Many people consider roughly $1.5 million the “magic number” for retirement savings, according to a Northwestern Mutual survey of 4,588 Americans. But how long that much money lasts depends on where you live.
In addition to Social Security payments, $1.5 million would last a household just 17 years in Hawaii, likely falling short of a full retirement for someone leaving the workforce at 65, according to a new GOBankingRates analysis. In contrast, retirees in West Virginia could stretch the same amount for 54 years — the longest of any state.
GOBankingRates based its analysis on data from the Bureau of Labor Statistics’ 2023 Consumer Expenditure Survey, which looks at how much retirees typically spend each year on essentials such as groceries, housing, utilities, transportation and health care. The data was then adjusted for each state using the Missouri Economic Research and Information Center’s cost-of-living index.
By factoring in average expenses rather than just the bare minimum needed to survive, the data aims to offer a more realistic picture of retirement affordability across the country.
Unsurprisingly, states with the highest housing costs, including California, New York and Massachusetts, are among the most expensive places to retire.
The difference in average annual housing costs can vary by as much as $30,000 between states, with similar disparities found in utilities and health-care expenses, although they make up a smaller portion of the household budget.
Here’s a look at how long $1.5 million plus Social Security payments would last in each state on average, listed in alphabetical order, according to GOBankingRates.
Alabama
- Annual cost after Social Security: $30,207
- Years $1.5 million lasts: 50
Alaska
- Annual cost after Social Security: $50,997
- Years $1.5 million lasts: 29
Arizona
- Annual cost after Social Security: $44,628
- Years $1.5 million lasts: 34
Arkansas
- Annual cost after Social Security: $30,327
- Years $1.5 million lasts: 49
California
- Annual cost after Social Security: $63,795
- Years $1.5 million lasts: 24
Colorado
- Annual cost after Social Security: $38,559
- Years $1.5 million lasts: 39
Connecticut
- Annual cost after Social Security: $43,967
- Years $1.5 million lasts: 34
Delaware
- Annual cost after Social Security: $37,057
- Years $1.5 million lasts: 40
Florida
- Annual cost after Social Security: $38,379
- Years $1.5 million lasts: 39
Georgia
- Annual cost after Social Security: $31,829
- Years $1.5 million lasts: 47
Hawaii
- Annual cost after Social Security: $87,770
- Years $1.5 million lasts: 17
Idaho
- Annual cost after Social Security: $38,138
- Years $1.5 million lasts: 39
Illinois
- Annual cost after Social Security: $34,233
- Years $1.5 million lasts: 44
Indiana
- Annual cost after Social Security: $31,709
- Years $1.5 million lasts: 47
Iowa
- Annual cost after Social Security: $31,168
- Years $1.5 million lasts: 48
Kansas
- Annual cost after Social Security: $28,945
- Years $1.5 million lasts: 52
Kentucky
- Annual cost after Social Security: $32,670
- Years $1.5 million lasts: 46
Louisiana
- Annual cost after Social Security: $33,031
- Years $1.5 million lasts: 45
Maine
- Annual cost after Social Security: $45,048
- Years $1.5 million lasts: 33
Maryland
- Annual cost after Social Security: $36,276
- Years $1.5 million lasts: 41
Massachusetts
- Annual cost after Social Security: $65,117
- Years $1.5 million lasts: 23
Michigan
- Annual cost after Social Security: $32,310
- Years $1.5 million lasts: 46
Minnesota
- Annual cost after Social Security: $34,113
- Years $1.5 million lasts: 44
Mississippi
- Annual cost after Social Security: $29,426
- Years $1.5 million lasts: 51
Missouri
- Annual cost after Social Security: $30,327
- Years $1.5 million lasts: 49
Montana
- Annual cost after Social Security: $33,331
- Years $1.5 million lasts: 45
Nebraska
- Annual cost after Social Security: $32,610
- Years $1.5 million lasts: 46
Nevada
- Annual cost after Social Security: $36,997
- Years $1.5 million lasts: 41
New Hampshire
- Annual cost after Social Security: $43,847
- Years $1.5 million lasts: 34
New Jersey
- Annual cost after Social Security: $45,829
- Years $1.5 million lasts: 33
New Mexico
- Annual cost after Social Security: $32,670
- Years $1.5 million lasts: 46
New York
- Annual cost after Social Security: $50,997
- Years $1.5 million lasts: 29
North Carolina
- Annual cost after Social Security: $35,495
- Years $1.5 million lasts: 42
North Dakota
- Annual cost after Social Security: $32,190
- Years $1.5 million lasts: 47
Ohio
- Annual cost after Social Security: $33,872
- Years $1.5 million lasts: 44
Oklahoma
- Annual cost after Social Security: $29,666
- Years $1.5 million lasts: 51
Oregon
- Annual cost after Social Security: $42,945
- Years $1.5 million lasts: 35
Pennsylvania
- Annual cost after Social Security: $33,872
- Years $1.5 million lasts: 44
Rhode Island
- Annual cost after Social Security: $44,387
- Years $1.5 million lasts: 34
South Carolina
- Annual cost after Social Security: $34,052
- Years $1.5 million lasts: 44
South Dakota
- Annual cost after Social Security: $32,310
- Years $1.5 million lasts: 46
Tennessee
- Annual cost after Social Security: $30,928
- Years $1.5 million lasts: 49
Texas
- Annual cost after Social Security: $32,490
- Years $1.5 million lasts: 46
Utah
- Annual cost after Social Security: $42,645
- Years $1.5 million lasts: 35
Vermont
- Annual cost after Social Security: $45,409
- Years $1.5 million lasts: 33
Virginia
- Annual cost after Social Security: $37,237
- Years $1.5 million lasts: 40
Washington
- Annual cost after Social Security: $45,108
- Years $1.5 million lasts: 33
West Virginia
- Annual cost after Social Security: $27,803
- Years $1.5 million lasts: 54
Wisconsin
- Annual cost after Social Security: $36,516
- Years $1.5 million lasts: 41
Wyoming
- Annual cost after Social Security: $34,173
- Years $1.5 million lasts: 44
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