If you’re thinking about how long $500K in savings and Social Security will last in retirement, it’s important to know that it can vary depending on where you live.
GOBankingRates data gives a helpful look at how far your money can stretch in every state, ranking them from the longest to the shortest time your savings will last.1 The data can help you figure out which states offer more affordable living for retirees and which ones might cost you more.
1. Oklahoma
- Number of years $500,000 will last with Social Security: 18.22 years
- Annual expenditure: $49,839
- Annual expenditure after Social Security: $27,442
Oklahoma is known for its low cost of living, making it an attractive option for retirees. With $500,000 and Social Security, you can enjoy a comfortable lifestyle for over 18 years. The state’s friendly communities, affordable housing, and various recreational activities contribute to a fulfilling retirement experience.
2. Mississippi
- Number of years $500,000 will last with Social Security: 18.18 years
- Annual expenditure: $49,897
- Annual expenditure after Social Security: $27,500
The longevity of $500,000 combined with Social Security provides nearly 18 years of financial security. The state’s warm climate, rich culture, and Southern hospitality make it an appealing destination for retirees looking to enjoy their golden years.
3. Kansas
- Number of years $500,000 will last with Social Security: 17.88 years
- Annual expenditure: $50,359
- Annual expenditure after Social Security: $27,962
While the funds last slightly less time than in Oklahoma and Mississippi, you can still expect nearly 18 years of support. The state offers beautiful landscapes, a variety of outdoor activities, and friendly communities, making it a solid choice for those seeking a peaceful retirement environment.
4. West Virginia
- Number of years $500,000 will last with Social Security: 17.66 years
- Annual expenditure: $50,706
- Annual expenditure after Social Security: $28,309
With $500,000 lasting over 17 years, West Virginia is one of the more affordable states for retirement. The state features beautiful mountain scenery, outdoor activities, and a slower-paced lifestyle. However, healthcare access in rural areas can be limited, and the economy is less diverse.
5. Alabama
- Number of years $500,000 will last with Social Security: 17.45 years
- Annual expenditure: $51,053
- Annual expenditure after Social Security: $28,656
Your $500,000 and Social Security in Alabama allows you to comfortably sustain yourself for about 17.5 years. The state offers a mix of outdoor activities, cultural attractions, and friendly communities, contributing to an enjoyable retirement lifestyle.
6. Missouri
- Number of years $500,000 will last with Social Security: 17.38 years
- Annual expenditure: $51,169
- Annual expenditure after Social Security: $28,772
With nearly 17.4 years of financial support from $500,000 and Social Security, retirees can enjoy a balanced lifestyle. The state features beautiful parks, vibrant cities like St. Louis and Kansas City, and a welcoming atmosphere, making it a great place for retirement.
7. Arkansas
- Number of years $500,000 will last with Social Security: 17.21 years
- Annual expenditure: $51,458
- Annual expenditure after Social Security: $29,061
With around 17.2 years of funding available, retirees can enjoy a relaxed lifestyle. The state is known for its natural beauty, including the Ozark Mountains and hot springs, as well as a close-knit community feel, making it a wonderful retirement destination.
8. Iowa
- Number of years $500,000 will last with Social Security: 16.77 years
- Annual expenditure: $52,210
- Annual expenditure after Social Security: $29,812
Iowa is recognized for its low cost of living and high quality of life. Although the duration that $500,000 will last is slightly less at about 16.8 years, retirees can still enjoy a comfortable life. The state offers friendly communities, beautiful rural landscapes, and various recreational activities.
9. Tennessee
- Number of years $500,000 will last with Social Security: 16.77 years
- Annual expenditure: $52,210
- Annual expenditure after Social Security: $29,812
Tennessee is a popular retirement destination due to its low cost of living and vibrant culture. With approximately 16.8 years of funding available, retirees can enjoy a comfortable lifestyle. The state boasts beautiful landscapes, from the Smoky Mountains to lively cities like Nashville and Memphis, along with a rich music scene and a warm community atmosphere.
10. Michigan
- Number of years $500,000 will last with Social Security: 16.67 years
- Annual expenditure: $52,383
- Annual expenditure after Social Security: $29,986
From serene lakeside living to urban conveniences, Michigan offers diverse options for retirees. Your $500,000 and Social Security can last about 16.7 years to enjoy a good quality of life. The state features beautiful natural scenery, recreational activities, and cultural attractions, including museums and festivals, making it an attractive place to settle down.
