Yahoo Finance How Long the Average Retirement Income Will Last in Every State
How long your 401(k) lasts depends on the amount and duration of your savings, as well as your ability to limit withdrawals. This also applies to your Social Security — the longer you wait, the better.
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Factors like the intended age of retirement and lifestyle can also impact how long your 401(k) and Social Security will last. If you retire earlier and live lavishly, you may not enjoy the longer years of coverage.
However, if you retire later and live frugally, you’ll be able to stretch your funds and enjoy longer coverage. Sometimes, maxing out your retirement accounts may not be enough with inflation and other high costs.
Based on a GOBankingRates study, here is how long your 401(k) plus Social Security will last on average in every state with the first state being where it will last the longest. Also, check out these tips on stretching your savings for retirement.
Oklahoma
No. of Years 401(k) Will Last With Social Security: 20.25
Days: 7396
Years, Months and Days: 20 years 2 months 31 days
Annual Expenditure: $49,839.12
Annual Expenditure After Taxes: $27,441.84
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Mississippi
No. of Years 401(k) Will Last With Social Security: 20.20
Days: 7378
Years, Months and Days: 20 years 2 months 13 days
Annual Expenditure: $49,896.93
Annual Expenditure After Taxes: $27,499.65
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Kansas
No. of Years 401(k) Will Last With Social Security: 19.87
Days: 7258
Years, Months and Days: 19 years 10 months 13 days
Annual Expenditure: $50,359.48
Annual Expenditure After Taxes: $27,962.2
West Virginia
No. of Years 401(k) Will Last With Social Security: 19.63
Days: 7170
Years, Months and Days: 19 years 7 months 17 days
Annual Expenditure: $50,706.39
Annual Expenditure After Taxes: $28,309.11
Alabama
No. of Years 401(k) Will Last With Social Security: 19.39
Days: 7082
Years, Months and Days: 19 years 4 months 22 days
Annual Expenditure: $51,053.29
Annual Expenditure After Taxes: $28,656.01
Missouri
No. of Years 401(k) Will Last With Social Security: 19.31
Days: 7053
Years, Months and Days: 19 years 3 months 22 days
Annual Expenditure: $51,168.93
Annual Expenditure After Taxes: $28,771.65
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Arkansas
No. of Years 401(k) Will Last With Social Security: 19.12
Days: 6984
Years, Months and Days: 19 years 1 month 12 days
Annual Expenditure: $51,458.02
Annual Expenditure After Taxes: $29,060.74
Iowa
No. of Years 401(k) Will Last With Social Security: 18.64
Days: 6808
Years, Months and Days: 18 years 7 months 21 days
Annual Expenditure: $52,209.65
Annual Expenditure After Taxes: $29,812.37
Tennessee
No. of Years 401(k) Will Last With Social Security: 18.64
Days: 6808
Years, Months and Days: 18 years 7 months 21 days
Annual Expenditure: $52,209.65
Annual Expenditure After Taxes: $29,812.37
Michigan
No. of Years 401(k) Will Last With Social Security: 18.53
Days: 6768
Years, Months and Days: 18 years 6 months 12 days
Annual Expenditure: $52,383.11
Annual Expenditure After Taxes: $29,985.83
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Georgia
No. of Years 401(k) Will Last With Social Security: 18.46
Days: 6743
Years, Months and Days: 18 years 5 months 16 days
Annual Expenditure: $52,498.74
Annual Expenditure After Taxes: $30,101.46
Nebraska
No. of Years 401(k) Will Last With Social Security: 18.42
Days: 6728
Years, Months and Days: 18 years 5 months 1 day
Annual Expenditure: $52,556.56
Annual Expenditure After Taxes: $30,159.28
Indiana
No. of Years 401(k) Will Last With Social Security: 18.39
Days: 6717
Years, Months and Days: 18 years 4 months 21 days
Annual Expenditure: $52,614.38
Annual Expenditure After Taxes: $30,217.10
Louisiana
No. of Years 401(k) Will Last With Social Security: 18.39
Days: 6717
Years, Months and Days: 18 years 4 months 21 days
Annual Expenditure: $52,614.38
Annual Expenditure After Taxes: $30,217.10
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Kentucky
No. of Years 401(k) Will Last With Social Security: 18.04
Days: 6589
Years, Months and Days: 18 years 0 months 14 days
Annual Expenditure: $53,192.56
Annual Expenditure After Taxes: $30,795.28
Illinois
