How Far Does $500K in Savings Plus Social Security Go in Every State?

While the average savings at retirement age in America is more than $600,000 (according to the Federal Reserve Board), a savings of $500,000 can go a long way if you plan wisely and also make some lifestyle adjustments.

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At older than 65, it becomes less of a risk as you’ll also be benefiting from your Social Security. How long you’ll live on your savings is affected by inflation, housing, health insurance and your location. This savings could last anywhere from six to 18 years, depending on these factors.

GOBankingRates data provides you with an approximation of how far your savings plus Social Security can go in every state, ranked by longest to shortest.

Oklahoma

• Number of years $500,000 will last with Social Security: 18.22

• Annual expenditure: $49,839

• Annual expenditure after Social Security: $27,442

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Mississippi

• Number of years $500,000 will last with Social Security: 18.18

• Annual expenditure: $49,897

• Annual expenditure after Social Security: $27,500

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Kansas

• Number of years $500,000 will last with Social Security: 17.88

• Annual expenditure: $50,359

• Annual expenditure after Social Security: $27,962

West Virginia

• Number of years $500,000 will last with Social Security: 17.66

• Annual expenditure: $50,706

• Annual expenditure after Social Security: $28,309

Alabama

• Number of years $500,000 will last with Social Security: 17.45

• Annual expenditure: $51,053

• Annual expenditure after Social Security: $28,656

Missouri

• Number of years $500,000 will last with Social Security: 17.38

• Annual expenditure: $51,169

• Annual expenditure after Social Security: $28,772

Arkansas

• Number of years $500,000 will last with Social Security: 17.21

• Annual expenditure: $51,458

• Annual expenditure after Social Security: $29,061

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Iowa

• Number of years $500,000 will last with Social Security: 16.77

• Annual expenditure: $52,210

• Annual expenditure after Social Security: $29,812

Tennessee

• Number of years $500,000 will last with Social Security: 16.77

• Annual expenditure: $52,210

• Annual expenditure after Social Security: $29,812

Michigan

• Number of years $500,000 will last with Social Security: 16.67

• Annual expenditure: $52,383

• Annual expenditure after Social Security: $29,986

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Georgia

• Number of years $500,000 will last with Social Security: 16.61

• Annual expenditure: $52,499

• Annual expenditure after Social Security: $30,101

Nebraska

• Number of years $500,000 will last with Social Security: 16.58

• Annual expenditure: $52,557

• Annual expenditure after Social Security: $30,159

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Indiana

• Number of years $500,000 will last with Social Security: 16.55

• Annual expenditure: $52,614

• Annual expenditure after Social Security: $30,217

Louisiana

• Number of years $500,000 will last with Social Security: 16.55

• Annual expenditure: $52,614

• Annual expenditure after Social Security: $30,217

Kentucky

• Number of years $500,000 will last with Social Security: 16.24

• Annual expenditure: $53,193

• Annual expenditure after Social Security: $30,795

Illinois

• Number of years $500,000 will last with Social Security: 16.21

• Annual expenditure: $53,250

• Annual expenditure after Social Security: $30,853

Wyoming

• Number of years $500,000 will last with Social Security: 16.12

• Annual expenditure: $53,424

• Annual expenditure after Social Security: $31,027

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South Dakota

• Number of Years $500k will Last with Social Security: 16.12

• Years, months and days:16 years 1 month 12 days

• Annual Expenditure: $53,423.83

• Annual Expenditure after Social Security: $31,026.55

Texas

• Number of years $500,000 will last with Social Security: 16.03

• Annual expenditure: $53,597

• Annual expenditure after Social Security: $31,200

New Mexico

• Number of years $500,000 will last with Social Security: 15.65

• Annual expenditure: $53,349

• Annual expenditure after Social Security: $31,952

Minnesota

• Number of years $500,000 will last with Social Security: 15.62

• Annual expenditure: $54,407

• Annual expenditure after Social Security: $32,009

North Dakota

• Number of years $500,000 will last with Social Security: 15.48

• Annual expenditure: $54,696

• Annual expenditure after Social Security: $32,299

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Ohio

• Number of years $500,000 will last with Social Security: 15.45

• Annual expenditure: $54,754

• Annual expenditure after Social Security: $32,356

Wisconsin

• Number of years $500,000 will last with Social Security: 15.34

• Annual expenditure: $54,985

• Annual expenditure after Social Security: $32,588

South Carolina

• Number of years $500,000 will last with Social Security: 15.29

• Annual expenditure: $55,101

• Annual expenditure after Social Security: $32,703

North Carolina

• Number of years $500,000 will last with Social Security: 15.29

• Annual expenditure: $55,101

• Annual expenditure after Social Security: $32,703

Pennsylvania

