A lot of individuals view approximately $1.5 million as the crucial figure.
for retirement savings
as stated by Northwestern Mutual
survey of 4,588 Americans
But how long such a sum of money endures relies on your location.
Besides Social Security benefits, $1.5 million would only cover living expenses for a household for approximately 17 years in Hawaii, potentially not lasting through an entire retirement for someone retiring at age 65, as indicated by the report.
new GOBankingRates analysis
In contrast, retirees in West Virginia could make their savings last for 54 years — which is the longest duration in any state.
Based on GOBankingRates’ analysis, information derived from the Bureau of Labor Statistics’ 2023 Consumer Expenditure Survey served as the foundation. This survey examines typical annual expenditures among retirees covering necessities like food purchases, accommodation, energy services, travel, and medical costs. Following this evaluation, adjustments were made according to state-specific living expenses utilizing the Missouri Economic Research and Information Center’s cost-of-living index.
By considering typical expenditures instead of merely the essentials required for basic living, the information seeks to provide a more accurate representation of how affordable retirement is throughout the nation.
Not surprisingly, states with some of the most expensive housing costs, such as California, New York, and Massachusetts, rank high on this list.
costliest locations for retirement
.
The gap in typical yearly housing expenditures may differ by as much as $30,000 from one state to another. Comparable discrepancies can be seen in utility and healthcare spending; however, these categories represent a lesser part of the overall household budget.
Here’s an overview of how long $1.5 million along with Social Security benefits would typically last in each state on average, presented alphabetically as per GOBankingRates.
Alabama
-
Yearly expense following Social Security assistance
: $30,207 -
Years $1.5 million lasts
: 50
Alaska
-
Yearly expense following Social Security assistance
: $50,997 -
Years $1.5 million lasts
: 29
Arizona
-
Yearly expense following Social Security benefits
: $44,628 -
Years $1.5 million lasts
: 34
Arkansas
-
Yearly expense following Social Security assistance
: $30,327 -
Years $1.5 million lasts
: 49
California
-
Yearly expense following Social Security
: $63,795 -
Years $1.5 million lasts
: 24
Colorado
-
Yearly expense following Social Security assistance
: $38,559 -
Years $1.5 million lasts
: 39
Connecticut
-
Yearly expense following Social Security benefits
: $43,967 -
Years $1.5 million lasts
: 34
Delaware
-
Yearly expense following Social Security assistance
: $37,057 -
Years $1.5 million lasts
: 40
Florida
-
Yearly expense following Social Security benefits
: $38,379 -
Years $1.5 million lasts
: 39
Georgia
-
Yearly expense following Social Security
: $31,829 -
Years $1.5 million lasts
: 47
Hawaii
-
Yearly expense following Social Security assistance
: $87,770 -
Years $1.5 million lasts
: 17
Idaho
-
Yearly expense following Social Security assistance
: $38,138 -
Years $1.5 million lasts
: 39
Illinois
-
Yearly expense following Social Security assistance
: $34,233 -
Years $1.5 million lasts
: 44
Indiana
-
Yearly expense following Social Security
: $31,709 -
Years $1.5 million lasts
: 47
Iowa
-
Yearly expense following Social Security benefits
: $31,168 -
Years $1.5 million lasts
: 48
Kansas
-
Yearly expense following Social Security
: $28,945 -
Years $1.5 million lasts
: 52
Kentucky
-
Yearly expense following Social Security coverage
: $32,670 -
Years $1.5 million lasts
: 46
Louisiana
-
Yearly expense following Social Security assistance
: $33,031 -
Years $1.5 million lasts
: 45
Maine
-
Yearly expense following Social Security
: $45,048 -
Years $1.5 million lasts
: 33
Maryland
-
Yearly expense following Social Security benefits
: $36,276 -
Years $1.5 million lasts
: 41
Massachusetts
-
Yearly expense following Social Security assistance
: $65,117 -
Years $1.5 million lasts
: 23
Michigan
-
Yearly expense following Social Security benefits
: $32,310 -
Years $1.5 million lasts
: 46
Minnesota
-
Yearly expense following Social Security
: $34,113 -
Years $1.5 million lasts
: 44
Mississippi
-
Yearly expense following Social Security benefits
: $29,426 -
Years $1.5 million lasts
: 51
Missouri
-
Yearly expense following Social Security benefits
: $30,327 -
Years $1.5 million lasts
: 49
Montana
-
Yearly expense following Social Security benefits
: $33,331 -
Years $1.5 million lasts
: 45
Nebraska
-
Yearly expense following Social Security benefits
: $32,610 -
Years $1.5 million lasts
: 46
Nevada
-
Yearly expense following Social Security assistance
: $36,997 -
Years $1.5 million lasts
: 41
New Hampshire
-
Yearly expense following Social Security benefits
: $43,847 -
Years $1.5 million lasts
: 34
New Jersey
-
Yearly expense following Social Security assistance
: $45,829 -
Years $1.5 million lasts
: 33
New Mexico
-
Yearly expense following Social Security
: $32,670 -
Years $1.5 million lasts
: 46
New York
-
Yearly expense following Social Security
: $50,997 -
Years $1.5 million lasts
: 29
North Carolina
-
Yearly expense following Social Security
: $35,495 -
Years $1.5 million lasts
: 42
North Dakota
-
Yearly expense following Social Security benefits
: $32,190 -
Years $1.5 million lasts
: 47
Ohio
-
Yearly expense following Social Security assistance
: $33,872 -
Years $1.5 million lasts
: 44
Oklahoma
-
Yearly expense following Social Security
: $29,666 -
Years $1.5 million lasts
: 51
Oregon
-
Yearly expense following Social Security
: $42,945 -
Years $1.5 million lasts
: 35
Pennsylvania
-
Yearly expense following Social Security benefits
: $33,872 -
Years $1.5 million lasts
: 44
Rhode Island
-
Yearly expense following Social Security benefits
: $44,387 -
Years $1.5 million lasts
: 34
South Carolina
-
Yearly expense following Social Security benefits
: $34,052 -
Years $1.5 million lasts
: 44
South Dakota
-
Yearly expense following Social Security benefits
: $32,310 -
Years $1.5 million lasts
: 46
Tennessee
-
Annual cost after Social Security
: $30,928 -
Years $1.5 million lasts
: 49
Texas
-
Yearly expense following Social Security
: $32,490 -
Years $1.5 million lasts
: 46
Utah
-
Yearly expense following Social Security benefits
: $42,645 -
Years $1.5 million lasts
: 35
Vermont
-
Yearly expense following Social Security assistance
: $45,409 -
Years $1.5 million lasts
: 33
Virginia
-
Yearly expense following Social Security
: $37,237 -
Years $1.5 million lasts
: 40
Washington
-
Yearly expense following Social Security
: $45,108 -
Years $1.5 million lasts
: 33
West Virginia
-
Yearly expense following Social Security benefits
: $27,803 -
Years $1.5 million lasts
: 54
Wisconsin
-
Yearly expense following Social Security assistance
: $36,516 -
Years $1.5 million lasts
: 41
Wyoming
-
Yearly expense following Social Security benefits
: $34,173 -
Years $1.5 million lasts
: 44
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