No. of Years 401(k) Will Last With Social Security: 18.01
Days: 6578
Years, Months and Days: 18 years 0 months 3 days
Annual Expenditure: $53,250.38
Annual Expenditure after Taxes: $30,853.10
Wyoming
No. of Years 401(k) Will Last With Social Security: 17.91
Days: 6542
Years, months and days: 17 years 10 months 27 days
Annual Expenditure: $53,423.83
Annual Expenditure after Taxes: $31,026.55
South Dakota
No. of Years 401(k) Will Last With Social Security: 17.91
Days: 6542
Years, Months and Days: 17 years 10 months 27 days
Annual Expenditure: $53,423.83
Annual Expenditure After Taxes: $31,026.55
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Texas
No. of Years 401(k) Will Last With Social Security: 17.81
Days: 6505
Years, Months and Days: 17 years 9 months 22 days
Annual Expenditure: $53,597.29
Annual Expenditure After Taxes: $31,200.01
New Mexico
No. of Years 401(k) Will Last With Social Security: 17.39
Days: 6352
Years, Months and Days: 17 years 4 months 21 days
Annual Expenditure: $54,348.92
Annual Expenditure After Taxes: $31,951.64
Minnesota
No. of Years 401(k) Will Last With Social Security: 17.36
Days: 6341
Years, Months and Days: 17 years 4 months 10 days
Annual Expenditure: $54,406.74
Annual Expenditure After Taxes: $32,009.46
North Dakota
No. of Years 401(k) Will Last With Social Security: 17.20
Days: 6282
Years, Months and Days: 17 years 2 months 13 days
Annual Expenditure: $54,695.83
Annual Expenditure After Taxes: $32,298.55
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Ohio
No. of Years 401(k) Will Last With Social Security: 17.17
Days: 6271
Years, Months and Days: 17 years 2 months 2 days
Annual Expenditure: $54,753.65
Annual Expenditure After Taxes: $32,356.37
Wisconsin
No. of Years 401(k) Will Last With Social Security:17.05
Days: 6228
Years, Months and Days: 17 years 0 months 17 days
Annual Expenditure: $54,984.92
Annual Expenditure After Taxes: $32,587.64
South Carolina
No. of Years 401(k) Will Last With Social Security: 16.99
Days: 6206
Years, Months and Days: 16 years 11 months 26 days
Annual Expenditure: $55,100.55
Annual Expenditure After Taxes: $32,703.27
North Carolina
No. of Years 401(k) Will Last With Social Security: 16.99
Days: 6206
Years, Months and Days: 16 years 11 months 26 days
Annual Expenditure: $55,100.55
Annual Expenditure After Taxes: $32,703.27
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Pennsylvania
No. of Years 401(k) Will Last With Social Security: 16.90
Days: 6173
Years, Months and Days: 16 years 10 months 23 days
Annual Expenditure: $55,274.01
Annual Expenditure After Taxes: $32,876.73
Idaho
No. of Years 401(k) Will Last With Social Security: 16.05
Days: 5862
Years, Months and Days: 16 years 0 months 18 days
Annual Expenditure: $57,008.55
Annual Expenditure After Taxes: $34,611.27
Florida
No. of Years 401(k) Will Last With Social Security: 15.51
Days: 5665
Years, Months and Days: 15 years 6 months 5 days
Annual Expenditure: $58,222.73
Annual Expenditure After Taxes: $35,825.45
Nevada
No. of Years 401(k) Will Last With Social Security: 15.43
Days: 5636
Years, Months and Days: 15 years 5 months 5 days
Annual Expenditure: $58,396.18
Annual Expenditure After Taxes: $35,998.90
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Delaware
No. of Years 401(k) Will Last With Social Security: 15.41
Days: 5629
Years, Months and Days: 15 years 4 months 29 days
Annual Expenditure: $58,454.00
Annual Expenditure After Taxes: $36,056.72
Virginia
No. of Years 401(k) Will Last With Social Security: 15.21
Days: 5555
Years, Months and Days: 15 years 2 months 17 days
Annual Expenditure: $58,916.54
Annual Expenditure After Taxes: $36,519.26
Montana
No. of Years 401(k) Will Last With Social Security: 14.98
Days: 5471
Years, Months and Days: 14 years 11 months 23 days
Annual Expenditure: $59,494.72
Annual Expenditure After Taxes: $37,097.44
Utah
No. of Years 401(k) Will Last With Social Security: 14.91
Days: 5446
Years, Months and Days: 14 years 10 months 27 days
Annual Expenditure: $59,668.18
Annual Expenditure After Taxes: $37,270.99
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Colorado
No. of Years 401(k) Will Last With Social Security: 14.48
Days: 5289
Years, Months and Days: 14 years 5 months 23 days
Annual Expenditure: $60,766.72
Annual Expenditure After Taxes: $38,369.44
Arizona
No. of Years 401(k) Will Last With Social Security: 13.79
