Many Americans rely on retirement savings and Social Security benefits to fund their retirement years in their preferred state.
A recent GOBankingRates study looked into how long $1.5 million in retirement savings plus Social Security benefits would last in each state.
West Virginia ranked first, with retirees able to stretch their funds for an impressive 54 years thanks to an annual post-Social Security living cost of approximately $27,800.
The Social Security Administration (SSA) allows Americans to begin receiving retirement benefits at age 62, but the monthly amount is reduced if claimed before the full retirement age, which varies by birth year.
GOBankingRates analyzed data from the Bureau of Labor Statistics, the Social Security Administration, and the Missouri Economic Research and Information Center.
The study found that the number of years retirement savings and Social Security could cover living expenses differed 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 and 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.