11. Georgia
- Number of years $500,000 will last with Social Security: 16.61 years
- Annual expenditure: $52,499
- Annual expenditure after Social Security: $30,101
The state provides around 16.6 years of financial support, where you can comfortably enjoy your retirement. The state offers a mix of urban and rural living, with rich history, beautiful parks, and plenty of recreational opportunities.
12. Nebraska
- Number of years $500,000 will last with Social Security: 16.58 years
- Annual expenditure: $52,557
- Annual expenditure after Social Security: $30,159
Nebraska features a low cost of living and a strong sense of community, making it suitable for retirees. Although the duration of $500,000 is slightly less at about 16.6 years, retirees can still lead a comfortable life. The state also includes beautiful naturescapes, a variety of outdoor activities, and a peaceful atmosphere, which can contribute to an enjoyable retirement experience.
13. Indiana
- Number of years $500,000 will last with Social Security: 16.55 years
- Annual expenditure: $52,614
- Annual expenditure after Social Security: $30,217
Known for its affordability and friendly communities, Indiana has about 16.5 years of support from $500,000 and Social Security. The state offers a mix of rural charm and urban conveniences, with various cultural and recreational activities available.
14. Louisiana
- Number of years $500,000 will last with Social Security: 16.55 years
- Annual expenditure: $52,614
- Annual expenditure after Social Security: $30,217
Its $500,000 and Social Security provides around 16.5 years of financial support, retirees can enjoy a vibrant lifestyle. Louisiana features diverse communities, beautiful sceneries, and plenty of activities, from festivals to outdoor adventures.
15. Kentucky
- Number of years $500,000 will last with Social Security: 16.24 years
- Annual expenditure: $53,193
- Annual expenditure after Social Security: $30,795
With approximately 16.2 years of support from $500,000 and Social Security, retirees can enjoy a comfortable lifestyle. The state offers rich cultural heritage, including music and cuisine, along with outdoor activities such as hiking and fishing.
16. Illinois
- Number of years $500,000 will last with Social Security: 16.21 years
- Annual expenditure: $53,250
- Annual expenditure after Social Security: $30,853
Illinois offers a mix of urban and rural living, appealing to many retirees. With $500,000 lasting about 16.2 years, you can manage a decent standard of living. While cities like Chicago provide cultural attractions and amenities, smaller towns in Illinois offer a quieter lifestyle with community events and natural beauty.
17. Wyoming
- Number of years $500,000 will last with Social Security: 16.12 years
- Annual expenditure: $53,424
- Annual expenditure after Social Security: $31,027
Although the duration that $500,000 will last is slightly less at around 16.1 years, you can enjoy a peaceful lifestyle in a less densely populated area. The state offers a friendly atmosphere and a low tax burden, which can enhance the retirement experience.
18. South Dakota
- Number of years $500,000 will last with Social Security: 16.12 years
- Years, months, and days: 16 years, 1 month, 12 days
- Annual expenditure: $53,423.83
- Annual expenditure after Social Security: $31,026.55
South Dakota is celebrated for its picturesque landscapes and strong sense of community. Along with $500,000 lasting around 16.1 years, the state boasts low taxes and a reasonable cost of living, along with various outdoor activities and cultural events.
19. Texas
- Number of years $500,000 will last with Social Security: 16.03 years
- Annual expenditure: $53,597
- Annual expenditure after Social Security: $31,200
From bustling cities like Austin and Dallas to more tranquil rural areas, Texas is filled with various recreational activities and cultural experiences. The state is known for its no state income tax, and coupled with about 16 years of support from $500,000 and Social Security, you can maintain a comfortable lifestyle in the state.
20. New Mexico
- Number of years $500,000 will last with Social Security: 15.65 years
- Annual expenditure: $53,349
- Annual expenditure after Social Security: $31,952
New Mexico is famous for its warm climate, stunning landscapes, and rich cultural heritage. It has around 15.7 years of financial support from $500,000 and Social Security, so you can enjoy nature and culture during your retirement years.
21. Minnesota
- Number of years $500,000 will last with Social Security: 15.62 years
- Annual expenditure: $54,407
- Annual expenditure after Social Security: $32,009
In Minnesota, you can live comfortably for 15.6 years of $500,000 and Social Security support. The state boasts beautiful lakes, parks, and a rich cultural scene, including arts and music. While the winters can be harsh, many retirees appreciate the friendly communities and numerous recreational opportunities available throughout the year.
22. North Dakota
- Number of years $500,000 will last with Social Security: 15.48 years
- Annual expenditure: $54,696
- Annual expenditure after Social Security: $32,299
North Dakota’s low cost of living and strong sense of community add to its appeal as a retirement destination. With $500,000 lasting about 15.5 years, you can enjoy a modest but comfortable life.
