How Far Can You Get With $1 Million for Retirement

What We’re Showing

This graphic illustrates how long $1 million along with Social Security benefits lasts in every state, according to data from GOBankingRates. It includes groceries, healthcare, housing, utilities, transportation, and miscellaneous expenses. 

Methodology 

• National average expenditure costs for retirees come from the Bureau of Labor Statistics Consumer Expenditure Survey. Home values as of November 2024 were sourced from the Zillow Home Value Index, with mortgage costs calculated using a 10% down payment and the latest 30-year fixed mortgage rate from Federal Reserve data. Social Security benefits were sourced from the Social Security Administration’s November 2024 snapshot.

Key Takeaways

• In three states—Massachusetts (19 years), California (16 years), and Hawaii (12 years)—$1 million would be completely spent in less than 20 years.
• By contrast, the same amount could last over 70 years in five states: Oklahoma (71 years), Louisiana (76 years), Arkansas (76 years), Mississippi (87 years), and West Virginia (88 years).
• In these states, a person would need less than $1,200 per month (after Social Security) to cover expenses.
• In 36 states, $1 million, combined with Social Security, would be enough to fund at least 30 years of retirement.