21 years in the region. In fact, only one state in the entire northeast can stretch $750,000 beyond two decades: Pennsylvania, at 22.82 years.

• States in the South: Alabama, Delaware, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, North Carolina, Oklahoma, South Carolina, Texas, Virginia, West Virginia
• Average years $750,000 will last with Social Security: 23.43

The South is an extraordinarily large and expansive area, stretching from Delaware to Florida to Oklahoma to Texas. As such, it contains a wide breadth of cost-of-living highs and lows, with the most expensive location (Maryland) consuming $750,000 in just 16.75 years; meanwhile, West Virginia is not only the most affordable state in the region ($750,000 can last up to 28.8 years there), but in the entire country as well.

• States in the Midwest: Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, North Dakota, South Dakota, Wisconsin
• Average years $750,000 will last with Social Security: 24.27

With an average rate of 24.27 years, $750,000 will last a retiree the longest in the Midwest, even without the least expensive state in the union. The priciest state in the area (Wisconsin) will still carry that sizeable retirement fund for 22.28 years, while a retiree in the least expensive state (Missouri) can coast on that amount for 26.08 years.

• States in the West: Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming
• Average years $750,000 will last with Social Security: 18.76

Perhaps unsurprisingly, the American West is one of two regions in the country in which $750,000 can’t last more than two decades — the area is home to the most expensive state (Hawaii will exhaust that six-figure amount in just 8.8 years) as well as notorious wallet killers like California (12.21 years) and Washington (16.99). Meanwhile, the least expensive state in the area is New Mexico, in which a retiree can cruise on $750,000 for nearly three times as long as Hawaii, at an average of 23.66 years.

Methodology: For this study, GOBankingRates analyzed the 100 most populated cities according to the U.S. Census American Community Survey. For each city, GOBankingRates found the total population, total households, population ages 65 and over, household median income, number of household receiving Social Security benefits, average retirement income for households who receive retirement income, average Social Security benefits for households who receive Social Security benefits — all sourced from the American Community Survey. GOBankingRates also found the cost-of-living indexes, as sourced from Sperling’s BestPlaces; the livability index, as sourced from AreaVibes; the average single-family home value, as sourced from Zillow Home Value Index. Using the cost-of-living indexes and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure costs were calculated. Using the average home value, assuming a 10% down payment, and using the national average 30-year fixed mortgage rate as sourced from Federal Reserve Economic Data, the average mortgage cost was calculated. Using the mortgage and expenditure costs, the total cost of living was calculated. Using the average Social Security income, as sourced from the Social Security Administration’s August 2024 monthly snapshot, the average income for one person and a married couple were sourced. Using the average Social Security income and the total cost of living, the total cost of living after Social Security benefits was calculated. The cities were sorted by their total population, showing how far the average Social Security income goes in the largest major cities. All data was collected on and is up to date as of Sept. 20, 2024.