23. Ohio
- Number of years $500,000 will last with Social Security: 15.45 years
- Annual expenditure: $54,754
- Annual expenditure after Social Security: $32,356
For retirees looking to stretch their budget, Ohio offers a wide range of living environments, from bustling cities to tranquil rural areas, all at an affordable cost. With $500,000 and Social Security lasting an estimated 15.4 years, you can enjoy a comfortable retirement with plenty of options for fun and relaxation.
24. Wisconsin
- Number of years $500,000 will last with Social Security: 15.34 years
- Annual expenditure: $54,985
- Annual expenditure after Social Security: $32,588
Nestled within the picturesque landscapes of lakes and forests, Wisconsin is an ideal location for retirees who seek a friendly community and comfortable living. With $500,000 and Social Security estimated to last around 15.3 years, you can enjoy a fulfilling retirement while soaking up the local culture, engaging in outdoor adventures, and connecting with a welcoming community.
25. South Carolina
- Number of years $500,000 will last with Social Security: 15.29 years
- Annual expenditure: $55,101
- Annual expenditure after Social Security: $32,703
South Carolina’s balmy climate, breathtaking coastlines, and charming historic towns make it an ideal location for a relaxed and enjoyable retirement. With $500,000 and Social Security providing an estimated 15.3 years of funding, you can live comfortably and indulge in the numerous recreational activities, friendly communities, and laid-back lifestyle that the state has to offer.
26. North Carolina
- Number of years $500,000 will last with Social Security: 15.29 years
- Annual expenditure: $55,101
- Annual expenditure after Social Security: $32,703
North Carolina’s varied geography, from its charming coastal towns to its majestic mountains, provides a unique and desirable setting for retirement. With $500,000 and Social Security estimated to last over 15 years, you can relish in the mild climate, partake in outdoor adventures, and soak up the friendly atmosphere in one of the many welcoming communities.
27. Pennsylvania
- Number of years $500,000 will last with Social Security: 15.21 years
- Annual expenditure: $55,274
- Annual expenditure after Social Security: $32,877
Pennsylvania offers a balance of urban and rural living, with low taxes on retirement income. With $500,000 lasting just over 15 years, retirees can enjoy a moderately affordable cost of living in a state rich in history, culture, and natural beauty. The state’s four-season climate and diverse recreational options, from hiking to museums, make it a good option for retirees looking for variety.
28. Idaho
- Number of years $500,000 will last with Social Security: 14.45 years
- Annual expenditure: $57,009
- Annual expenditure after Social Security: $34,611
If you’re considering retirement in Idaho, you’ll find it’s popular for its low crime rate, natural beauty, and outdoor lifestyle. With $500,000 lasting about 14.5 years, you might encounter slightly higher costs, but you can still live comfortably, especially in smaller towns. Idaho’s scenic views and active outdoor opportunities make it perfect for you if you love nature and staying active.
29. Florida
- Number of years $500,000 will last with Social Security: 13.96 years
- Annual expenditure: $58,223
- Annual expenditure after Social Security: $35,825
Florida remains a top choice for retirees due to its warm climate, no state income tax, and access to beaches. However, with $500,000 only lasting about 14 years, it’s less affordable compared to other states. Despite this, Florida’s active senior communities, recreational options, and year-round warm weather make it a popular retirement spot.
30. Nevada
- Number of years $500,000 will last with Social Security: 13.89 years
- Annual expenditure: $58,396
- Annual expenditure after Social Security: $35,999
Nevada offers no state income tax and a relatively affordable lifestyle, but you may face higher-than-average expenses. With $500,000 lasting just under 14 years, the state’s warm desert climate and proximity to entertainment in cities like Las Vegas make it a lively, yet potentially more expensive, retirement destination.
31. Delaware
- Number of years $500,000 will last with Social Security: 13.87 years
- Annual expenditure: $58,454
- Annual expenditure after Social Security: $36,057
Delaware is a tax-friendly state with no sales tax and lower property taxes, which helps offset its slightly higher cost of living. With $500,000 lasting just under 14 years, you can enjoy a coastal lifestyle, mild seasons, and proximity to larger cities. Delaware’s small-town charm and ease of access to nature and cultural attractions make it a solid option for retirees looking for both convenience and relaxation.
