Yahoo Finance 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
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?
