How Far $500K in Retirement Savings Plus Social Security Goes in Every State

A central concern of anyone approaching retirement age is whether or not they have enough money, between savings and Social Security benefits, to last them for their retirement. With the economic uncertainties of the post-pandemic world, knowing just how much you will need — and how long it will last — can be arduous to calculate, especially as cost of living varies from state to state.

GOBankingRates has collated a massive amount of data from the Bureau of Labor Statistics, the Social Security Administration and also collected information related to state-by-state cost of living, all to determine just how long $500,000 in savings (plus Social Security benefits) would last in each of the 50 states.

• The top 15 states are in the South or Midwest.
• Hawaii: The Aloha State, one of the most expensive in the union, comes in last on the list.
• West Virginia: The Mountain State is where $500,000 would last the longest, at nearly 18 years.
• The bottom 10 states tend to be on the West or East coasts.

• Annual expenditure after Social Security: $27,846
• Number of years $500,000 will last with Social Security: 18

• Annual expenditure after Social Security: $28,988
• Number of years $500,000 will last with Social Security: 17.3

• Annual expenditure after Social Security: $29,468
• Number of years $500,000 will last with Social Security: 17

• Annual expenditure after Social Security: $29,709
• Number of years $500,000 will last with Social Security: 16.8

• Annual expenditure after Social Security: $30,249
• Number of years $500,000 will last with Social Security: 16.5

• Annual expenditure after Social Security: $30,370
• Number of years $500,000 will last with Social Security: 16.5

• Annual expenditure after Social Security: $30,370
• Number of years $500,000 will last with Social Security: 16.5

• Annual expenditure after Social Security: $30,970
• Number of years $500,000 will last with Social Security: 16.1

• Annual expenditure after Social Security: $31,211
• Number of years $500,000 will last with Social Security: 16

• Annual expenditure after Social Security: $31,752
• Number of years $500,000 will last with Social Security: 15.8

• Annual expenditure after Social Security: $31,872
• Number of years $500,000 will last with Social Security: 15.7

• Annual expenditure after Social Security: $32,232
• Number of years $500,000 will last with Social Security: 15.5

• Annual expenditure after Social Security: $32,352
• Number of years $500,000 will last with Social Security: 15.5

• Annual expenditure after Social Security: $32,352
• Number of years $500,000 will last with Social Security: 15.5

• Annual expenditure after Social Security: $32,533
• Number of years $500,000 will last with Social Security: 15.4

• Annual expenditure after Social Security: $32,653
• Number of years $500,000 will last with Social Security: 15.3

• Annual expenditure after Social Security: $32,713
• Number of years $500,000 will last with Social Security: 15.3

• Annual expenditure after Social Security: $32,713
• Number of years $500,000 will last with Social Security: 15.3

• Annual expenditure after Social Security: $33,073
• Number of years $500,000 will last with Social Security: 15.1

• Annual expenditure after Social Security: $33,374
• Number of years $500,000 will last with Social Security: 15

• Annual expenditure after Social Security: $33,915
• Number of years $500,000 will last with Social Security: 14.7

• Annual expenditure after Social Security: $33,915
• Number of years $500,000 will last with Social Security: 14.7

• Annual expenditure after Social Security: $34,095
• Number of years $500,000 will last with Social Security: 14.7

• Annual expenditure after Social Security: $34,155
• Number of years $500,000 will last with Social Security: 14.6

• Annual expenditure after Social Security: $34,215
• Number of years $500,000 will last with Social Security: 14.6

• Annual expenditure after Social Security: $34,275
• Number of years $500,000 will last with Social Security: 14.6

• Annual expenditure after Social Security: $35,537
• Number of years $500,000 will last with Social Security: 14.1

• Annual expenditure after Social Security: $36,318
• Number of years $500,000 will last with Social Security: 13.8

• Annual expenditure after Social Security: $36,558
• Number of years $500,000 will last with Social Security: 13.7

• Annual expenditure after Social Security: $37,039
• Number of years $500,000 will last with Social Security: 13.5

• Annual expenditure after Social Security: $37,099
• Number of years $500,000 will last with Social Security: 13.5

• Annual expenditure after Social Security: $37,280
• Number of years $500,000 will last with Social Security: 13.4

• Annual expenditure after Social Security: $38,181
• Number of years $500,000 will last with Social Security: 13.1

• Annual expenditure after Social Security: $38,421
• Number of years $500,000 will last with Social Security: 13

• Annual expenditure after Social Security: $38,601
• Number of years $500,000 will last with Social Security: 13

• Annual expenditure after Social Security: $42,687
• Number of years $500,000 will last with Social Security: 11.7

• Annual expenditure after Social Security: $42,988
• Number of years $500,000 will last with Social Security: 11.7

• Annual expenditure after Social Security: $43,889
• Number of years $500,000 will last with Social Security: 11.4

• Annual expenditure after Social Security: $44,009
• Number of years $500,000 will last with Social Security: 11.4

• Annual expenditure after Social Security: $44,430
• Number of years $500,000 will last with Social Security: 11.3

• Annual expenditure after Social Security: $44,670
• Number of years $500,000 will last with Social Security: 11.2

• Annual expenditure after Social Security: $45,091
• Number of years $500,000 will last with Social Security: 11.1

• Annual expenditure after Social Security: $45,151
• Number of years $500,000 will last with Social Security: 11.1

• Annual expenditure after Social Security: $45,451
• Number of years $500,000 will last with Social Security: 11

• Annual expenditure after Social Security: $45,872
• Number of years $500,000 will last with Social Security: 10.9

• Annual expenditure after Social Security: $51,039
• Number of years $500,000 will last with Social Security: 9.8

• Annual expenditure after Social Security: $51,039
• Number of years $500,000 will last with Social Security: 9.8

• Annual expenditure after Social Security: $63,838
• Number of years $500,000 will last with Social Security: 7.8

• Annual expenditure after Social Security: $65,160
• Number of years $500,000 will last with Social Security: 7.7

• Annual expenditure after Social Security: $87,813
• Number of years $500,000 will last with Social Security: 5.7

Methodology: In order to find how long $500,000 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’ 2023 Consumer Expenditure Survey data and (2) annual Social Security income as sourced from the Social Security Administration’s December 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 for 2024 Q3 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $500,000 will last in each state by dividing $500,000 by each state’s average annual expenditures estimate minus yearly Social Security income. All 50 states were then ranked, with No. 1 being the state where $500,000 and Social Security will last the longest. All data was collected on and is up to date as of Feb. 4, 2025.