How Far Does $500K in Savings Plus Social Security Go in Every State?

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While the average savings at retirement age in America is more than $600,000, according to the Federal Reserve Board, a savings of $500,000 can go a long way if you plan wisely and also make some lifestyle adjustments.

At older than 65, it becomes less of a risk as you’ll also be benefiting from your Social Security. How long you’ll live on your savings is affected by inflation, housing, health insurance, and your location. These savings could last anywhere from six to 18 years, depending on these factors.

GOBankingRates data provides you with an approximation of how far your savings plus Social Security can go in every state, ranked by longest to shortest.

Oklahoma

Number of years $500,000 will last with Social Security: 18.22
Annual expenditure: $49,839
Annual expenditure after Social Security: $27,442

Mississippi

Number of years $500,000 will last with Social Security: 18.18
Annual expenditure: $49,897
Annual expenditure after Social Security: $27,500

Kansas

Number of years $500,000 will last with Social Security: 17.88
Annual expenditure: $50,359
Annual expenditure after Social Security: $27,962

West Virginia

Number of years $500,000 will last with Social Security: 17.66
Annual expenditure: $50,706
Annual expenditure after Social Security: $28,309

Alabama

Number of years $500,000 will last with Social Security: 17.45
Annual expenditure: $51,053
Annual expenditure after Social Security: $28,656

Missouri

Number of years $500,000 will last with Social Security: 17.38
Annual expenditure: $51,169
Annual expenditure after Social Security: $28,772

Arkansas

Number of years $500,000 will last with Social Security: 17.21
Annual expenditure: $51,458
Annual expenditure after Social Security: $29,061

Iowa

Number of years $500,000 will last with Social Security: 16.77
Annual expenditure: $52,210
Annual expenditure after Social Security: $29,812

Tennessee

Number of years $500,000 will last with Social Security: 16.77
Annual expenditure: $52,210
Annual expenditure after Social Security: $29,812

Michigan

Number of years $500,000 will last with Social Security: 16.67
Annual expenditure: $52,383
Annual expenditure after Social Security: $29,986

Georgia

Number of years $500,000 will last with Social Security: 16.61
Annual expenditure: $52,499
Annual expenditure after Social Security: $30,101

Nebraska

Number of years $500,000 will last with Social Security: 16.58
Annual expenditure: $52,557
Annual expenditure after Social Security: $30,159

Indiana

Number of years $500,000 will last with Social Security: 16.55
Annual expenditure: $52,614
Annual expenditure after Social Security: $30,217

Louisiana

Number of years $500,000 will last with Social Security: 16.55
Annual expenditure: $52,614
Annual expenditure after Social Security: $30,217

Kentucky

Number of years $500,000 will last with Social Security: 16.24
Annual expenditure: $53,193
Annual expenditure after Social Security: $30,795

Illinois

Number of years $500,000 will last with Social Security: 16.21
Annual expenditure: $53,250
Annual expenditure after Social Security: $30,853

Wyoming

Number of years $500,000 will last with Social Security: 16.12
Annual expenditure: $53,424
Annual expenditure after Social Security: $31,027

South Dakota

Number of Years $500k will Last with Social Security: 16.12
Years, months and days:16 years 1 month 12 days
Annual Expenditure: $53,423.83
Annual Expenditure after Social Security: $31,026.55

Texas

Number of years $500,000 will last with Social Security: 16.03
Annual expenditure: $53,597
Annual expenditure after Social Security: $31,200

New Mexico

Number of years $500,000 will last with Social Security: 15.65
Annual expenditure: $53,349
Annual expenditure after Social Security: $31,952

Minnesota

Number of years $500,000 will last with Social Security: 15.62
Annual expenditure: $54,407
Annual expenditure after Social Security: $32,009

North Dakota

Number of years $500,000 will last with Social Security: 15.48
Annual expenditure: $54,696
Annual expenditure after Social Security: $32,299

Ohio

Number of years $500,000 will last with Social Security: 15.45
Annual expenditure: $54,754
Annual expenditure after Social Security: $32,356

Wisconsin

Number of years $500,000 will last with Social Security: 15.34
Annual expenditure: $54,985
Annual expenditure after Social Security: $32,588

South Carolina

Number of years $500,000 will last with Social Security: 15.29
Annual expenditure: $55,101
Annual expenditure after Social Security: $32,703