32. Virginia
- Number of years $500,000 will last with Social Security: 13.69 years
- Annual expenditure: $58,917
- Annual expenditure after Social Security: $36,519
With a diverse range of living environments, Virginia offers something for every retiree. Although the state’s moderate cost of living could mean that $500,000 would last for approximately 13.7 years, the rich cultural offerings, natural wonders, and mild climate make Virginia a tempting choice for retirement.
33. Montana
- Number of years $500,000 will last with Social Security: 13.48 years
- Annual expenditure: $59,495
- Annual expenditure after Social Security: $37,097
Its breathtaking landscapes and abundant opportunities for outdoor recreation makes Montana the perfect backdrop for nature-loving retirees. While $500,000 would be expected to last for almost 13.5 years in this relatively affordable state, particularly in the smaller towns, the harsher winters and potentially limited healthcare options in rural areas could be a concern for some retirees
34. Utah
- Number of years $500,000 will last with Social Security: 13.42 years
- Annual expenditure: $59,668
- Annual expenditure after Social Security: $37,271
Utah is famous for its breathtaking landscapes and active lifestyle, making it a great choice for you if you enjoy outdoor activities. With $500,000 lasting around 13.4 years, you’ll find the cost of living manageable, although healthcare can be a bit more expensive in some areas. The state’s growing senior community and favorable tax policies also contribute to its popularity as a retirement destination.
35. Colorado
- Number of years $500,000 will last with Social Security: 13.03 years
- Annual expenditure: $60,767
- Annual expenditure after Social Security: $38,369
Colorado’s breathtaking scenery and abundance of outdoor activities make it attractive for retirees. However, with $500,000 lasting just over 13 years, it is more expensive than many other states. The state’s access to excellent healthcare, vibrant cities like Denver, and a focus on an active lifestyle balance out the higher costs, making it appealing for retirees who prioritize quality of life.
36. Arizona
- Number of years $500,000 will last with Social Security: 12.41 years
- Annual expenditure: $62,675
- Annual expenditure after Social Security: $40,277
Arizona is a highly popular retirement state due to its warm climate, affordable housing, and senior-friendly communities. The costs are higher here, but the state’s low taxes and excellent retirement communities like in Phoenix or Tucson attract many retirees looking for sunshine and an active social lifestyle. If you have $500,000 with Social Security, it can last up to e312.4 years
37. Maine
- Number of years $500,000 will last with Social Security: 12.15 years
- Annual expenditure: $63,542
- Annual expenditure after Social Security: $41,145
With $500,000 lasting around 12.2 years, staying in Maine is more expensive, especially along the coast. Maine’s cold winters and rural healthcare options may be drawbacks, but its natural beauty and community feel make it worth considering for those who love the outdoors. The state offers serene coastal living and a slower pace of life.
38. Rhode Island
- Number of years $500,000 will last with Social Security: 12.02 years
- Annual expenditure: $64,005
- Annual expenditure after Social Security: $41,607
Rhode Island is known for its coastal charm, small-town vibe, and closeness to larger cities like Boston. With $500,000 lasting just over 12 years, you’ll find it to be a more expensive state for retirement. However, the state’s small size means you can easily access amenities, and its charming seaside towns provide a beautiful lifestyle for you if you enjoy cultural and outdoor activities.
39. Connecticut
- Number of years $500,000 will last with Social Security: 11.68 years
- Annual expenditure: $65,219
- Annual expenditure after Social Security: $42,821
Connecticut is known for its scenic New England beauty, but it comes with a higher cost of living. With $500,000 with Social Security lasting just under 12 years, you need to account for higher taxes and living expenses. However, the state’s access to excellent healthcare, charming towns, and proximity to New York City offer a desirable lifestyle for those who can afford it.
40. New Jersey
- Number of years $500,000 will last with Social Security: 11.51 years
- Annual expenditure: $65,855
- Annual expenditure after Social Security: $43,457
New Jersey provides retirees with a unique blend of coastal living, access to major metropolitan areas, and an abundance of cultural activities. However, its high cost of living, meaning that $500,000 would only last for approximately 11.5 years, coupled with some of the highest property taxes in the nation, could make budgeting for retirement a bit challenging.
41. New Hampshire
- Number of years $500,000 will last with Social Security: 11.47 years
- Annual expenditure: $65,970
- Annual expenditure after Social Security: $43,573
New Hampshire is tax-friendly for retirees, with no state income tax or sales tax, but the cost of living is relatively high. With $500,000 lasting 11.5 years, retirees benefit from a peaceful, rural lifestyle with easy access to outdoor activities. However, healthcare and housing costs can be significant, especially in more desirable areas.
