Study Reveals How Far $1.5M and Social Security Will Go in All 50 States?

Study Reveals How Far $1.5M and Social Security Will Go in All 50 States?

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Retirement savings and Social Security benefits are essential financial sources for many Americans as they navigate their retirement years in their preferred state.

A recent GOBankingRates study examined how long $1.5 million in retirement savings combined with Social Security benefits would last in each state.

West Virginia ranked at the top, where retirees could stretch their funds for an impressive 54 years due to an annual post-Social Security living cost of about $27,800.

The Social Security Administration (SSA) allows Americans to start receiving retirement benefits at 62, but the monthly amount will be reduced if claimed before reaching full retirement age, which varies based on birth year.

The GOBankingRates analysis used data from sources like the Bureau of Labor Statistics, the SSA, and the Missouri Economic Research and Information Center.

The study showed that the number of years retirement savings and Social Security could cover living expenses varies significantly by state, with annual post-Social Security costs ranging from $27,803 to $87,770.

Here’s how long $1.5 million in savings plus Social Security would last in each state:

Top States for Retirement Longevity:

  • West Virginia – 54 years ($27,803/year)
  • Kansas – 52 years ($28,945/year)
  • Mississippi – 51 years ($29,426/year)
  • Oklahoma – 51 years ($29,666/year)
  • Alabama – 50 years ($30,207/year)
  • Missouri – 50 years ($30,327/year)
  • Arkansas – 49 years ($30,237/year)
  • Tennessee – 49 years ($30,928/year)
  • Iowa – 48 years ($31,168/year)
  • Indiana – 47 years ($31,709/year)

Mid-Range States:

  • Georgia – 47 years ($31,829/year)
  • North Dakota – 47 years ($32,190/year)
  • Michigan – 46 years ($32,310/year)
  • South Dakota – 46 years ($32,310/year)
  • Texas – 46 years ($32,490/year)
  • Nebraska – 46 years ($32,610/year)
  • Kentucky – 46 years ($32,670/year)
  • New Mexico – 46 years ($32,670/year)
  • Louisiana – 45 years ($33,031/year)
  • Montana – 45 years ($33,331/year)

Lower Range States:

  • Ohio – 44 years ($33,827/year)
  • Pennsylvania – 44 years ($33,872/year)
  • South Carolina – 44 years ($34,052/year)
  • Minnesota – 44 years ($34,113/year)
  • Wyoming – 44 years ($34,173/year)
  • Illinois – 44 years ($34,233/year)
  • North Carolina – 42 years ($35,495/year)
  • Maryland – 41 years ($36,276/year)
  • Wisconsin – 41 years ($36,516/year)
  • Nevada – 41 years ($26,997/year)

Shorter Financial Runway:

  • Delaware – 40 years ($37,057/year)
  • Virginia – 40 years ($37,237/year)
  • Idaho – 39 years ($38,379/year)
  • Florida – 39 years ($38,379/year)
  • Colorado – 39 years ($38,559/year)
  • Utah – 35 years ($42,645/year)
  • Oregon – 35 years ($42,945/year)
  • New Hampshire – 34 years ($43,847/year)
  • Connecticut – 34 years ($43,967/year)
  • Rhode Island – 34 years ($44,387/year)
  • Arizona – 34 years ($44,628/year)

States with the Highest Costs:

  • Maine – 33 years ($45,048/year)
  • Washington – 33 years ($45,108/year)
  • Vermont – 33 years ($45,409/year)
  • New Jersey – 33 years ($45,829/year)
  • Alaska – 29 years ($50,997/year)
  • New York – 29 years ($50,997/year)
  • California – 24 years ($63,795/year)
  • Massachusetts – 23 years ($65,117/year)
  • Hawaii – 17 years ($87,770/year)

The study highlights how varying costs of living across states can significantly affect the longevity of retirement savings and Social Security benefits.

Reference

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