How Far $1 Million in Retirement Savings Plus Social Security Goes in Every State

Not too long ago, it was considered bold to claim that people need $1 million for a comfortable retirement. As the cost of living continues to rise and more retirees lead longer lifespans, those approaching retirement will either need to start saving more money or relocate to a state where their savings and Social Security benefits can last longer.

To determine how long $1 million along with Social Security benefits lasts in every state, GOBankingRates analyzed data from the U.S. Census American Community Survey, Missouri’s Economic and Research Information Center and the Bureau of Labor Statistics Consumer Expenditure Survey.

See how long it will last in your state.

• A retirement nest egg of $1 million would be completely drained in less than 20 years in three states: Massachusetts (19 years), California (16 years) and Hawaii (12 years).
• By comparison, the same amount could last longer than 70 years in five states: Oklahoma (71 years), Louisiana (76 years), Arkansas (76 years), Mississippi (87 years) and West Virginia (88 years). You would need less than $1,200 a month after Social Security for expenses in these states.
• To retire for at least 30 years, $1 million (along with Social Security) would be enough in 36 states.

In order from most to least expensive, keep reading to see how far $1 million in retirement savings alongside Social Security takes retirees in each state.

• 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: $2,340
• Annual total cost of living for one person after SS benefits: $51,686
• How many years $1M and SS benefits will last: 19.35

• 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: $2,001
• Annual total cost of living for one person after SS benefits: $41,315
• How many years $1M and SS benefits will last: 24.20

• 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: $2,081
• Annual total cost of living for one person after SS benefits: $38,052
• How many years $1M and SS benefits will last: 26.28

• 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: $2,113
• Annual total cost of living for one person after SS benefits: $36,920
• How many years $1M and SS benefits will last: 27.09

• 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: $2,028
• Annual total cost of living for one person after SS benefits: $34,570
• How many years $1M and SS benefits will last: 28.93

• Average monthly expenditure cost: $2,154
• Annual total cost of living for one person after SS benefits: $34,113
• How many years $1M and SS benefits will last: 29.31

• 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: $1,931
• Annual total cost of living for one person after SS benefits: $31,301
• How many years $1M and SS benefits will last: 31.95

• 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: $2,070
• Annual total cost of living for one person after SS benefits: $30,194
• How many years $1M and SS benefits will last: 33.12

• Average monthly expenditure cost: $2,050
• Annual total cost of living for one person after SS benefits: $30,022
• How many years $1M and SS benefits will last: 33.31

• Average monthly expenditure cost: $1,893
• Annual total cost of living for one person after SS benefits: $29,362 
• How many years $1M and SS benefits will last: 34.06

• Average monthly expenditure cost: $1,927
• Annual total cost of living for one person after SS benefits: $28,916
• How many years $1M and SS benefits will last: 34.58

• Average monthly expenditure cost: $1,930
• Annual total cost of living for one person after SS benefits: $27,919 
• How many years $1M and SS benefits will last: 35.82

• 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: $1,936
• Annual total cost of living for one person after SS benefits: $24,654
• How many years $1M and SS benefits will last: 40.56

• Average monthly expenditure cost: $1,883
• Annual total cost of living for one person after SS benefits: $23,429
• How many years $1M and SS benefits will last: 42.68

• Average monthly expenditure cost: $1,863
• Annual total cost of living for one person after SS benefits: $23,206
• How many years $1M and SS benefits will last: 43.09

• Average monthly expenditure cost: $1,895
• Annual total cost of living for one person after SS benefits: $22,148
• How many years $1M and SS benefits will last: 45.15

• Average monthly expenditure cost: $1,851
• Annual total cost of living for one person after SS benefits: $21,155
• How many years $1M and SS benefits will last: 47.27

• Average monthly expenditure cost: $1,834
• Annual total cost of living for one person after SS benefits: $21,074
• How many years $1M and SS benefits will last: 47.45

• 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

• Average monthly expenditure cost: $1,838
• Annual total cost of living for one person after SS benefits: $20,595
• How many years $1M and SS benefits will last: 48.55

• Average monthly expenditure cost: $1,713
• Annual total cost of living for one person after SS benefits: $20,466
• How many years $1M and SS benefits will last: 48.86

• Average monthly expenditure cost: $1,931
• Annual total cost of living for one person after SS benefits: $19,937
• How many years $1M and SS benefits will last: 50.16

• Average monthly expenditure cost: $1,862
• Annual total cost of living for one person after SS benefits: $19,006
• How many years $1M and SS benefits will last: 52.61

• Average monthly expenditure cost: $1,878
• Annual total cost of living for one person after SS benefits: $18,974
• How many years $1M and SS benefits will last: 52.70

• Average monthly expenditure cost: $1,857
• Annual total cost of living for one person after SS benefits: $18,172
• How many years $1M and SS benefits will last: 55.03

• Average monthly expenditure cost: $1,854
• Annual total cost of living for one person after SS benefits: $16,826
• How many years $1M and SS benefits will last: 59.43

• Average monthly expenditure cost: $1,835
• Annual total cost of living for one person after SS benefits: $16,561
• How many years $1M and SS benefits will last: 60.38

• Average monthly expenditure cost: $1,780
• Annual total cost of living for one person after SS benefits: $16,403
• How many years $1M and SS benefits will last: 60.96

• Average monthly expenditure cost: $1,853
• Annual total cost of living for one person after SS benefits: $16,099
• How many years $1M and SS benefits will last: 62.12

• Average monthly expenditure cost: $1,801
• Annual total cost of living for one person after SS benefits: $15,315
• How many years $1M and SS benefits will last: 65.29

• Average monthly expenditure cost: $1,836
• Annual total cost of living for one person after SS benefits: $15,158
• How many years $1M and SS benefits will last: 65.97

• Average monthly expenditure cost: $1,794
• Annual total cost of living for one person after SS benefits: $14,874
• How many years $1M and SS benefits will last: 67.23

• Average monthly expenditure cost: $1,864
• Annual total cost of living for one person after SS benefits: $14,456 
• How many years $1M and SS benefits will last: 69.17

• Average monthly expenditure cost: $1,832
• Annual total cost of living for one person after SS benefits: $14,048
• How many years $1M and SS benefits will last: 71.18

• Average monthly expenditure cost: $1,785
• Annual total cost of living for one person after SS benefits: $13,065
• How many years $1M and SS benefits will last: 76.54

• Average monthly expenditure cost: $1,725
• Annual total cost of living for one person after SS benefits: $13,000
• How many years $1M and SS benefits will last: 76.93

• Average monthly expenditure cost: $1,784
• Annual total cost of living for one person after SS benefits: $11,473
• How many years $1M and SS benefits will last: 87.16

• Average monthly expenditure cost: $1,833
• Annual total cost of living for one person after SS benefits: $11,263
• How many years $1M and SS benefits will last: 88.79

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.