How Far $750K Plus Social Security Goes in Retirement in New England

Recently, GOBankingRates explored just how far $750,000 in retirement savings as well as Social Security checks would last for someone’s retirement within each state in America — considering the variable cost-of-living expenses, healthcare costs unique to the state as well as individual housing markets. Spanning all 50 states, it can be a daunting list.

That’s why GOBankingRates has broken down that deep-dive study into retirement affordability into individual regions, considering those same complex financial factors by region rather than by the entire country. Perhaps you’ve decided a retirement in the South is simply too humid for you, or the Midwest too land-locked quiet, and that New England is the American region just perfect for you.

Hoping for a gorgeous, brightly colored fall in Maine or a winter wonderland in Connecticut? Read on to see how long your Social Security plus savings can stretch in New England.

• Number of years $750,000 will last with Social Security: 17.43
• Annual expenditure: $65,450
• Annual expenditure after Social Security: $43,036

• Number of years $750,000 will last with Social Security: 17.88
• Annual expenditure: $64,351
• Annual expenditure after Social Security: $41,937

• Number of years $750,000 will last with Social Security: 12.29
• Annual expenditure: $83,431
• Annual expenditure after Social Security: $61,017

• Number of years $750,000 will last with Social Security: 17.33
• Annual expenditure: $65,681
• Annual expenditure after Social Security: $43,267

• Number of years $750,000 will last with Social Security: 17.38
• Annual expenditure: $65,566
• Annual expenditure after Social Security: $43,152

• Number of years $750,000 will last with Social Security: 17.08
• Annual expenditure: $66,317
• Annual expenditure after Social Security: $43,903

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.