A common concern among many Americans — and not just those who are approaching retirement age or already have reached retirement age — is whether their retirement savings and Social Security benefits will provide them with financial security in retirement.
The politicization of Social Security can make the program’s future questionable, and the increasingly high cost of living across the United States makes retirement affordability a daunting proposition.
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As such, GOBankingRates recently compiled a study to determine just how long a retiree could coast on Social Security benefits as well as $1.5 million in retirement savings. While $1.5 million might seem like a very impressive sum, that amount goes only so far from state to state.
Indeed, while $1.5 million can last 54 years in West Virginia, it would last 17 years in Hawaii (California and Massachusetts are equally expensive). Find out how long $1.5 million plus Social Security would last you in your dream retirement state.
1. West Virginia
- Annual cost of living after Social Security: $27,803
- How many years $1.5 million will last: 54
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2. Kansas
- Annual cost of living after Social Security: $28,945
- How many years $1.5 million will last: 52
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3. Mississippi
- Annual cost of living after Social Security: $29,426
- How many years $1.5 million will last: 51
4. Oklahoma
- Annual cost of living after Social Security: $29,666
- How many years $1.5 million will last: 51
5. Alabama
- Annual cost of living after Social Security: $30,207
- How many years $1.5 million plus Social Security will last: 50
6. Missouri
- Annual cost of living after Social Security: $30,327
- How many years $1.5 million will last: 50
7. Arkansas
- Annual cost of living after Social Security: $30,327
- How many years $1.5 million will last: 49
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8. Tennessee
- Annual cost of living after Social Security: $30,928
- How many years $1.5 million will last: 49
9. Iowa
- Annual cost of living after Social Security: $31,168
- How many years $1.5 million will last: 48
10. Indiana
- Annual cost of living after Social Security: $31,709
- How many years $1.5 million will last: 47
11. Georgia
- Annual cost of living after Social Security: $31,829
- How many years $1.5 million will last: 47
12. North Dakota
- Annual cost of living after Social Security: $32,190
- How many years $1.5 million will last: 47
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13. Michigan
- Annual cost of living after Social Security: $32,310
- How many years $1.5 million will last: 46
14. South Dakota
- Annual cost of living after Social Security: $32,310
- How many years $1.5 million will last: 46
15. Texas
- Annual cost of living after Social Security: $32,490
- How many years $1.5 million will last: 46
16. Nebraska
- Annual cost of living after Social Security: $32,610
- How many years $1.5 million will last: 46
17. Kentucky
- Annual cost of living after Social Security: $32,670
- How many years $1.5 million will last: 46
18. New Mexico
- Annual cost of living after Social Security: $32,670
- How many years $1.5 million will last: 46
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19. Louisiana
- Annual cost of living after Social Security: $33,031
- How many years $1.5 million will last: 45
20. Montana
- Annual cost of living after Social Security: $33,331
- How many years $1.5 million will last: 45
21. Ohio
- Annual cost of living after Social Security: $33,872
- How many years $1.5 million will last: 44
22. Pennsylvania
- Annual cost of living after Social Security: $33,872
- How many years $1.5 million will last: 44
23. South Carolina
- Annual cost of living after Social Security: $34,052
- How many years $1.5 million will last: 44
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24. Minnesota
- Annual cost of living after Social Security: $34,113
- How many years $1.5 million will last: 44
25. Wyoming
- Annual cost of living after Social Security: $34,173
- How many years $1.5 million will last: 44
26. Illinois
- Annual cost of living after Social Security: $34,233
- How many years $1.5 million will last: 44
27. North Carolina
- Annual cost of living after Social Security: $35,495
- How many years $1.5 million will last: 42
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28. Maryland
- Annual cost of living after Social Security: $36,276
- How many years $1.5 million will last: 41
29. Wisconsin
- Annual cost of living after Social Security: $36,516
- How many years $1.5 million will last: 41
30. Nevada
- Annual cost of living after Social Security: $36,997
- How many years $1.5 million will last: 41
31. Delaware
- Annual cost of living after Social Security: $37,057
- How many years $1.5 million will last: 40
32. Virginia
- Annual cost of living after Social Security: $37,237
- How many years $1.5 million will last: 40
33. Idaho
- Annual cost of living after Social Security: $38,138
- How many years $1.5 million will last: 39
34. Florida
- Annual cost of living after Social Security: $38,379
- How many years $1.5 million will last: 39
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35. Colorado
- Annual cost of living after Social Security: $38,559
- How many years $1.5 million will last: 39
36. Utah
- Annual cost of living after Social Security: $42,645
- How many years $1.5 million will last: 35
37. Oregon
- Annual cost of living after Social Security: $42,945
- How many years $1.5 million will last: 35
38. New Hampshire
- Annual cost of living after Social Security: $43,847
- How many years $1.5 million will last: 34
39. Connecticut
- Annual cost of living after Social Security: $43,967
- How many years $1.5 million will last: 34
40. Rhode Island
- Annual cost of living after Social Security: $44,387
- How many years $1.5 million will last: 34
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41. Arizona
- Annual cost of living after Social Security: $44,628
- How many years $1.5 million will last: 34
42. Maine
- Annual cost of living after Social Security: $45,048
- How many years $1.5 million will last: 33
43. Washington
- Annual cost of living after Social Security: $45,108
- How many years $1.5 million will last: 33
44. Vermont
- Annual cost of living after Social Security: $45,409
- How many years $1.5 million will last: 33
45. New Jersey
- Annual cost of living after Social Security: $45,829
- How many years $1.5 million will last: 33
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46. Alaska
- Annual cost of living after Social Security: $50,997
- How many years $1.5 million will last: 29
47. New York
- Annual cost of living after Social Security: $50,997
- How many years $1.5 million will last: 29
48. California
- Annual cost of living after Social Security: $63,795
- How many years $1.5 million will last: 24
49. Massachusetts
- Annual cost of living after Social Security: $65,117
- How many years $1.5 million will last: 23
50. Hawaii
- Annual cost of living after Social Security: $87,770
- How many years $1.5 million will last: 17
Methodology: In order to find how long $1.5 million will last in retirement across the country, 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 January 2025 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 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $1.5 million will last in each state by dividing $1.5 million by each state’s average annual expenditures estimate and its annual expenditures estimate minus yearly Social Security income. All data was collected on and is up to date as of March 7, 2025.
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This article originally appeared on GOBankingRates.com: How Far $1.5 Million in Retirement Savings Plus Social Security Goes in Your State
