How Far Does $1 million Plus Social Security Go In Retirement Across Every U.S. State?

Retirement is a major life step. Many people stop working full time at 65 and hope to enjoy their hobbies, family, and free time. But living comfortably in retirement requires careful planning. A common question is how far $1 million in savings, combined with Social Security income, will last.

Recent research shows that this amount lasts very differently depending on which U.S. state you retire in. In some states, it may run out in just 12 years, while in others it can last 30 years or more. Understanding these differences can help you plan smarter.

How the Study Was Done

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The research studied how $1 million in savings plus Social Security income stretches across all 50 states. Key factors included:

• The average cost of living for retired households in each state.
• The average Social Security income for a single retiree and for couples.
• The number of years the combined money would last for singles and married couples.

Cost of living plays a big role. A retiree in a state with high living costs will spend more each year, so their savings won’t last as long. Conversely, in lower-cost states, money can stretch further.

Key Findings

• Five states—Hawaii, Massachusetts, California, Alaska, and New York—are high-cost states where $1 million plus Social Security is used up in 20 years or less for a single retiree. In Hawaii, the money lasts about 12 years for one person.
• Some states allow the same money to last 30 years or more. In the East Coast, North Carolina (30 years), South Carolina (32 years), and Georgia (34 years) give long-lasting retirement security.
• In the Midwest, states like Indiana (35 years), Iowa (36 years), and Missouri (37 years) also allow savings to last longer.
• Oklahoma is the standout: $1 million plus Social Security lasts 39 years for singles and 71 years for couples.

How Long $1 Million Lasts in Selected States

This table shows clearly that living costs are the main factor that determines how long your money lasts. Lower living costs make your savings last much longer.

Why States Differ

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There are three main reasons for the differences:

1. Cost of living – Housing, groceries, healthcare, and taxes vary widely by state.
2. Social Security income – While it helps, it does not fully cover living expenses in high-cost areas.
3. Lifestyle choices – Smaller homes, cheaper areas, and simpler living can help your money last longer.

Planning Tips for Retirement

Even though this study is about U.S. states, the lessons apply to anyone:

• Estimate your annual expenses based on where you want to live.
• Know your income from savings and pensions.
• Consider moving to lower-cost areas to make savings last longer.
• Plan for how many years you expect to live in retirement, factoring in health and life expectancy.

By thinking ahead, you can avoid running out of money in later years.

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$1 million in savings plus Social Security might seem like a lot, but it lasts very differently depending on your state and lifestyle. In some high-cost states, it may run out in just 12–20 years, while in lower-cost states, it can last 30 years or more.

Planning carefully and choosing the right location can make a huge difference in how secure and comfortable your retirement will be. Smart decisions today ensure you can enjoy your golden years without financial stress.

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