• Number of years $500,000 will last with Social Security: 15.21

• Annual expenditure: $55,274

• Annual expenditure after Social Security: $32,877

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Idaho

• Number of years $500,000 will last with Social Security: 14.45

• Annual expenditure: $57,009

• Annual expenditure after Social Security: $34,611

Florida

• Number of years $500,000 will last with Social Security: 13.96

• Annual expenditure: $58,223

• Annual expenditure after Social Security: $35,825

Nevada

• Number of years $500,000 will last with Social Security: 13.89

• Annual expenditure: $58,396

• Annual expenditure after Social Security: $35,999

Delaware

• Number of years $500,000 will last with Social Security: 13.87

• Annual expenditure: $58,454

• Annual expenditure after Social Security: $36,057

Virginia

• Number of years $500,000 will last with Social Security: 13.69

• Annual expenditure: $58,917

• Annual expenditure after Social Security: $36,519

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Montana

• Number of years $500,000 will last with Social Security: 13.48

• Annual expenditure: $59,495

• Annual expenditure after Social Security: $37,097

Utah

• Number of years $500,000 will last with Social Security: 13.42

• Annual expenditure: $59,668

• Annual expenditure after Social Security: $37,271

Colorado

• Number of years $500,000 will last with Social Security: 13.03

• Annual expenditure: $60,767

• Annual expenditure after Social Security: $38,369

Arizona

• Number of years $500,000 will last with Social Security: 12.41

• Annual expenditure: $62,675

• Annual expenditure after Social Security: $40,277

Maine

• Number of years $500,000 will last with Social Security: 12.15

• Annual expenditure: $63,542

• Annual expenditure after Social Security: $41,145

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Rhode Island

• Number of years $500,000 will last with Social Security: 12.02

• Annual expenditure: $64,005

• Annual expenditure after Social Security: $41,607

Connecticut

• Number of years $500,000 will last with Social Security: 11.68

• Annual expenditure: $65,219

• Annual expenditure after Social Security: $42,821

New Jersey

• Number of years $500,000 will last with Social Security: 11.51

• Annual expenditure: $65,855

• Annual expenditure after Social Security: $43,457

New Hampshire

• Number of years $500,000 will last with Social Security: 11.47

• Annual expenditure: $65,970

• Annual expenditure after Social Security: $43,573

Oregon

• Number of years $500,000 will last with Social Security: 11.38

• Annual expenditure: $66,317

• Annual expenditure after Social Security: $43,920

Vermont

• Number of years $500,000 will last with Social Security: 11.30

• Annual expenditure: $66,664

• Annual expenditure after Social Security: $44,267

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Washington

• Number of years $500,000 will last with Social Security: 11.19

• Annual expenditure: $67,069

• Annual expenditure after Social Security: $44,672

Maryland

• Number of years $500,000 will last with Social Security: 11.12

• Annual expenditure: $67,358

• Annual expenditure after Social Security: $44,961

Alaska

• Number of years $500,000 will last with Social Security: 10.00

• Annual expenditure: $72,388

• Annual expenditure after Social Security: $49,991

New York

• Number of years $500,000 will last with Social Security: 9.92

• Annual expenditure: $72,793

• Annual expenditure after Social Security: $50,396

California

• Number of years $500,000 will last with Social Security: 8.67

• Annual expenditure: $80,078

• Annual expenditure after Social Security: $57,681

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Massachusetts

• Number of years $500,000 will last with Social Security: 8.02

• Annual expenditure: $84,703

• Annual expenditure after Social Security: $62,306

Hawaii

• Number of years $500,000 will last with Social Security: 6.11

• Annual Expenditure: $104,246

• Annual Expenditure after Social Security: $81,849

Methodology: In order to find how long $500,000 will last across the country with Social Security, GOBankingRates first found (1) the national average annual expenditures for people 65 and older, sourced from the Bureau of Labor Statistics’ 2022 Consumer Expenditure Survey data, and (2) annual Social Security income as sourced from the Social Security Administration’s April 2024 data. Then, GOBankingRates created (2) state-level annual expenditure estimates by multiplying the national figure by each state’s overall cost-of-living index score for 2023 from the Missouri Economic Research and Information Center. Finally, GOBankingRates found (3) how many years $500,000 will last in each state by dividing $500,000 by each state’s average annual expenditures estimate minus yearly Social Security income. All 50 states were then ranked. GOBankingRates provided supplemental information on the average annual cost of groceries, housing, utilities, transportation and healthcare for people 65 and older in each state by again using MERIC’s cost-of-living indices for each category to factor out national estimates from the CEX. All data was collected on and is up to date as of May 22, 2024.

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This article originally appeared on GOBankingRates.com: How Far Does $500K in Savings Plus Social Security Go in Every State?