Days: 5037
Years, Months and Days: 13 years 9 months 14 days
Annual Expenditure: $62,674.71
Annual Expenditure After Taxes: $40,277.43
Maine
No. of Years 401(k) Will Last With Social Security: 13.50
Days: 4931
Years, Months and Days: 13 years 5 months 30 days
Annual Expenditure: $63,541.98
Annual Expenditure After Taxes: $41,144.70
Rhode Island
No. of Years 401(k) Will Last With Social Security: 13.35
Days: 4876
Years, Months and Days: 13 years 4 months and 7 days
Annual Expenditure: $65,004.53
Annual Expenditure After Taxes: $41,607.25
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Connecticut
No. of Years 401(k) Will Last With Social Security: 12.98
Days: 4741
Years, Months and Days: 12 years 11 months 22 days
Annual Expenditure: $65,218.70
Annual Expenditure After Taxes: $42,821.42
New Jersey
No. of Years 401(k) Will Last With Social Security: 12.79
Days: 4672
Years, Months and Days: 12 years 9 months 14 days
Annual Expenditure: $65,854.70
Annual Expenditure After Taxes: $43.457.42
New Hampshire
No. of Years 401(k) Will Last With Social Security: 12.75
Days: 4657
Years, Months and Days: 12 years 8 months 29 days
Annual Expenditure: $65,970.34
Annual Expenditure After Taxes: $43,573.46
Oregon
No. of Years 401(k) Will Last With Social Security: 12.65
Days: 4620
Years, Months and Days: 12 years 7 months 24 days
Annual Expenditure: $66,317.25
Annual Expenditure After Taxes: $43,919.97
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Vermont
No. of Years 401(k) Will Last With Social Security: 12.55
Days: 4584
Years, Months and Days: 12 years 6 months 18 days
Annual Expenditure: $66,664.15
Annual Expenditure After Taxes: $44.266.87
Washington
No. of Years 401(k) Will Last With Social Security: 12.44
Days: 4544
Years, Months and Days: 12 years 5 months 8 days
Annual Expenditure: $67,068.88
Annual Expenditure After Taxes: $44,671.60
Maryland
No. of Years 401(k) Will Last With Social Security: 12.36
Days: 4514
Years, Months and Days: 12 years 4 months 10 days
Annual Expenditure: $67,357.97
Annual Expenditure After Taxes: $44,960.69
Alaska
No. of Years 401(k) Will Last With Social Security: 11.11
Days: 4058
Years, Months and Days: 11 years 1 month 8 days
Annual Expenditure: $72,388.14
Annual Expenditure After Taxes: $49,990.86
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New York
No. of Years 401(k) Will Last With Social Security: 11.03
Days: 4029
Years, Months and Days: 11 years 0 months 10 days
Annual Expenditure: $72,792.86
Annual Expenditure After Taxes: $50,395.58
California
No. of Years 401(k) Will Last With Social Security: 9.63
Days: 3517
Years, Months and Days: 9 years 7 months 17 days
Annual Expenditure: $80,077.93
Annual Expenditure After Taxes: $57,680.65
Massachusetts
No. of Years 401(k) Will Last With Social Security: 8.92
Days: 3258
Years, Months and Days: 8 years 11 months 1 day
Annual Expenditure: $84,703.37
Annual Expenditure After Taxes: $62,306.09
District of Columbia
No. of Years 401(k) Will Last With Social Security: 8.89
Days: 3249
Years, Months and Days: 8 years 10 months 20 days
Annual Expenditure: $84,876.82
Annual Expenditure After Taxes: $62,479.54
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Hawaii
No. of Years 401(k) Will Last With Social Security: 6.79
Days: 2480
Years, Months and Days: 6 years 9 months 15 days
Annual Expenditure: $104,245.85
Annual Expenditure After Taxes: $81,848.57
Methodology: In order to find how long the average 401(k) 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 (CEX) 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 (MERIC). Finally, GOBankingRates found (3) how many years the average 401(k) will last in each state by dividing $555,621 by each state’s average annual expenditures estimate minus yearly Social Security income. All 50 states and the District of Columbia were then ranked with No. 1 being the state where $555,621 and Social Security will last the longest and No. 51 being the state where it will run out most quickly. 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 and updated as of May 22, 2024. The average 401(k) balance was sourced by Empower for those in their 60s.
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This article originally appeared on GOBankingRates.com: How Long the Average Retirement Income Will Last in Every State