42. Oregon
- Number of years $500,000 will last with Social Security: 11.38 years
- Annual expenditure: $66,317
- Annual expenditure after Social Security: $43,920
Although the cost of living can be on the higher side, meaning that $500,000 with Social Security would last for just over 11 years, the state’s mild climate, lack of sales tax, and the absence of extreme weather conditions are compelling advantages. However, retirees should consider that Oregon’s high income tax could offset some of these benefits, particularly in urban areas like Portland.
43. Vermont
- Number of years $500,000 will last with Social Security: 11.30 years
- Annual expenditure: $66,664
- Annual expenditure after Social Security: $44,267
Nestled in the heart of New England, Vermont’s picturesque towns and awe-inspiring landscapes offer retirees a tranquil and rustic setting to call home. However, with a high cost of living that would deplete $500,000 in just over 11 years, the Green Mountain State can be a pricey choice due to its high taxes and healthcare costs.
44. Washington
- Number of years $500,000 will last with Social Security: 11.19 years
- Annual expenditure: $67,069
- Annual expenditure after Social Security: $44,672
Washington State offers retirees the perfect blend of urban sophistication and breathtaking natural scenery, with cities like Seattle providing a vibrant cultural hub. Although the state does not impose an income tax, its overall cost of living is higher, meaning that $500,000 would last for around 11.2 years.
45. Maryland
- Number of years $500,000 will last with Social Security: 11.12 years
- Annual expenditure: $67,358
- Annual expenditure after Social Security: $44,961
Flanked between Washington, D.C. and the Chesapeake Bay, Maryland provides retirees with a diverse range of living options, from coastal towns to bustling suburbs. Although the state’s cost of living is relatively high, meaning that $500,000 would last for approximately 11.1 years, Maryland’s convenient location, top-notch healthcare, and vibrant culture make it an attractive choice for retirees willing to manage the higher costs.
46. Alaska
- Number of years $500,000 will last with Social Security: 10.00 years
- Annual expenditure: $72,388
- Annual expenditure after Social Security: $49,991
Alaska is known for its stunning natural beauty and adventurous lifestyle, but it comes with a higher cost of living, mainly due to transportation and remote location. With $500,000 lasting only 10 years, retirees need to budget carefully. The lack of state income tax and the Permanent Fund Dividend (an annual payment to residents) are benefits, but healthcare access can be a concern in rural areas.
47. New York
- Number of years $500,000 will last with Social Security: 9.92 years
- Annual expenditure: $72,793
- Annual expenditure after Social Security: $50,396
From the exhilarating hustle and bustle of New York City to the tranquil countryside upstate, the Empire State offers retirees a wide range of living options. However, with the cost of living higher than in many other states, $500,000 with Social Security could last for just under 10 years, particularly in urban areas like New York City.
48. California
- Number of years $500,000 will last with Social Security: 8.67 years
- Annual expenditure: $80,078
- Annual expenditure after Social Security: $57,681
California’s year-round mild weather, beautiful natural scenery, and rich cultural landscape make it a highly sought-after retirement destination. But with a high cost of living, $500,000 would last for just under nine years, primarily due to the state’s expensive housing market and substantial tax rates.
49. Massachusetts
- Number of years $500,000 will last with Social Security: 8.02 years
- Annual expenditure: $84,703
- Annual expenditure after Social Security: $62,306
Known for its top-notch healthcare, highly-regarded educational institutions, and vibrant cultural scene, Massachusetts is an ideal retirement location for those who value these qualities. However, the state’s high cost of living, particularly in and around the Boston metropolitan area, means that $500,000 could last for just over eight years.
50. Hawaii
- Number of years $500,000 will last with Social Security: 6.11 years
- Annual expenditure: $104,246
- Annual expenditure after Social Security: $81,849
A tropical paradise with breathtaking beaches, lush landscapes, and an abundance of natural wonders, Hawaii offers retirees a unique and enchanting lifestyle. However, its high cost of living, which would see $500,000 lasting only six years, makes it challenging for many to settle down in the Aloha State.
In the end, how long $500K in savings and Social Security will last really depends on the state you choose to retire in. By knowing the costs in each state, you can better plan for your retirement and choose a place that fits your budget and lifestyle.
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Nancy Maffia
Nancy received a bachelor’s in biology from Elmira College and a master’s degree in horticulture and communications from the University of Kentucky. Worked in plant taxonomy at the University of Florida and the L. H. Bailey Hortorium at Cornell University, and wrote and edited gardening books at Rodale Press in Emmaus, PA. Her interests are plant identification, gardening, hiking, and reading.