North Carolina

Number of years $500,000 will last with Social Security: 15.29
Annual expenditure: $55,101
Annual expenditure after Social Security: $32,703

Pennsylvania

Number of years $500,000 will last with Social Security: 15.21
Annual expenditure: $55,274
Annual expenditure after Social Security: $32,877

Idaho

Number of years $500,000 will last with Social Security: 14.45
Annual expenditure: $57,009
Annual expenditure after Social Security: $34,611

Florida

Number of years $500,000 will last with Social Security: 13.96
Annual expenditure: $58,223
Annual expenditure after Social Security: $35,825

Nevada

Number of years $500,000 will last with Social Security: 13.89
Annual expenditure: $58,396
Annual expenditure after Social Security: $35,999

Delaware

Number of years $500,000 will last with Social Security: 13.87
Annual expenditure: $58,454
Annual expenditure after Social Security: $36,057

Virginia

Number of years $500,000 will last with Social Security: 13.69
Annual expenditure: $58,917
Annual expenditure after Social Security: $36,519

Montana

Number of years $500,000 will last with Social Security: 13.48
Annual expenditure: $59,495
Annual expenditure after Social Security: $37,097

Utah

Number of years $500,000 will last with Social Security: 13.42
Annual expenditure: $59,668
Annual expenditure after Social Security: $37,271

Colorado

Number of years $500,000 will last with Social Security: 13.03
Annual expenditure: $60,767
Annual expenditure after Social Security: $38,369

Arizona

Number of years $500,000 will last with Social Security: 12.41
Annual expenditure: $62,675
Annual expenditure after Social Security: $40,277

Maine

Number of years $500,000 will last with Social Security: 12.15
Annual expenditure: $63,542
Annual expenditure after Social Security: $41,145

Rhode Island

Number of years $500,000 will last with Social Security: 12.02
Annual expenditure: $64,005
Annual expenditure after Social Security: $41,607

Connecticut

Number of years $500,000 will last with Social Security: 11.68
Annual expenditure: $65,219
Annual expenditure after Social Security: $42,821

New Jersey

Number of years $500,000 will last with Social Security: 11.51
Annual expenditure: $65,855
Annual expenditure after Social Security: $43,457

New Hampshire

Number of years $500,000 will last with Social Security: 11.47
Annual expenditure: $65,970
Annual expenditure after Social Security: $43,573

Oregon

Number of years $500,000 will last with Social Security: 11.38
Annual expenditure: $66,317
Annual expenditure after Social Security: $43,920

Vermont

Number of years $500,000 will last with Social Security: 11.30
Annual expenditure: $66,664
Annual expenditure after Social Security: $44,267

Washington

Number of years $500,000 will last with Social Security: 11.19
Annual expenditure: $67,069
Annual expenditure after Social Security: $44,672

Maryland

Number of years $500,000 will last with Social Security: 11.12
Annual expenditure: $67,358
Annual expenditure after Social Security: $44,961

Alaska

Number of years $500,000 will last with Social Security: 10.00
Annual expenditure: $72,388
Annual expenditure after Social Security: $49,991

New York

Number of years $500,000 will last with Social Security: 9.92
Annual expenditure: $72,793
Annual expenditure after Social Security: $50,396

California

Number of years $500,000 will last with Social Security: 8.67
Annual expenditure: $80,078
Annual expenditure after Social Security: $57,681

Massachusetts

Number of years $500,000 will last with Social Security: 8.02
Annual expenditure: $84,703
Annual expenditure after Social Security: $62,306

Hawaii

Number of years $500,000 will last with Social Security: 6.11
Annual Expenditure: $104,246
Annual Expenditure after Social Security: $81,849

Methodology: In order to find how long $500,000 will last across the country with Social Security, GOBankingRates first found the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey data, and the annual Social Security income as sourced from the Social Security Administration’s April 2024 data. Then, GOBankingRates created state-level annual expenditure estimates by multiplying the national figure by each state’s overall cost-of-living index score for 2023 from the Missouri Economic Research and Information Center (MERIC). Finally, GOBankingRates found 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. GOBankingRates provided supplemental information on the average annual cost of groceries, housing, utilities, transportation, and healthcare for people 65 and older in each state by again using MERIC’s cost-of-living indices for each category to factor out national estimates from the CEX. All data was collected on and is up to date as of May 22, 2024.

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