How Far $750K Plus Social Security Goes in Retirement in the West

In a recent study, GOBankingRates explored just how far $750,000 (in savings coupled with Social Security) would last throughout someone’s retirement in each of the 50 states. The study broke down such factors as the cost of living (things such as grocery costs, housing market stability and healthcare coverage rates) to determine the states in which a retiree could coast comfortably and those in which they would burn out quickly.

That study broke America into four blocks — the Northeast, the Midwest, the South and the West. While, on average, the Northeast will exhaust $750,000 in retirement savings faster than any other region in America, the West is nearly as pricey. On average, $750,000 will be spent over the course of 18.47 years in the West (compared that to the Midwest, where that amount would last 24.19 years on average).

Indeed, in addition to expensive locations in the West such as California (12.21 years) and Washington (16.99 years), the area is also home to the state that will eat $750,000 faster than any other in the union: Hawaii. Thanks to a confluence of factors (very steep real estate, the high cost of groceries and products imported to the mainland), Hawaii is a costly state to retire in, and, on average, $750,000 will last only around 8.80 years before running out completely.

Find how long that amount would last in your favorite Western state.

• Number of years $750,000 will last with Social Security: 15.03
• Annual expenditure: $72,330
• Annual expenditure after Social Security: $44,916

• Number of years $750,000 will last with Social Security: 18.08
• Annual expenditure: $63,889
• Annual expenditure after Social Security: $41,475

• Number of years $750,000 will last with Social Security: 12.21
• Annual expenditure: $83,836
• Annual expenditure after Social Security: $61,422

• Number of years $750,000 will last with Social Security: 20.58
• Annual expenditure: $58,859
• Annual expenditure after Social Security: $36,445

• Number of years $750,000 will last with Social Security: 8.80
• Annual expenditure: $107,657
• Annual expenditure after Social Security: $85,243

• Number of years $750,000 will last with Social Security: 20.81
• Annual expenditure: $58,454
• Annual expenditure after Social Security: $36,040

• Number of years $750,000 will last with Social Security: 23.23
• Annual expenditure: $54,696
• Annual expenditure after Social Security: $32,282

• Number of years $750,000 will last with Social Security: 20.29
• Annual expenditure: $59,379
• Annual expenditure after Social Security: $36,965

• Number of years $750,000 will last with Social Security: 23.66
• Annual expenditure: $54,118
• Annual expenditure after Social Security: $31,704

• Number of years $750,000 will last with Social Security: 17.22
• Annual expenditure: $65,970
• Annual expenditure after Social Security: $43,556

• Number of years $750,000 will last with Social Security: 20.23
• Annual expenditure: $59,495
• Annual expenditure after Social Security: $37,081

• Number of years $750,000 will last with Social Security: 23.03
• Annual expenditure: $54,985
• Annual expenditure after Social Security: $32,571

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 up to date as of June 24, 2024.